The Customer Development Model is described as ‘’a set of objectives and milestones that are meaningful for a start-up.’’ This model helps to question the assumptions underpinning a start-up by testing them in a marketplace. By implementing the Customer Development Model, you can reach a deeper understanding of customers and the problems they face, thus, it will allow entrepreneurs to focus their product development and their sales and marketing.
By using the Customer Development Model, you can test your ideas for your product in its market place and help validate your ideas. Thus, you will gain a greater understanding of how your product will work in its market. The process consists of four steps:
- Customer Discovery
Understanding your customer, the problems they face, their preferences and buying behaviour.
- Customer Validation
Create a sales process, which is essential for growing your business.
- Customer Creation
Find the demand for your offering identifying prospects.
- Company Building
Building your company and executing your business plan.
This plan ensures that you are able to minimise the risky start-up process by executing a process that helps you identify opportunities and build around your idea once tested. However, entrepreneurs need to understand that this is a learning process and that this might mean that you need to conduct other testing in order to identify any further product developments.
At HMC Global, we know business development and have a proven process, meaning that we will work with you to develop a toolbox that ensures you have the right knowledge and intelligence to move forward with confidence. Partnering with you to forge deep understanding, we find meaningful, often unexpected insights, that inform smart, successful strategy and a blueprint for the future.