2/25/22 - Initial meeting with Pramon
by Parker · 39 things on Twos
- How is the tool going to be recieved and by whom?
- What experiences are you collecting?
- Understanding what is the use?
- Applicability what is resonating, target audience?
- Define who do you want to sell to?
- Based on data where do you want to focus?
- You can't appeal to everyone
- Start up consulting companies
- Didn't see clear differentiation
- What is the differentiator?
- Compelling proposition
- Build a business, who are you competing against, what makes your product different, what makes you better than the native applications?
- Business plan for who you are targeting, why is it a compelling reason for that group, talk to people for advice and assistance, flesh out the idea
- We are not just another another list or note application
- In elevator pitch you need to describe what makes it different
- This is the segment does it resonate with a specific target market
- We have data to back up those claims
- Information we are collecting, don't give it to an outside party
- Good place to start is looking at the data
- What is the hook? Can it help build the business, how do you build on that
- Uber didn't stop with the basic model and functionality, it used user feedback to continue to improve the product so competitors couldn't catch up
- Use the user information to build and develop the product
- When you are talking to investors you need to show that you are using the data and understanding the use
- For a board of advisors, you want diverse opinions and views, i.e. digital marketing, consumer research, look for what you are lacking, they can come through your own personal network. You want people who challenge our thinking, for the best outcome, look for people that complement what you lack, digital marketing, research, analytical
- Monetization of the product. More free users are a load on the infrastructure and our expenses
- There are pros to non-subscription because they can part ways and you still have their money
- Subscription, you need to continue adding to keep them interested, what next?
- Think about the monetization
- Board: get feedback on the monetization, keep an odd number to make decisions and for voting
- Money is easy for a good idea and a good opportunity. Get basic things in place first, people want to see what your outlook is for 2-3 years, they want to know they will make money over a period of time
- Funding: there is so much money and capital available, for a good product and a good venture, focus on the product, commercial viability, product roadmap, find people as advisors (like to be paid with a stake in the company), find advisors interested, think of people you want to get in bed with for a long period of time, meet them, go to networking events, join networking groups, meet people from different walks of life
- Figure out the proposition for a sector of the market that can be our core focus
- Pramon is not fully in the startup space and he will see who he can connect me with in the SCORE network with start up experience
- He has sales and marketing experience for enterprise businesses
- Flesh out what the product is
- Usage data, look at what users are using
- Look at the people who are buying, when did they purchase, who are those people, free doesn't matter, usage stats, do they use it every week, what do they use it for, when you ask for information (survey) they will only tell you the most recent use, usage gives you behavioral information, gender or age, women with groceries lists, shopping, youngsters
- Still in the process of discovery data collection exploration stage
- Peoeple in the tech start up space will be able to tell you where should I be seen, what events should I go to