R&D Function at No Cost

Photo by Blake Wisz on Unsplash

There is only one thing we want to do as start up entrepreneurs…
(Do you even think of yourselves as that?)

DELIVER VALUE

Better still…

DELIVER MASSIVE VALUE AT SCALE

That’ll do it…. :-)

So when it comes to taking action, you cannot afford to ignore your customers or potential customers. Even when the THING is a thing in your head, you have got to test it out with people to see if they are engaged and if it meets a need they feel is a priority or no-brainer due to low cost and simplicity.

This feedback is essential in helping you FOCUS your TIME on doing the right things that will have the biggest impact on your product / service / business success.

So, here are some practical steps I share when I am helping early stage businesses get their first generation sales or the real gold dust, selling new products to existing customers… Back Door revenue! When revenues become big profit!

A. Importance of Customer Feedback for Startups

• With so many tech products being released out there, it is very important to know what a customer really, truly needs; how they intend to apply it and what the alternatives were /are before you came into their life
• Getting customer feedback defines the features of the prototype in a way that will resonate strongest with your market. This can be re-used in your marketing messaging.
• When a new product is launched and if common patterns of feedback are gathered early and applied to the product immediately, there will be a greater chance of increased customers who have a good experience. You won’t have to deal with complaints and more satisfaction means more loyalty and chance of referrals and repeat revenue.

Requesting feedback shows you care… It can create good early stage relationships with customers, who will become raving fans and feel part of your brand.

• Get feedback on pricing. The single biggest swing factor of any new product sale that is launched in the market. Price. What do people value your product as being worth?

B. Ways to get Customer Feedback

• Make sure you have a way of contacting your customers after purchase, then you can send them a survey by email or using social media.
• Digital applications gain instant feedback through boxes and emojis indicating “Yes, I am happy :-)” or “No, I am sad :-( ”. Then, requesting a follow up email or telephone number is essential. The only thing you should care about is how the customer defines value.
• Free text feedback forms, although more traditional, are still useful as they would be more detailed than the simple Net Promoter Survey.
• Online paid surveys that ask a person to go through user simulation experiences. A person gets to experience the product, with situational questions that requires an action using the product, and the survey asks him or her how he or she feels about every step.
• Offer incentives to get feedback or magnets to get contact details. This is your future marketing database.
• Comparison studies against products you know you are competing for the same dollar with. How do they compare on look / feel, usability, resilience, reliability, functionality, price, value?

Get the data, analyse it and keep asking questions until you are certain that your product will deliver value and a warm glow to all your customers and you will leave your competition eating dust! This is about testing, using feedback to improve value and setting some standards for yourself on what is acceptable.

C. Following up on feedback

• Create a database or community for all customers. Present a brand that resonates with your market and feels authentic. The most successful businesses create tribes or cults of customers who associate with them, their style, values etc…Use social media to do this. Use this platform to feedback any changes or version updates and get more useful information.
• People want to know the time they spent filling out feedback forms or user acceptance testing is valued and being used. Personalise messages of thanks and information on how you are using their feedback to any customers who participated.
• Refine your approaches. Can you make a link between feedback, improvements and increased sales? Perhaps generating greater levels of customer loyalty. What approaches work best — test, test and test again. Getting feedback and using it to improve your product will have far-reaching compound effect on future sales and profitability.

Cheers,
Rob