Customer Acquisition and Retention strategies and their execution is the heart of any business. There is famous saying that only one person pays your bill and that is the customer.
A study of quotes by various practitioners and experts will help in formulating strategies for any startup, especially, solopreneurs.
MVP is an effective tool to test waters before large scale launch and promotion. This also helps in conserving resources and arriving at a better business model. Market Research based startups are liable to face hiccups which may lead to a failed business.
i. “What separates MVPs from traditional market research is that it is a deliberate experimentation approach based on customer behaviour, not opinion.”
ii. "Minimum Viable Product (MVP) helps you to discover “what really matters”
iii. The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.
i. “Merely satisfying customers will not be enough to earn their loyalty. Instead,they must experience exceptional service worthy of their repeat business and referral. Understand the factors that drive this customer revolution.” – Rick Tate
ii. “There is a big difference between a satisfied customer and a loyal customer.” – Shep Hyken
iii. “Unless you have 100% customer satisfaction- you must improve."-Horst Schultz
I. “The easiest and most powerful way to increase customer loyalty is really very simple. Make your customers happy.” ― Kevin Stirtz
II. "By innovating and providing increasing benefits to your customers," he says, "you no longer have to worry about competitors 'catching up,' since you're always leading." - Mike Masnick, founder and CEO of Floor 641.
III. "If customers are saying they want certain things, it's up to me to give them what they want." -Anupy Singla
üA summary of key learnings from the quotes is as follows.
ü The first step is to generate leads.
ü In order to minimize risks, developing a minimum viable product will help to have live testing.
ü Dialogue and continuous contact with customers is vital.
ü Customer satisfaction alone is not enough to get customer loyalty.