The difference between a great idea and a thriving business is that a business solves a problem that people will pay for, aka its value proposition. In this episode, learn how to create a value proposition for your company, including using methods like Build-Measure-Learn and the Ugly Baby Test to help you define the value your company provides your customers.
“Be a constant virtuous cycle of building something and asking ourselves what the smallest thing we can build in the lowest risk way is to get the insight we need.”
The Build Measure Learn feedback loop begins with you building the fastest, most straightforward product you can to get feedback from potential customers. Then, you measure that feedback quantitatively by looking at numbers and data and qualitatively by looking at personal anecdotes. Those measurements go back into the cycle when you take all that information you learned and use it to build a better product iteration.
“Understand what about your company will make people choose you.”
To succeed, you must understand what you have to offer that people will value.
Push to define your value proposition, aka why people will want to buy your specific product or service, as soon as possible. What differentiates you from the competition?
“Look for something that people will keep coming back to repeatedly.”
Does your product/solution solve a repeatable problem? If you can’t get repeat customers because people only need to buy your product once, it will be hard to grow the business and make it scalable.
Guests
Tessa Flippin: https://www.capitalizevc.com/tessa-flippin
Citi Medina: https://www.linkedin.com/in/medinaciti/
Denise Hamilton: DeniseHamilton.co
Elisa Camahort Page: https://www.elisacp.com/
Ellie Bahrmasel: https://www.linkedin.com/in/elliebahrmasel/
How to Make Sure Your Business Solves a Problem