Startup Professionals Musings

JUNE 23, 2021

Yet, as a business consultant, I often find minimal focus on improving employee engagement and assessing their customer-facing performance. For example, I commonly see metrics to keep track of revenue per employee, overtime, and absenteeism, but I don’t often see measures of overall customer satisfaction with individual employees.

Customer 147

Customer Custom Technical Review Metrics 147

Startup Professionals Musings

JUNE 15, 2020

Most entrepreneurs spend far too much time thinking negatively about competitors, and can’t resist making derogatory statements to their own team, to investors, and even to customers. As an investor, I always listen carefully to what an entrepreneur says, and does not say, about competition.

Competition 125

Competition Entrepreneur Patents Customer 125

Startup Professionals Musings

DECEMBER 14, 2019

Don’t bash the competition. Every investor knows how vulnerable a new startup is to competitors, so investors always ask about your sustainable competitive advantage in the marketplace. That says you are competitive today, have a real barrier to entry, and the potential to remain ahead of the competition for a long time.

Competition 120

Competition Patents Resource Invest 120

Startup Professionals Musings

MARCH 20, 2023

Instead, they need to validate a customer problem and real market need first. Don’t create solutions looking for a problem , since investors ignore these, and customers other than early adopters will be hard to find. I say again, customers buy solutions, not technology. Look for customer willingness and ability to pay.

Customer 110

Customer Custom Social Media Technology 110

Startup Professionals Musings

SEPTEMBER 25, 2020

The world keeps changing, and visible business strategies that worked well in the past, including being the premium brand or low price producer, simply don’t get the customer loyalty they once did. Today, customers are looking for real relationships, a memorable shopping experience, and satisfaction of a higher purpose.

Customer 133

Customer Custom Satisfaction Examples 133

Startup Professionals Musings

DECEMBER 22, 2021

As I talk to many of you in my role as business advisor, I still often hear the concern for maximum return to the business and stakeholders, more than a passion for sustainably enriching the lives of your customers and team. This applies to your own team, as well as customers. Make every customer experience memorable.

Customer 114

Customer Custom Satisfaction Metrics 114

Startup Professionals Musings

JANUARY 11, 2020

They forget that adapting their company and themselves as their customers evolve is the key to long-term survival. Think of Blockbuster and Toys ‘R’ Us , both of whom missed customer changes and the move to online. For example, Uber recently made the move into food delivery with UberEATS. Remember when you were a startup?

Customer 143

Customer Custom Examples IBM 143

Tech Coast Venture Network

AUGUST 11, 2015

Great benefits and a workplace that is fun and dedicated to making customers happy all fit in with the Zappos approach to company culture — when you get the company culture right, great customer service and a great brand will happen on its own. Portions of the budget are dedicated to employee team building and culture promotion.

Examples 100

Examples Company Companies Google 100

Tech Coast Venture Network

AUGUST 11, 2015

Great benefits and a workplace that is fun and dedicated to making customers happy all fit in with the Zappos approach to company culture — when you get the company culture right, great customer service and a great brand will happen on its own. Portions of the budget are dedicated to employee team building and culture promotion.

Examples 100

Examples Company Companies Google 100

Berkonomics

JUNE 27, 2019

And that behavior results in leaving little time for outreach to the most critical component in your chain – your key customers. Then, what is a benchmark for customer outreach? But, do your customer know that they want? Do customers know what they want from their suppliers for future products? That’s bad behavior!

Customer 120

Customer Custom Course Email 120

Both Sides of the Table

AUGUST 11, 2021

Photo by Vanna Phon on Unsplash Customer acquisition is the lifeblood of many startups from e-commerce to gaming to marketplace companies, among others. that’s where the customers are. But if you ask anyone in the ecosystem of customer acquisition?—?founders, no surprise?—?that’s founders, marketers, investors?—?and

Product 424

Product Platform Advertising Acquisition 424

Berkonomics

JULY 19, 2018

Dell is a great example of emphasis upon fast, creating a customized computer in 48 hours or less, bringing in assemblies and components just-in-time to make the assembly line. Dell’s response would be something like “Quality custom computers more quickly than the competition.” More examples of fast above better.

