‘Despite their best intentions to focus on customers’ needs, many companies spend more time looking inward.’ therefore, an effective way to gaining customer insights is by asking customers smart questions! According to Boston Consulting Group (BCG), 50% of CEO’s said that Customer Insights (CI), was ‘very critical’ to growth. 50% of CEO’s in advanced CI companies, report significantly higher satisfaction with CI’s ROI.
An overlooked source of competitive advantage in organizations. Customer and product/service discovery questions can also establish product-market fit.
- According to Harvard research; entrepreneurs will earn 35% less in personal income over a 10-year period, compared to what they could have earned in a paid job.
- The number one reason for success or failure in a startup is; Determining the right time for launch, which meets the needs of the market.
- STOPP stands for: S= Stop T = Think O= Observe P = Plan P = Proceed
Minimum PASS score is 80%
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Question 1 of 8
Which of the following is the #1 reason (CBInsights) startups fail?CorrectIncorrect
Question 2 of 8
The #1 reason for Start-up failure was lack of market need (42% of the cases). In startup language this is called lack of market validation?CorrectIncorrect
Question 3 of 8
Which of the following is not one of the STOPP Drill steps?CorrectIncorrect
Question 4 of 8
The Cash Burn Rate rule presented in this Bootcamp was; maintain a low burn rate, before the data is available that proves the cost to acquire a customer (CAC), is 5x lower, over a period of 12 months, than the revenue you can generate from that customer?CorrectIncorrect
Question 5 of 8
Successful startups with just one founder have a much higher probability of growing their success, require less time to achieve a scalable success level, and will raise 30% more money and experience almost 3x more user growth?CorrectIncorrect
Question 6 of 8
Start-up founders should focus on their existing customers (while caring for those customers they are slowly building a brand that will withstand the competition)?CorrectIncorrect
Question 7 of 8
Entrepreneurs will earn 35% more in personal income over a 10-year period, compared to what they could have earned in a paid job (Harvard)?CorrectIncorrect
Question 8 of 8
Which of the following was not one of the five critical factors for start-up success (Bill Gross)?CorrectIncorrect
Ghosh, Shikhar (2011). Why Companies Fail: and How Their Founders Can Bounce Back. Working Knowledge, Harvard Business School (Link)
The Top 20 Reasons Startups Fail (2014). CBInsights (pdf Link)
Gross, Bill (2013). Lessons Learned from Bill Gross’ 35 IPO’s/Exits and 40 Failures, First Round Review (Link)
Levinson, J. C. and Jeannie Levinson, and Amy Levinson (2007). Guerilla Marketing
Tunguz, Tomasz and F. Bien (2016). Winning with Data: Transform Your Culture, Empower Your People, and Shape the Future.
Moore, Geoffrey (1991). Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers. Collins Business Essentials
Barton, C. L. Koslow et all. (2016). Why Companies Can’t Turn Customer Insights into Growth. BCG Perspectives (Link)