Nolsen Bedon, Ltd.

Unique Offering: Make your offering unique and then brand it.

To give your startup some momentum, make whatever you offer high quality and unique. Once you’ve done that, you can then set about branding your offering so people won’t forget.

Most entrepreneurs start new companies to build and then sell better products or services than those currently available. That’s fine, but successful product development is never done in a vacuum. Startups need to get to customers as soon as possible and get some input on their reaction to the products under development and to explore product options. It’s the testing of the business concepts in real-world settings that helps a company develop producst customers value.

Too many startups function in a virtual “stealth mode” — where they refuse to share their concepts with customers for fear of having their ideas stolen. This is especially counterproductive, because customer feedback is a very valuable source of product research. Once the proudct gets into the hands o fthe customer and a conversation is initiated, the real product development work can then being. You can get alongside customers and mold what your firm is developing to meet the actual needs of people in the marketplace. Customers can also suggest how an dwhere they would anticipate being able to buy this kind of product, and what level of backup support will give them confidence. All of these feforts will help you develop an offering with a feature set that is truly unique.

Note also that startups always need to demonstrate revenue generation quickly if they are to have any hope of achieving future rounds of financing. Investors frequently balk at throwing more and more money into developmental projects that have not progressed beyond the lab. If you can show that you appreciate the balance between perfecting your product and actually getting it into the marketplace as rapidly as possible, more startup funding will become available.

Most companies are not anxious to be seen as one-hit wonders. For this reason, the product development vision often incorporates future versions or product extensions. This gives the company an opportunity to ramp up sales across multiple niche markets. Consistent with this expanded view of the future, it also makes good business sense to develop a brand that will be used right across the range. A good brand can become a company’s most valuable asset when it underpins and strengthens a potential customer’s purchase decision.

Startups That Work

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