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My Quotes in Instapaper: Tuesday, Jun. 18

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Instapaper: Tuesday, Jun. 18

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Admitting that you will have limited resources and strong competition both in today?s market and in the markets you want to enter is the right start of the conversation.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 653-654 | Added on Thursday, 20 June 13 04:59:18
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You need to pick wisely because whatever you do, you must do better than other people staring at the same information as you. (also known as your competitors or future competitors)
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 654-655 | Added on Thursday, 20 June 13 04:59:12
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Based on the problems you?re solving in today?s customer base, your unique skills in solving these problems and where you see the market going, the big question becomes ? In which direction should your company evolve?
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 651-653 | Added on Thursday, 20 June 13 04:58:48
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a clear, crisp articulation of: What problem you are solving for today?s users of your product (really. why did they buy? no spin) What in your product is truly differentiated in the market to solve this problem (where do you believe you?re strong against the competition in functionality or delivery). [note: this is not a statement about strengths / weaknesses in marketing. It is about product. Where do you think your customers? needs will evolve to based on your world view of changes in the marketplace in the next 2-3 years (ie changes in computing devices, regulations, end user adoption of technologies such as wearable computers, watching online video, whatever)
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 646-651 | Added on Thursday, 20 June 13 04:58:42
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Are we winning because we create compelling marketing materials and have hard-driving sales people that get customers buying product or are we solving a deep-seated customer need? If it?s the former your company will definitely start to top out at some point. It?s why I never get too excited about sales unless I can scratch the surface of the elusive ?why.? Why are they buying from us? What are their alternatives? What problem are we solving? How will it benefit them financially (more sales, fewer errors, reduced customer churn, etc.)? How will it save them time /drive productivity? If you?re not solving a deep seated problem you?ll become ?shelfware? and won?t have a repeatable, scalable business.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 638-644 | Added on Thursday, 20 June 13 04:58:14
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The Need for Strategy
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 637-638 | Added on Thursday, 20 June 13 04:57:41
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He published another MUST READ post about being careful not to confuse early revenue traction with product / market fit. The money quote One of the things I have observed over the years is that a hard charging sales oriented founder/CEO can often hide the defects in a product. Because the founder is so capable of convincing the market to adopt/purchase the product, the company can get revenue traction with a product that is not really right. And that can hide all sorts of problems.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 633-637 | Added on Thursday, 20 June 13 04:57:38
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3. Business Model
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 631-631 | Added on Thursday, 20 June 13 04:57:12
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if you?re in a competitive market and you aim to solve problems assume you?ll have strong competitors so if you need to aim for 10x innovations to end up being 3x as good as the market and you need 3x as good as the market for rapid adoption.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 629-630 | Added on Thursday, 20 June 13 04:57:07
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the search to solve a real problem a market has by creating features that add compelling value to your customer such that they will do what customers hate to do ? change behaviors (ie use your product). And in the word?s of my friend Bill Gross, ?Your product has to be 10x better than what exists in order to be a success?
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 625-628 | Added on Thursday, 20 June 13 04:56:41
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C. LEAN STARTUP MOVEMENT
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 619-619 | Added on Thursday, 20 June 13 04:56:13
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Like DeviantArt. With 30 million registered users on a global basis. 65 million monthly actives. 2.5 billion monthly page views. All totally free. It has become the largest art community on the web with huge pockets of global users who never had a website in which to express themselves amongst peers and also find ways to monetize their talents on a global basis.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 616-619 | Added on Thursday, 20 June 13 04:56:08
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I call it Deflationary Economics.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 613-614 | Added on Thursday, 20 June 13 04:55:48
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disruptive technology? came from companies who offered products that were significantly cheaper and less functional that the existing market and ended up capturing the needs of customers who previously couldn?t buy products due to price / complexity. He calls this competing with ?non consumption?
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 609-612 | Added on Thursday, 20 June 13 04:55:36
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In the 90?s we all talked about ?Crossing the Chasm? in which Geoffrey Moore encouraged us to think about solving really deep problems in a particular customer set and then using that satisfied customer set to move on to tangental markets.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 604-606 | Added on Thursday, 20 June 13 04:55:06
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A. CROSSING THE CHASM
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 603-603 | Added on Thursday, 20 June 13 04:54:57
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If you solve a deep problem for a niche user group but not enough users have the problem you won?t achieve product / market fit. Or if you solve a problem for a big segment but your solution isn?t significantly better than alternatives ? you won?t have a fast-growing, successful business. I often call this ?going a mile wide and an inch deep.?
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 593-596 | Added on Thursday, 20 June 13 04:54:08
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Put simply ? you need enough users in a segment who care about what you?re doing to dictate investing further in the product or in sales & marketing resources.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 592-593 | Added on Thursday, 20 June 13 04:53:56
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2. You need product / market fit
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 592-592 | Added on Thursday, 20 June 13 04:53:36
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My most read post on marketing tips highlights this ? please pay attention to tip #4 ? you can?t have great marketing for bad or mediocre products.
Instapaper: Tuesday, Jun. 18 - Instapaper - Your Highlight Location 590-592 | Added on Thursday, 20 June 13 04:53:28
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