24 Things You Can Learn Reading Lean B2B
- There are 3 reasons why businesses buy: 1) To increase revenue; 2) To decrease costs; 3) To increase customer satisfaction.
- Your passion, domain expertise and your ability to build products are the 3 things in your control to reduce the risk of starting up.
- You can ﬁnd great business ideas right where you work. That’s what 50% of the Inc. 500 Founders did (Source: Amar Bhidé).
- Alcohol and the telephone are great tools to test your value proposition. You will learn whether your value prop is shareable and can be memorable.
- VCs, industry bloggers, journalists and market analysts are fast-tracks to understanding markets. They have an horizontal – broad – view of the market.
- Annual reports can tell you if a company has an early adopter mindset. What can you learn from a ﬁnancial report?
- Your story – or the story of your founding team – can help get you through the doors of enterprises. Britelynx founder, Pete Lalancette, was a military helicopter pilot for 21 years before starting up. Wouldn’t you be curious to meet him?
- Competitors often tell you who you should be speaking with. Start here.
- The early adopters that get the new iPhones are not the same people that go and try the new coffee shop. – Brant Cooper, Lean Author Being an early adopter is not a personality type.
- Meeting people in their work environment can sometimes lead to great insights. Interviewing IT professionals, Jason Cohen noticed certain magazines on the desk of his prospects. When his product was ready, he advertised in that magazine to great success.
- Finding where your prospects gather for pleasure or for work can signiﬁcantly increase your odds of success. Where do IT executives go to network?
- Proximity to customers is key. Moving in with them can be a great idea. Having development teams at client ofﬁces, helps you discover customer pains, context of use, stakeholders, underlying needs and enterprise reality.
- In the long run, the people that seek problems out-perform the people that seek solutions. Drs. Jacob Getzels and Mihaly Csikszentmihalyi proved this theory by following the career of professional artists for over 2 decades.
- To win, your solution must be at least 2 times faster, 2 times better and 2 times cheaper than the known alternatives.
- … though rarely perceived as a competitor, Excel is almost always an actual competitor for software startups. “ – Joshua Porter, HubSpot Director of UX If you can’t beat the Excel solution, your product will never be a success.
- Frequency is about the worst way to pick a problem to address. Cables have been getting tangled up all over the world for decades – it’s a very common problem — but very few people would pay to have that pain removed.
- To keep your focus, sometimes it’s best to turn down paying customers. You won’t convince large enterprises to sign with you if all your customers are tech startups.
- You can generate revenue and still fail. If revenue is the ﬁrst form of validation in B2B, (user) engagement is the ultimate form.
- 93% of products that ultimately became successful started off in the wrong direction. “ – Clayton Christensen, Innovation Author Company pivots are a lot more common than people would think.
- The average age of successful B2B founders is 40. Not 19, 25, 28 or 32 (Source: Vivek Wadhwa).
- The average number of attempts needed to make a sale is eight to ten. If you’re trying to reach C-level executives it’s 12 to 14. Persistence is key.
- “Nobody ever got ﬁred for buying IBM” …said the IBM marketing team.
- The CIA has its own investment fund. In-Q-Tel is slowly becoming the stamp of approval for technologies secure enough for government agencies.
- You should never optimize before product-market ﬁt. With time on your side, everything can be improved.
More on Lean B2B
- Introducing the Lean B2B Course
- This is Why I Wrote Lean B2B: Build Products Businesses Want
- The 18 Best Quotes from Lean B2B: Build Products Businesses Want
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