Mehul Fanawala’s Post

🗣️ A Closer Look: How Customer Feedback Can Shape Your Startup’s Success 🚀 In the journey of building a successful startup, customer feedback is your golden ticket. Here’s how harnessing customer insights can propel your business forward: Understanding Needs and Preferences: Customer feedback provides valuable insights into what your audience truly wants. This understanding helps you tailor your products and services to better meet their needs, enhancing satisfaction and loyalty. Identifying Pain Points: Listening to your customers can reveal pain points and challenges that you might not have considered. Addressing these issues can significantly improve your offerings and customer experience. Driving Innovation: Feedback is a powerful driver of innovation. By gathering ideas and suggestions from your users, you can discover new features or products that can set you apart from the competition. Enhancing Product Development: Regularly incorporating customer feedback into your product development cycle ensures that you’re building solutions that are not only innovative but also relevant and practical for your audience. Building Trust and Loyalty: When customers see that their feedback is valued and acted upon, it builds trust and loyalty. Engaged customers are more likely to become brand advocates, promoting your startup through word-of-mouth and social media. Improving Marketing Strategies: Customer feedback can also refine your marketing strategies. Understanding customer sentiments and preferences can help you craft more compelling messages and campaigns that resonate with your target audience. Boosting Retention Rates: Addressing customer feedback effectively leads to higher retention rates. Happy customers are more likely to stay loyal, reducing churn and increasing lifetime value. Tips to Gather and Utilize Feedback: Surveys and Polls: Use online surveys and polls to collect structured feedback. Social Media Listening: Monitor social media channels for comments, reviews, and mentions. Direct Interviews and Focus Groups: Conduct one-on-one interviews or focus groups for in-depth insights. Feedback Loops: Create a system for continuous feedback and ensure you act on the insights you gather. Embrace the power of customer feedback and watch your startup thrive! 🌟 #CustomerFeedback #StartupSuccess #Innovation #ProductDevelopment #CustomerExperience #MarketResearch #BusinessGrowth #CustomerInsights #FeedbackLoop #Entrepreneurship #TechStartups

In the early stages of your startup, there’s nothing more valuable than customer feedback. It's an insight into what works, what doesn't, and what could potentially skyrocket your growth. Acting on this feedback early can help pivot your business model closer to what your target market actually wants and needs. Use various channels to gather this data: surveys, social media interaction, or even direct conversations. By incorporating this feedback loop into your development process, you're not just building a product; you're crafting an experience tailored to your customers' desires. This approach not only fosters loyalty but also significantly enhances your chances for success. #CustomerFeedback #StartupGrowth #ProductDevelopment

Why do so many startups struggle to achieve Product-Market Fit? It could be a market research problem… It could be a customer feedback problem… It could be a product positioning problem… Here’s a breakdown of each problem type and its symptoms. Market Research Problems You think you understand your market but lack deep insights into customer needs and behaviors. These are challenges related to gathering accurate data, interpreting market trends, and identifying real customer pain points. Signals of a market research problem: → Misalignment between product features and customer needs. → Lack of detailed buyer personas. → Poor understanding of market size and growth potential. → Inconsistent customer feedback. Customer Feedback Problems You collect feedback from customers but struggle to make sense of it or act on it effectively. These are challenges related to prioritizing feedback, distinguishing between vocal minority and majority needs, and integrating feedback into product development. Signals of a customer feedback problem: → Conflicting feedback from different customer segments. → Difficulty in identifying actionable insights from feedback. → Slow or ineffective implementation of customer suggestions. → High churn rate despite ongoing feedback collection. Product Positioning Problems You know your product has potential but aren’t sure how to position it in the market. These are challenges related to defining a clear value proposition, identifying the right market segments, and differentiating your product from competitors. Signals of a product positioning problem: → Broad or unclear target customer definition. → Multiple and conflicting value propositions. → Lack of differentiation from competitors. → Inconsistent traction across different customer segments. ——— And it starts by getting razor-sharp in the definition of your target market and understanding their specific needs and pain points. Steps to Achieve Product-Market Fit: 1. Conduct Thorough Market Research: → Use surveys, interviews, and industry reports to gather data. → Identify market trends and potential opportunities. → Create detailed buyer personas. 2. Gather and Prioritize Customer Feedback: → Implement structured feedback collection processes. → Segment feedback by customer type and prioritize based on impact. → Regularly review and incorporate feedback into product development. 3. Refine Your Product Positioning: → Define a clear and compelling value proposition. → Identify your unique selling points and how they differ from competitors. → Tailor your messaging to resonate with specific market segments. 4. Iterate and Adapt: → Continuously test and refine your product and positioning based on market and customer feedback. → Be prepared to pivot if initial assumptions prove incorrect. #ProductMarketFit #startups #b2b #saas #productdevelopment #leanstartup

