How To Get Your First 1000 Customers
After the first business plan has been written, your company has been founded and all preparations have been made, the most important phase follows: Now you have to bring your offer to customers! Many companies are struggling during this phase and do not really know what to do once all friends and family have been approached as potential customers already. We want to support you to get your first 1000 customers. Our Co-founder and CCO Jessica Holzbach invited experienced speakers to our virtual Fintech Berlin Meetup on 21th July 2020 to discuss this challenging matter:
- Kai Rieke – interim CMO, freelancer and former CMO at Project A
- Sibyll Brüggemann – Head of Marketing DACh at Klarna
- Mario Arabov – Chief Growth Officer at Foodcircle
- Philipp Beer – Chief Growth Officer at Bitwala
We have recorded our Meetup for you! So, watch the video below to learn more about customer acquisition. You are short in time? Find our five key learnings here:
1. Don’t follow the wrong customers
The first search for customers often starts in your own network. With friends, families and old acquaintances, the first 100 customers can be quickly acquired. All of the next steps which are now necessary to attract hundreds more customers and break the 1000-mark are much more difficult. Mario recommends to have an open mindset and to try out different strategies. But there is one thing you should always keep in mind: Don’t follow the wrong customers! Kai knows well from his own experience that after a pricing hook, a company might be much more likely to win the target group it actually wants to have.
2. Growth comes from the product
But let’s take a step back. If we want to grow as a company, we must also offer real added value. The speakers are all sure that growth can be achieved primarily through products. Creating great products naturally requires a lot of preparation. However, this time should not be spent in a quiet chamber. In between you should also go out to potential customers and present your minimal viable product. After all, the customers should use your products afterwards.
3. Pricing is only short-term
Of course, pricing is always a sensitive matter. Often it is lured with free offers. After some time, prices are then demanded to make the company profitable. But you should never lose sight of the fact that prices are only a short-term topic. After the added value is recognized, the willingness to pay more increases. Sibyll knows from her long experience at Klarna that the customer’s mindset needs to be shifted. This can be achieved, for example, through a strong consumer brand which interacts directly with customers.
4. Build a network you can tap into
At the beginning it has to be mentioned that there is a big difference if you want to win B2C or B2B customers. The networks that can be used for this purpose look very different. It is important that every contact is maintained extensively and that the company is always looking for exchange and suggestions. And of course, communication with customers is one of the most important factors for success. We all know the power of customer reviews on digital platforms.
5. You need feedback, so talk to customers
Every opportunity that presents itself must be used to be in exchange with the customer. Is the customer satisfied with the product or service? Would they recommend your company to someone? What are the possibilities for improvement? Customer feedback can be extremely helpful. You should take the chance to go into the exchange. And it shouldn’t just be customer service task. All employees in a company are responsible for growth.
In the discussion round, the importance of an excellent product marketing manager was emphasized. The cooperation between the marketing team and the product team is essential for the growth of a company. After all, products are to be marketed!
And now it’s your turn: Get your first 1000 customers for your company! Fingers crossed!
Watch the whole panel discussion and learn more.
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