FOMO and YAFO can kill.
FOMO – you know this one well
YAFO – Yet Another F…ing Opportunity, in case you don’t
Are you a founder? Are you building a tech product startup?
Please read on…
One of the ADVANTAGES of tech products is that underlying tools and tech can be often used to solve multiple problems.
One of the DISADVANTAGES of tech products is that underlying tool and tech can be often used to solve multiple problems.
No, there is no mistake here.
Many tech tools can address multiple use cases or solve multiple problems.
While it’s easy to solve a problem with tech, doing it way better than others (or status quo) requires building something more tuned to the industry/use case or function.
When you are the founder of an early stage startup, every lead looks like potential revenue.
It can be tempting to go after every problem and every prospect or suspect.
You are unlikely to solve all problems well.
You are highly unlikely to convert every prospect into a customer.
This is where focusing on a target segment or an even narrower ICP – Ideal Customer Profile – makes sense.
Focusing your energy and resources can lead to early validation.
It can help you quickly find the segment in which you can multiply.
While it may seem counter-intuitive.
Focusing on a narrow ICP or segment can lead to better conversions and revenue in the early stage.
Tuning your product, messaging and GTM is a lot easier too.
Don’t run after every prospect.
Don’t run after every problem that your tech can solve.
Figure out your ICP.
Stay focused and win more.
This and more such lessons, activities and exercises are part of our Firestarter program for product startups.