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Product-Market Fit
Manage episode 404360225 series 3418332
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Summary
- Identifying ideal clients and product market fit. 0:01
- Chris Cooper identifies the challenge of identifying ideal clients and explains the importance of product market fit for business growth.
- He observes that businesses have a small group of loyal long-term clients and a larger group of newer clients with a higher churn rate, highlighting the need to serve the former for optimal growth.
- Identifying and retaining ideal clients in a business. 2:30
- Chris Cooper emphasizes the importance of identifying and retaining the right clients for a sustainable business, rather than constantly bringing in new ones who may not have a long-term fit.
- Product market fit is achieved when clients get the results they want and can afford the service, while bad fit occurs when clients are working towards a goal that they don't care about.
- Identify best clients by ranking top 10 clients by payment amount and happiness level.
- Seed clients are those who appear on both lists, they are the best clients who get the most value from your service and make you happy to work with.
- Understanding ideal clients through interviews. 6:22
- Chris Cooper advises business owners to ask potential clients about their needs and preferences to better serve them.
- Identifying ideal clients and tailoring a business to meet their needs. 7:53
- Chris Cooper realized he wasn't his own ideal client when a personal training client quit due to not fitting in with other clients in his gym.
- To find good product market fit, Chris recommends identifying best clients through exercise and surveying only those clients, then identifying common traits among them to create avatars for marketing.
- Chris tailors gym service to high-paying client after epiphany.
- Finding product market fit and growing a business. 11:34
- Find product market fit by iterating and upgrading services based on client feedback, rather than appealing to a broad and vague market.
- Focus on best clients, product market fit, and speed to reach goals.
Connect with Chris Cooper:
Website - https://businessisgood.com/
70 episoder
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