Five elements of business success

Theory > Five elements of business success

1 Build products people love

• Improves customer retention, makes you their first choice.

• Build a product or service that sets us above the rest.

2 Adoption over monitorization

• Let customers have some things for free (try before you buy).
• Once they use it they will love it - see point 1.

Done by providing 5 free connections

3 Cultivate a sustainable competitive advantage

• Provide an advantage over competitor products.
• Lock the user into a product using love of the features.
• Keep an advantage with new features the customer will use.

• People are important here

• Employee retention - The biggest data breach is lost talent

4 Make products simple a clear

• Easy to setup, easy to use.
• Ensure customer can get value in the first week.
• Product that don't get used will be dropped if no value is seen.

• Try not to produce error messages, when you have to make them clear.

5 Make decisions fast.

• Someone (much bigger) will beet you to the goal.
• The small guy needs stealth and speed, big companies can make mistakes.
• Fast decisive moves is the key.