People are weird. Customers do weird things all the time 🤪 But the truth is, if they're acting weird, you're missing some information. When customers get most of the way down an onboarding flow and then ghost you, it’s not just them being “flaky.” They’re likely lacking something critical: clarity. Strange behaviour means a few things: 🌶 They have unanswered questions. 😅 They got a closer look at your product and it didn't excite them. 🥸 You've got the wrong people in the funnel. So what can you do to decode this? 🫡 Analyse Micro-Journeys: Break down each step of the customer journey. Where exactly do they drop off? This helps you pinpoint potential friction points. 🎤 Collect Qualitative Feedback: Reach out to customers who ghost. Yes, they're hard to get hold of, but try. A personal follow up is better than a survey and is way more likely to reveal the exact reason they walked away. 🎡 A/B Test More: Experiment with different messaging, CTAs, and designs. Small tweaks can have a huge impact on engagement. We're trying to remove friction and answer questions. ⛵️ Incorporate Behavioural Analytics and Metrics: Try linking up your metrics intro threads and journeys. Isolated numbers really struggle to show the full story, but joined up - behaviours are easier to understand. Teams that listen closely to what that "weird" behaviour is saying have a lot to gain. #startups #startupgrowth #product

Interesting read from some research today PMF vs NFS The Problem with Using NPS Too Early Lagging Indicator: NPS measures user satisfaction or loyalty after they've experienced the product. This means that if users are unhappy, you only find out once dissatisfaction has already occurred. Misrepresentation: Early-stage startups may have a small or niche user base. Using NPS in such a scenario can lead to skewed results, giving either false optimism or unwarranted concern. The Role of Product Market Fit (PMF) Score What It Measures: PMF Score evaluates how critical your product is to users by gauging their emotional response to losing it. How to Use It: Ask: "How would you feel if you could no longer use this product?" Options: "Very disappointed," "Somewhat disappointed," "Not at all disappointed." Goal: Aim for at least 40% of respondents answering "Very disappointed." This threshold indicates that you've likely achieved product-market fit. PMF Score is particularly useful during the early growth phase, as it helps founders focus on improving their product to meet core user needs. This proactive feedback prevents the reliance on lagging indicators like NPS. Using PMF and NPS Effectively PMF First: Use PMF Score when you're still validating your product, iterating features, or figuring out your core audience. It’s actionable and helps you prioritize improvements. NPS Later: Once you’ve achieved product-market fit, use NPS to measure and maintain customer loyalty. NPS is valuable for mature businesses focusing on scaling and retaining their user base. A Simple Framework to Combine Both: Early Stage: Focus on PMF to understand if your product solves a real problem. If PMF Score < 40%, iterate your product. Use follow-up questions like: "What type of people do you think would benefit most from this product?" or "What would you improve about the product?" Growth Stage: Transition to NPS to measure loyalty and optimize user experience. NPS benchmarks can guide customer service and retention strategies. By using PMF and NPS in tandem, you ensure a data-driven approach to building and scaling a product. #KPI #metrics #startups #VentureCapital

3 quick ways to not miss out on customer insights: -Regularly engage with your target audience on social media -Actively seek out and listen to customer feedback, both positive and negative -Collaborate with your customer-facing teams to share learnings Your product development will improve once you stop building in a vacuum. Customer insights are the lifeblood of any successful startup. They help you validate assumptions, prioritize features, and create a product that truly resonates with your market. However, many founders get so caught up in the excitement of their own ideas that they forget to involve customers in the process. This can lead to wasted time and resources on features that no one actually wants. By making customer research a core part of your startup's DNA, you'll be able to make more informed decisions and create a product that people love. P.S. I've noticed many startups neglecting customer research in favor of moving fast. But without understanding your users, you're just guessing! Let me know if you've run into this challenge.

Are your metrics showing real progress or just numbers? When I started tracking product metrics, I thought more data meant more insight. But as I’ve learned, not all metrics are equal. Some only scratch the surface, while others reveal whether your product is truly valuable to users. Focusing on outcomes — like retention and customer satisfaction — gives a much clearer picture of product-market fit. Here’s a quick guide to help identify the metrics that matter: 1️⃣ Separate Vanity from Value — Look for metrics that show true engagement, not just activity. Metrics like monthly active users or shares may look impressive, but they might be distracting if they don’t reveal user satisfaction or retention. 2️⃣ Prioritize Impact — Focus on outcomes that show lasting value, such as retention, churn rate, or NPS (Net Promoter Score). These metrics give a clearer view of whether users find genuine value in your product. 3️⃣ Add Qualitative Insight — Quantitative data tells you what’s happening, but qualitative feedback reveals why. Surveys, interviews, or user reviews provide context, adding depth to your metrics and helping you make more informed decisions. Research shows that startups with a strong product-market fit grow 2-3x faster than those without. Focusing on metrics aligned with user outcomes allows you to make decisions that drive growth and ensure lasting impact. Are your metrics aligned with product-market fit, or are they just surface-level data? 16/365 #365ProductJourney #365Challenge #Entrepreneurship #ProductManagement #Startups #BuildingInPublic #Innovation #Leadership #GrowthMindset #365RJS

