3 ms·
Another comment mentioned Steve Blank's The Four Steps to the Epiphany. I will elaborate a bit on why the ideas in this book may be relevant to your situation.
by zachallaun 16y ago
Another comment mentioned Steve Blank's The Four Steps to the Epiphany. I will elaborate a bit on why the ideas in this book may be relevant to your situation.
Steve Blank argues (and many more agree) that a startup is a temporary organization designed to accomplish a small set of goals:
1) Learn and understand exactly who your customers are
2) Learn and understand exactly what your customers will pay for
3) Achieve product/market fit (though Blank does not use this term specifically)
Only after you've met this criteria to you begin marketing. What you have described is reminiscent of the "build it and they will come," where the focus was on building your product instead of understanding your customers. I may be mischaracterizing your situation, but history has taught this method to be fatal for a startup.
To better understand this, it's best to fall back onto Paul Buchheit's notion that a small base of customers who love you is always better than a large base of customers who like you. The reasoning behind this is thus: A small, passionate base of visionary customers can be exuberant about a Minimal Viable Product, whereas the mainstream market cannot. From those visionary customers willing to purchase an MVP as opposed to a whole product, you can learn an incredible amount.
Back to you: Currently, you have a small number of customers who like you. If the base of visionary early customers you've attracted just like you, how can you expect the mainstream market (which you seem to be aiming for) to even like you that much? The important factor here is that the mainstream market has even more needs than the customers you're currently serving.
You're worried about cash, and I'm afraid that marketing may be money down the drain. I recommend analyzing your spending and drastically lowering your burn rate. Turn away from the mainstream market and back to your visionary customers. Ask them questions. Find out how you can build a product that they love. Achieve product/market fit (for more information on that, I recommend searching out Sean Ellis' blog).
It seems that there is much to learn about your customers, and that the best course of action here may be moving backward instead of moving forward.