In planning your startup, consider the challenge you will have in converting users from their current solution to your solution.
Customers don’t move to a new product because it’s 10% better.
They move because it’s 10X better.
Make sure you are positioning your startup to be competitive in the market.
To do so, consider 10Xing your business.
The combination of the reduced price of the product and increased productivity provided over the competition, should be 10X or greater.
In addition to the basic price, consider these points of differentiation:
– Easy onboarding — is it easier for customers to get up and running?
– Ease of use — can the user access the solution more easily?
– Better integration — is the product integrated with other products providing more features?
– Intuitive approach — does the product have a more intuitive interface than the current standard?
– Network effects — does the product increase in value over time as more users join the network?
– Gamification — does it use gamification tools such as levels, avatars, and other tools used in games to make it more inviting and fun?
Consider how you are going to be 10X better than the competition.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
Let’s go startup something today.
Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.