Smart strategies for a startup

Section 2 : Identify your customers

Of course, with any business, one of the most important things is to source customers as quickly as possible. The earlier you are able to secure a consistent customer base, the more your chances of long-term success.

Early customer traction can be a springboard to expansion and profits. In order to achieve this, a business must launch its products or services and get it to potential customers. This initial product or service is often referred to as the Minimum Viable Product or MVP. While it is not a final or perfected version of the product or service, it lets consumers know what you offer. Getting your MVP this in front of potential customers enables you to receive feedback about what they like and what can be improved. It also allows you to gauge whether there is a market for your products or services.

When conducting consumer research, ask the following:

• Are they interested in the products or services?
• How much would they pay for it?
• What features do they like?
• What features do they not like?
• Are there any extra features that should be included?
• Do they like the look of the product?
• Is it something they actively need?

 The level of potential early customer traction depends on your business. For example, can you contact potential clients and send them samples. Or is your business function similar to a restaurant for which a physical space and service staff may be required before you can provide a sample of your product to clients.  You will have to be as creative as possible. This could include setting up product sampling local outlets or events.