CUSTOMER DISCOVERY – ASKING FOR DIRECTIONS

42% of all startups fail because there is no market need for the product (1)
 
Overall, 30,000 new products are introduced each year and 95% of them fail! (2)
 
There are a few main reasons for these failures.  One is letting the technology lead the parade.  Just because you CAN make a product, doesn’t mean you SHOULD.  The second big mistake is not understanding what customers will actually buy. Just because you like your product doesn’t mean anyone will pay for it.
 
One of our team once worked for a company that was by far the market leader in its space, with excellent products, a strong reputation and great growth. They wanted to expand, and so, being the experts, they spent a year developing a new product and proudly launched it!  And no one bought it.  Whoops!  Then they stepped back and actually asked customers what they wanted, which is what they should have done first.  After spending more time and more money making modifications, they eventually ended up with a great product that their customers loved.
 
The good news is that it’s possible to avoid these pitfalls by utilizing a Customer Discovery process.   “Customer discovery” is about really understanding your potential customers.  It’s a process that puts the customer at the center.  The better you understand their needs, their pain points, and their challenges, the better you will be at creating a winning solution. 
 
Whether you are a start-up, mid-size company, or a substantial company, we can help you craft a strategy for your customer discovery that meets your budget and circumstances and is effective at focusing your efforts on what matters to your customers.
 
(1) CBInsights, The Top 20 Reasons Startups Fail, November 6, 2019
(2) Clayton Christensen, Harvard Business School