🚀 Startup product teams! It's time to get obsessed with customer feedback and turn it into fuel for growth! Here's why: 👂 Proactive Listening: Tune in to your customers' needs, preferences, and pain points. Actively listen to their feedback to shape products that truly resonate. 📊 Effective Collection: Don't just gather feedback; gather it smartly! Use surveys, forms, and social media monitoring to get insights that drive real action. 🔍 Actionable Analysis: Turn feedback into fuel! Identify trends, prioritize issues, and take concrete steps to make your product even better. 🔄 Close the #FeedbackLoop: Transparency builds trust! Let your customers know you're listening. Close the feedback loop by showing them how their input drives positive change. Dive into the full article 👉 https://lnkd.in/geDC9APj Get obsessed with customer feedback and watch your startup thrive! #Startup #CustomerFeedback #SaaS #ProductGrowth

2 years of sleepless nights turned into this… Started a team of two, and now we’re at over 50! Turned $19M in seed funding into a top AI platform. Trusted by top companies like Notion, Miro, & Honeybook. Here are 8 things we did to build a high-level tech product: 𝟭. 𝗡𝗼-𝗰𝗼𝗱𝗲 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵 (if you’re not targeting developers) Our goal was to remove the barriers as much as we could. Create a plug-and-play solution with low to no R&D involvement. 𝟮. 𝗡𝗼 𝗺𝗮𝗷𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗻𝗲𝗲𝗱𝗲𝗱 Have minimum professional services on your end. To scale fast, don’t have a massive organization. This will help you maintain high gross margins. 𝟯. 𝗔𝗰𝘁𝗶𝗼𝗻𝗮𝗯𝗹𝗲 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻 Directly influence an outcome– something tangible, measurable. Build your product so that it’s simple to measure its impact on ROI. 𝟰. 𝗘𝗮𝘀𝘆 𝗯𝘂𝘆-𝗶𝗻 Is your product going to be in an existing P&L line or a new line? Each use case means you need a different focus in GTM. 𝟱. 𝗧𝗔𝗠 Make sure the market is big enough, preferably growing. Consider serving multiple verticals and use cases. 𝟲. 𝗟𝗮𝗻𝗱 & 𝗲𝘅𝗽𝗮𝗻𝗱 Combine a usage-based model (benefit from their organic growth) with multiple products that you can sell directly to your clients (upsell) or to different clients in the same company (cross-sell). 𝟳. 𝗦𝗲𝗹𝗳-𝘀𝗲𝗿𝘃𝗲 𝗮𝗻𝗱 𝗜𝗻𝘀𝗶𝗱𝗲 𝘀𝗮𝗹𝗲𝘀 You must be able to sell remotely in order to scale. So build your product from the get-go with self-serve. 𝟴. 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗲𝗳𝗳𝗲𝗰𝘁 If your startup is related to the internet… Network effect is more important than IP. There’s no one-size-fits-all strategy. But this is what worked for us. #growth #strategy #artificialintelligence #digitalmarketing #VBB

𝐘𝐨𝐮𝐫 𝐏𝐫𝐨𝐝𝐮𝐜𝐭 𝐈𝐬𝐧'𝐭 𝐭𝐡𝐞 𝐇𝐞𝐫𝐨 - 𝐘𝐨𝐮𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐈𝐬: 𝐀 𝐑𝐞𝐚𝐥𝐢𝐭𝐲 𝐂𝐡𝐞𝐜𝐤 𝐟𝐨𝐫 𝐅𝐨𝐮𝐧𝐝𝐞𝐫𝐬 90% of startups fail not because their tech isn't cool enough but because they're solving problems nobody has! Are you building features in search of problems? Let's fix that! 💡 Hard Truth Pills: >>> Your brilliant features mean nothing if they don't solve real pain points >>> That groundbreaking tech? Useless if it doesn't make customers' lives better >>>Your assumptions about what users want are probably wrong (yes, really!) 🔥 Success Formula: >>> Talk to 10 customers before adding ANY new feature >>> Map customer journey + identify top 5 friction points >>> Run weekly user interviews (not optional!) >>> Build customer advisory board >>> Track customer outcomes, not feature lists 📊 Reality Check: >>> Companies doing weekly user interviews grow 2x faster >>> 87% of failed startups never validated customer needs >>> Top performing products spend 80% time on research, 20% on building >>> Customer advisory boards reduce feature failure by 65% ⚡️ Quick Action Items: >>> Schedule 5 customer calls THIS WEEK >>> Document every pain point mentioned >>> Create your problem-solution fit map >>> Start measuring customer success metrics >>> Remember: Your product isn't the hero of this story - your customer is! Remember: Revenue follows value. Track how well you solve customer problems, not how many features you ship. #ProductStrategy #CustomerFirst #ProductManagement #Innovation #StartupFounder #ProductDevelopment #GrowthStrategy #ValueCreation #CustomerSuccess #ProductLeadership #StartupAdvice #MarketValidation #UserResearch #BusinessGrowth #ProductInnovation #StartupLife #CustomerExperience #ProductMarketing #MVPDevelopment