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Where you stand compared to your competition

Are there alternatives in your market? If there are other products that, although they are not the same as yours, may be valid to solve the problem, you must identify where you are with respect to them taking into account the priorities of your client indian telephone number example. (A car and a motorcycle solve the same basic problem and are in competition, but they target different audiences.)

The key: Clients not only look at whether you solve their problem, but also the benefits you bring based on their priorities.

Describes the process of acquiring a customer
Make a plan of the process your customers go through from the moment they identify the problem, until they end up buying your products or services.

The key: This is a key point to identify how long the acquisition process takes and what obstacles are in the way.

Design a business model
This is basically how your business generates income. Based on the value of your product and key interests, you will have to choose between the different business models.

The key: Choosing the right business model can dramatically reduce acquisition costs per customer and increase long-term customer value.

Pricing policy
Study properly what the price of your new product will be initially and over time.

The key: A small change in price can have a big impact on your sales.

Test your business hypotheses
Through small, measurable, objective and cheap experiments, test each of the business hypotheses you have identified to be able to pivot quickly and without investing too much in case they do not work out as you had planned.

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The key: This will allow you to understand the cases in which your product works as you had anticipated and in which it does not.

Define your minimum viable product
It is time to create your first product. One that allows you to show that the client values ​​what you offer and that he is willing to pay for it.

The key: A minimum viable product must provide the customer with enough value to test your business idea with the minimum resources you have.

There are a few more steps in Bill Aulet’s methodology that you can find in his book, “The Discipline of Entrepreneurship.”

If you end up undertaking and these tips, tips or steps serve you. Send us a message and tell us about your experience. socialposts

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