It is amazing any sale happens ... what are the steps?
I was just thinking about all they barriers and places where a sale could "go south"...
Best Answer
First of all the potential customer needs to find your website...
Next, they need to see that your product could potentially help them
Then they need to have confidence and some level of trust in your product, company and website. Is it affordable?
They want to try it, they enter their email address. Have they entered the correct email address?
We send them a welcome email...
Will it bounce? Is their inbox full, will their mail server accept the email? has it gone in their spam folder?
Ok, so they receive and *open* the email, they now need to download the software (*)....and install it....oh, it's PC only...I can't install it...I having a problem installing it...I downloaded it but can't find it... etc
It's installed!
Now they need to learn how to use it and have 10 days (free trial) to try it....
Will they remember to try it? Can they use it at all? Is it useful?
10 days pass....
Reminder email, trial expired.....
Did they find it useful enough to pay for it? Do they trust you with their credit card details? Can they afford it? Are they averse to "yet another subscription"?
They pay! a new customer...AMAZING!
One month passes...renewal time, are they still using it? Is it still useful? Can they still afford it? Is the card they registered still valid? can it renew successfully??
Other points
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Startup Lingos To The Point
bold vs stupid
Bold is do the right thing that no one agrees and hard. Stupid is to do the wrong things that a few agrees and impossible.
business plan
A business plan has two parts, the aspiration and the traction. A business plan is about two parts: how the business runs, and how to start that business.
business plan and exit
The plan to reach the exit, including unknown uncertainties that will surely happen.
business model
How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
value proposition
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
passion
You may like your dream, but if you have to suffer tremendous set backs to realize your dream, would you give up?
passion
You may like to startup, but you may not the business you startup
due diligence
VC or investor check. Include standard items 1. Did you quit your job; 2. Did your cofounder quit his job; 3. is your sales validated.
leader
Protect and provide. And gets loved.
traction
When you finally connect what you love to do to what a lot of people love to buy. When you can focus all you want and still have unlimited work and fun.
founder and CEO
A founder is not a CEO, until the company is making money and profit enough to stay alive on its own.
Serendipity
After you have a sale or a market hit, you ran into all kinds of accidental discoveries that you never knew exist.
Marketing vs. sales
Marketing makes the first sale happen. The sales department work on the rest.
Largesse
A general or CEO or founder who is tolerant and generous. Someone who recognizes own mistakes. Someone with big heart for hiring people better than him.
Brand
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
Validation
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
Value
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
Marketing
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
Widgety MVP
A "MVP" wanna-be that is still at the widget stage. Lacking ability to demonstrate effects, only projected effects.
MVB
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
MVP
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
Customer is king
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
Cash Flow Is King
A company needs to have daily activities to keep employees busy and engaged. Otherwise the good ones will leave.
Company culture
Company culture is based on a company making money. Once your workers are paid, they need to have a mission and aspiration so they are not bored everyday and make trouble in the work place.
Take a stand
Tell people what you stand for, clearly and loudly, and those who like you will come to your stand. Others will walk by and shake their heads.
Bold
Veterans do things their way, because they know all the naysayers are just beginners and by-standers.
Onlyness
When you find a full universe within a grain of sand, a life time of work to do by focusing on one thing. There is enough people behind you to support your living and cause.
Fame
People's reaction when they know you have done something they could never do And they know this is not accident because you have done it a number of times.
Company valuation
A company valuation is cash investment divided by the percentage. As long as your story is good, the valuation will keep coming, and the investors will keeping falling into the line.
Return on investment
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
Due diligence
A thorough validation of everything you said.
solopreneur
Someone wanting to build a lean startup by projecting, offering, and test.
traction
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.
mission
Things to make sure the founder will not fall into despair, boredom or get distracted during the long execution even in face of repeated setbacks.
Magic
Insanely high value/solution to price ratio
Vision
Ability to walk long distance in the dark.
Disruption
A complete shift of the supply chain and value provision.
Game changer
A new value provision that causes supply chain to move and customers getting more value for the same price.
Mission
Mission is how to beat loneliness during startup, mission is why your employees get up in the morning.
