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Advice to startup founders: Don't try to make everyone happy. You want to focus on the 1 percent most engaged users of your product and make them ecstatic.
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Scooped by Guillaume Decugis |
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Couldn't agree more with what Jordan Stone explained at the Launch Festival as covered by my friend JD Lasica in this post.
Why should early stage startup do that?
Consider the following: what do you do as a customer of a product when you're reasonably happy vs when you're excited beyond expectations?
In the latter case, you'll do a lot more than use the product again: you'll go out of your way to tell your friends about it. You'll post on Facebook, you'll share the excitment.
As a French guy who lives in the US, I have to send money back and forth regularly. Which means EUR/USD Fx transaction costs and wire fees that used to be up to 10%. Recently I discovered TransferWise, a peer-to-peer foreign exchange service that cuts these 10% to 1% or less. And provdes a super smooth experience. What did I do? I posted on Facebook with my community of European expats and of course this generated a lot of attention as they all have the same problem. I'm pretty sure a number of them will use the service.
Would I have done that if I thought their service deserved a B or even an A-?
No.
That's why you should launch an MVP and then iterate based on your power users.