Competition 226

Competition Examples Customer Custom 226

Startup Professionals Musings

AUGUST 10, 2020

Even if your company doesn’t sell high-tech products, like Zappos sells shoes, having and using the right technology in the business, for distribution, marketing, and customer support, can easily make the difference between winning and losing in today’s high-tech world.

Competition 174

Competition High Tech Startup Social Media 174

Startup Professionals Musings

MARCH 4, 2019

Is your marketing focus product-centric or customer-centric ? With a wealth of products now available, customers look for the most memorable experience , not just the best product. Amazon is very customer-centric, but it can make all the difference in retail as well as online. Status factors are more important than demographics.

Customer 85

Customer Custom Product Metrics 85

Berkonomics

NOVEMBER 24, 2022

Yet, there are constant examples of new entrants into a niche that do grow, prosper and sometimes even become dominant. What if you had abandoned that market, reallocated your resources, and focused instead upon other non–competitive geographical or industry segments? Been skewered for slow customer service? Refuse to engage?

Resource 156

Resource Competition Examples Customer 156

Startup Professionals Musings

JULY 31, 2019

After working in business at all levels, and consulting to entrepreneurs for years, I’m still surprised to see so many situations where things that should be easy are painful to customers, and lead to customers hating your business. For example, I recently picked up my phone to call a well-advertised local company for a TV repair.

Customer 83

Customer Custom Demand Examples 83

Startup Professionals Musings

SEPTEMBER 12, 2016

As a startup advisor, I see too many entrepreneurs get distracted by technology or their favorite cause, and then wonder why they can’t find an investor, attract customers, or build a long-term business. These principles include the following: Free and ultra-low cost may no longer be competitive.

Customer 101

Customer Custom Competition Netflix 101

Startup Professionals Musings

SEPTEMBER 13, 2014

Most entrepreneurs spend far too much time thinking negatively about competitors, and can’t resist making derogatory statements about them to their own team, investors and even to customers. As an investor, I always listen carefully to what an entrepreneur says, and does not say, about competition.

Competition 107

Competition Entrepreneur Patents Customer 107

Startup Professionals Musings

AUGUST 14, 2014

They are looking for startups that have a sustainable advantage over direct and indirect competitor offerings, as well as obvious value to customers living without your product today. First to market, for example, is not normally a sustainable advantage for startups. Thought leadership position in your market and customer set.

Competition 93

Competition Startup Patents Slides 93

Startup Professionals Musings

FEBRUARY 14, 2021

They are looking for startups that have a sustainable advantage over direct and indirect competitor offerings, as well as obvious value to customers living without your product today. First to market, for example, is not normally a sustainable advantage for startups. Thought leadership position in your market and customer set.

Competition 166

Competition Funding Startup Patents 166

Berkonomics

JUNE 3, 2021

An estimate of the number of customers, of the amount of traffic to your website, of the numbers of products sold or hours spent in development – there are thousands of areas where a number sounds better when it is larger. Sometimes it seems to you to be just an unimportant little stretch of the facts. Yes, we’ve seen gray areas.

Customer 156

Customer Custom Examples Email 156

Startup Professionals Musings

OCTOBER 31, 2018

The only “sustainable competitive advantage” in business is self-awareness. For example, one of my core values is timeliness for completed work and meetings, so I may judge people and results harshly when they violate my limits. It’s a recipe for disaster. Understand your feelings to recognize what bothers you. Make every one count.

Competition 81

Competition Startup Examples Coach 81

Startup Professionals Musings

MAY 14, 2021

For example, I believe that Starbucks surprised most people by proving that they could take a commodity business, a coffee shop, and make it a worldwide profit winner, just by justifying premium pricing with a quality product, the right locations, personalized service, and appealing to the professional customer personas.

Pricing 145

Pricing Startup Competition Examples 145

Startup Professionals Musings

DECEMBER 21, 2013

Startups are usually so focused on selling more of their branded product or service to their own customer base (organic growth) that they don’t consider the more indirect methods (non-organic growth) of increasing revenue and market share. An example of a startup which used non-organic growth early and effectively was Microsoft.

Organization 97

Organization Competition Startup Acquisition 97

Startup Professionals Musings

AUGUST 4, 2017

Not so long ago, every business assumed that the keys to success were the highest quality product, the best value for the buck, and the best customer service. Now all we hear about is providing the best “customer experience.” You have to hear your customer’s dreams, goals, passions, and aspirations.

