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Essential guide: getting the first 10,000 paying customers to your business
The 3 main pillars of business growth are:
Attract high quality leads - easily done through social media platforms
Convert these leads into paying customers
Grow and scale your business with automation and strategy
My current startup was positioned, promoted and distributed to customers in cities all over the world using these same keys. To get your first 10,000 paying customers, follow this guide. N.B The reason we focus on strategies over tactics or hacks is that even though technology changes, human behavior is predictable.
The most important step
Over the last 11 years I have learned that it all starts with identifying what you want to be known for in your prospect’s mind and identifying the goals you are willing to work toward. (If you don’t know where you are going, how will you know when you get there?) For the sake of illustration, let’s take Sam’s startup; DocMoni LLC as a case study. Sam says his 9 to 5 started to feel like a prison so he quit to work on something he is passionate about and uniquely equipped to solve. He wants wealth, freedom, contribution and the respect of those he cares about. Sam is the founder of an early stage startup that sells payroll software online. He’s raised his first round of funding and had been able to get his first 500 customers over the last 13 months. He has a product launch coming up and wants 10,000 new paying customers in the next 12 months. The payroll feature in DocMoni was the highest value one so he decides to lead with that. Sam’s product positioning is “payroll software for private health practices.” His promise was “Get paid faster. Easily invoice clients from your desk or on the go. On average, DocMoni customers are paid 5 days faster than their competitors.” Notice Sam didn’t try to be everything to everyone. I did the same with my current startup. I defined it as “a growth marketing tool that helps early stage companies get their first 10,0000 customers even without a growth team.” The better differentiated you are, the easier it is to stand out in your market. **2. What Does Your Ideal Customer Want? ** Beware of the temptation of trying to build a product for every customer. Most people don’t know who their ideal customer is. They try to target a forest instead of a single tree. In every market there are ideal customer characteristics that will save you from guesswork. Your ideal customer has the following characteristics a. She wants your product and has the ability to pay you (The best ones even have a recent purchase history of a competitor’s offering or inferior alternative to your product) b. She is actively looking for the solution/product you are providing For example, Sam is targeting chiropractors and dentists with the following characteristics. “Patrick is a 39 year old chiropractor with 2 kids. He lives in the suburbs and drives a BMW 765Li to work. He makes between $300-350k a year and spends his weekends engaged in family activities such as brunches, soccer practice and church. He wants to spend more time doing what he loves and less time dealing with paperwork, payroll, benefits and other administrative chores. Patrick follows WSJ, Forbes, Economist and Inc Magazine on Instagram, Twitter and Facebook. “ You see how different this is from the common mistake of just lump in different customer segments together? The better defined your ideal customer is, the easier it will be to reach her. Talk to people to find out what their hopes, dreams, expectations and fears are. Find out what kinds of media you can use to reach them. Do they spend more time on Facebook, Snapchat or Instagram? Do they watch HBO or Netflix? Do they get their news from social media or physical newspapers? Is it easier to reach them in forums or at meetups and local events? It took me too long to see the importance of having an avatar or a good description of my ideal customer. For example, my current customers who pay the most are early stage founders who have raised their first round of funding but can't afford to growth team. That's perfect for me because I've been in their shoes and know exactly what to do so I can just give them my playbook. Hope this answers some questions. Extra help I have published an eBook to help you guys build successful businesses! The download of this eBook also includes a FREE copy of software designed to optimize the traffic to your site!
Essential guide: getting the first 10,000 paying customers to your business
The 3 main pillars of business growth are:
Attract high quality leads - easily done through social media platforms
Convert these leads into paying customers
Grow and scale your business with automation and strategy
My current startup was positioned, promoted and distributed to customers in cities all over the world using these same keys. To get your first 10,000 paying customers, follow this guide. N.B The reason we focus on strategies over tactics or hacks is that even though technology changes, human behavior is predictable.
The most important step
Over the last 11 years I have learned that it all starts with identifying what you want to be known for in your prospect’s mind and identifying the goals you are willing to work toward. (If you don’t know where you are going, how will you know when you get there?) For the sake of illustration, let’s take Sam’s startup; DocMoni LLC as a case study. Sam says his 9 to 5 started to feel like a prison so he quit to work on something he is passionate about and uniquely equipped to solve. He wants wealth, freedom, contribution and the respect of those he cares about. Sam is the founder of an early stage startup that sells payroll software online. He’s raised his first round of funding and had been able to get his first 500 customers over the last 13 months. He has a product launch coming up and wants 10,000 new paying customers in the next 12 months. The payroll feature in DocMoni was the highest value one so he decides to lead with that. Sam’s product positioning is “payroll software for private health practices.” His promise was “Get paid faster. Easily invoice clients from your desk or on the go. On average, DocMoni customers are paid 5 days faster than their competitors.” Notice Sam didn’t try to be everything to everyone. I did the same with my current startup. I defined it as “a growth marketing tool that helps early stage companies get their first 10,0000 customers even without a growth team.” The better differentiated you are, the easier it is to stand out in your market. **2. What Does Your Ideal Customer Want? ** Beware of the temptation of trying to build a product for every customer. Most people don’t know who their ideal customer is. They try to target a forest instead of a single tree. In every market there are ideal customer characteristics that will save you from guesswork. Your ideal customer has the following characteristics a. She wants your product and has the ability to pay you (The best ones even have a recent purchase history of a competitor’s offering or inferior alternative to your product) b. She is actively looking for the solution/product you are providing For example, Sam is targeting chiropractors and dentists with the following characteristics. “Patrick is a 39 year old chiropractor with 2 kids. He lives in the suburbs and drives a BMW 765Li to work. He makes between $300-350k a year and spends his weekends engaged in family activities such as brunches, soccer practice and church. He wants to spend more time doing what he loves and less time dealing with paperwork, payroll, benefits and other administrative chores. Patrick follows WSJ, Forbes, Economist and Inc Magazine on Instagram, Twitter and Facebook. “ You see how different this is from the common mistake of just lump in different customer segments together? The better defined your ideal customer is, the easier it will be to reach her. Talk to people to find out what their hopes, dreams, expectations and fears are. Find out what kinds of media you can use to reach them. Do they spend more time on Facebook, Snapchat or Instagram? Do they watch HBO or Netflix? Do they get their news from social media or physical newspapers? Is it easier to reach them in forums or at meetups and local events? It took me too long to see the importance of having an avatar or a good description of my ideal customer. For example, my current customers who pay the most are early stage founders who have raised their first round of funding but can't afford to growth team. That's perfect for me because I've been in their shoes and know exactly what to do so I can just give them my playbook. Hope this answers some questions. Extra help Once again guys, pls don't mind me piggybacking on this post to promote my new eBook! This eBook is a COMPREHENSIVE guide to help you guys build successful businesses! The download of this eBook also includes a FREE copy of software designed to optimize the traffic to your site!
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