BUS-217: Week 7
Frame a funnel
We need a scalable process for getting customers at a rational cost.
Sales, marketing, and brand-building are all subsets of one thing: getting and keeping customers. Ultimately, a venture has to be an engine that can acquire, satisfy, and monetize customers. The main reason startups die is simply an inability to attract enough customers at a rational cost (CAC > LTV). So let’s avoid that by designing and building a customer acquisition process early. Like everything else in our BUS-217 process, we will build an “MVP” of our process first so that we can can learn, adjust, refine, and eventually optimize.
“The purpose of a business is to create and keep a customer.”
-Peter Drucker
Lecture snippet I recorded for you:
A fun video from the author of Crossing the Chasm:
Main Reading:
Other Reading:
Case Study:
Assignment:
- What will the funnel look like for your venture? Here’s a blank diagram you can download as a PDF.
Founder Interview:
- Darren Powderly talks about founding and growing CrowdStreet. Listen now.