Customer 85

Customer Custom Product Marketing 85

Startup Professionals Musings

DECEMBER 10, 2022

Thus if you want to change the world with your new business, you need to follow the example of startups like Zappos , which hires according to cultural fit first. Your display of pride in the company and respect for the customer will translate directly into motivation. Consistently ask for and implement ways to improve engagement.

Examples 145

Examples Mentor Activity Product 145

Startup Professionals Musings

OCTOBER 25, 2019

I’m more convinced that technology merely enables disruption, and changing customer interests and needs really causes it. Other companies keep the focus on their customers, and seem to thrive on disruption, much less survive. They make it their top business priority to understand, anticipate, and gratify customers’ needs.

Customer 54

Customer Custom Technical Review Design 54

Startup Professionals Musings

JULY 27, 2022

I call this linear thinking , and it’s a sure way to be ultimately overrun by your competition. For example, BlackBerry was really the first in the smart mobile phone market, but they never thought beyond their tiny physical keyboard as they added new features. Initiate a regular program of customer experiments.

Competition 139

Competition Examples Customer Custom 139

Berkonomics

FEBRUARY 9, 2023

Here’s a striking example. The most striking example was the one hundred million–dollar purchase of one of my companies by a New York private equity investor using only five million of its cash. Just think of the second tool, terms, you can use creatively to bridge that gap, whether driven by seller’s ego or competitive necessity.

Pricing 156

Pricing Sales Examples Tool 156

Startup Professionals Musings

FEBRUARY 23, 2020

As a startup advisor, I see too many entrepreneurs get distracted by technology or their favorite cause, and then wonder why they can’t find an investor, attract customers, or build a long-term business. These principles include the following: Free and ultra-low cost may no longer be competitive.

Marketing 124

Marketing Customer Custom Competition 124

Startup Professionals Musings

JANUARY 31, 2018

Every entrepreneur believes that their product or service is memorable, and that every customer will quickly see the advantage over competitors. Yet true product differentiation in the eye of the customer is rarely achieved. Quantify the difference for your customers. Customize to differentiate, but do it efficiently.

Customer 63

Customer Custom Examples Product 63

Startup Professionals Musings

FEBRUARY 15, 2021

For example, I once worked for a small software company selling a sophisticated enterprise workflow solution. All this was done without damaging anyone’s credibility, or stealing customers. It’s very unusual for two competitors to have exactly the same strengths – in development, marketing, distribution, or customer support.

Startup 173

Startup Outsource Development Examples Customer 173

Startup Professionals Musings

MAY 26, 2023

Often, despite your passion and expectation, customers don’t immediately see the value and need that you see, and you have no idea why the initiative is stuck , and what could be the real customer issue or fix. Customers won’t buy what they can’t find or don’t understand. Customers need supporting approvals to fully benefit.

Product 141

Product Services Technical Review Artificial Inteligence 141

Startup Professionals Musings

JUNE 25, 2023

A common initiative I hear from business owners today is their effort to improve the customer experience. To achieve real growth, business leaders need to improve both employee as well as customer experiences. Flexible – listen to allow flex hours and customization. Proactive – timely communication to build trust.

Customer 113

Customer Custom Training Tool 113

Startup Professionals Musings

JULY 30, 2021

While you all recognize that reacting to weak market signals is critical to staying in business and staying competitive, I find that many don’t have the skills and focus to trigger change decisions on a timely basis. You may be getting killed today by customer expectations you never worried about just a few years ago.

Marketing 162

Marketing Social Media Metrics Customer 162

Startup Professionals Musings

OCTOBER 1, 2022

As a mentor to many business professionals and owners, and aspiring entrepreneurs, I find a wealth of innovative ideas, but often less insight on what it really takes to transform ideas into an income stream that can excite new customers into long-term business success. Test your innovation with at least a hundred customers.

Ideas 145

Ideas Startup Case Study Writing 145

Startup Professionals Musings

AUGUST 14, 2012

One of the toughest and yet most important questions you will be asked by savvy potential startup investors is “What is your sustainable competitive advantage?” Yet many entrepreneurs, maybe in their passion for their new product, gloss over this one, or even announce that they have no competition. Lock on the market or customer base.

Competition 97

Competition Patents Startup Social Network 97