{"id":1487,"date":"2023-03-21T11:37:29","date_gmt":"2023-03-21T06:07:29","guid":{"rendered":"http:\/\/www.lokawiz.com\/blog\/?p=1487"},"modified":"2023-04-29T10:49:23","modified_gmt":"2023-04-29T05:19:23","slug":"a-look-back-on-progress-customers","status":"publish","type":"post","link":"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/","title":{"rendered":"A Look-Back on Progress: Customers"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>\n\n\n
Cover Background Image: Amy Hirschi<\/a> on Unsplash<\/a> <\/strong><\/span><\/h6>\n
\n

A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him.<\/em><\/strong>
\u2013 Mahatma Gandhi<\/em><\/strong><\/p>\n

Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves.<\/em><\/strong>
\u2013 Steve Jobs<\/em><\/strong><\/p>\n<\/blockquote>\n

Customers are the lifeblood of every company, and their satisfaction is a lead driver of the business. For a deep tech startup focused on innovation, Customer Development is critical to its success.<\/p>\n

So, understanding the needs and pain points of the customer is essential to creating innovative solutions. It is the only sure way for a deep tech startup to tailor its technology to fulfil customer needs well.<\/p>\n

As an enterprise deep-tech startup, our customer development journey has been iterative. It has been crucial to our success in identifying and serving our target customers.<\/p>\n

Through 2021 and 2022, we conducted multiple experiments to ensure that we had a deep understanding of the needs of our potential customers. Below is a synopsis of activities and findings.<\/p>\n

Customer Interactions<\/h4>\n

We interacted with several hundred potential customers to understand their problems and to identify if and how best we could solve them.<\/p>\n

\"Lokawiz<\/a>
Lokawiz – Customer Interactions 2021-22<\/span><\/figcaption><\/figure>\n

Market Segments<\/h4>\n

We experimented with several market segments and customer personas to discover the niches with the best market and growth opportunities. As a result, we found a handful of untapped market segments and potential beachheads.<\/p>\n

\"Lokawiz<\/a>
Lokawiz – Market Segments 2021-22<\/span><\/figcaption><\/figure>\n

Channel And Revenue<\/h4>\n

We experimented with scores of channel and revenue models to find the best ones. But, we needed to scrape a majority due to business viability issues. However, we found a handful of them a great fit and a few suitable for our beachhead strategy.<\/p>\n

\"Lokawiz<\/a>
Lokawiz – Channel And Revenue 2021-22<\/span><\/figcaption><\/figure>\n

\u00a0<\/p>\n

Overall, our customer development journey has been instrumental in building a sound understanding of our target markets and customers. As a result of this process, we uncovered valuable market segments and beachhead opportunities, identified areas for product improvements, and validated our business hypotheses.<\/p>\n

Most importantly, we have made necessary pivots that have helped us evolve a very refined business model, thus enabling us to deliver the best value to our customers through our products and solutions.<\/p>\n

Previous: A Look-Back on Progress: Foundation<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Cover Background Image: Amy Hirschi on Unsplash A customer is the most important visitor on our premises. He is not…<\/p>\n","protected":false},"author":1,"featured_media":1552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":""},"categories":[8,1],"tags":[200,214,210,212,203,199,213,211,204,215,209],"yoast_head":"\nA Look-Back on Progress: Customers - Lokawiz<\/title>\n<meta name=\"description\" content=\"As a deep-tech startup, our customer development journey has been iterative and crucial in identifying and serving our target customers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Look-Back on Progress: Customers - Lokawiz\" \/>\n<meta property=\"og:description\" content=\"As a deep-tech startup, our customer development journey has been iterative and crucial in identifying and serving our target customers.\" \/>\n<meta property=\"og:url\" content=\"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/\" \/>\n<meta property=\"og:site_name\" content=\"Lokawiz\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/lokawiz\" \/>\n<meta property=\"article:author\" content=\"www.facebook.com\/lokawiz\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-21T06:07:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-29T05:19:23+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.lokawiz.com\/blog\/wp-content\/uploads\/2023\/03\/Lokawiz-A-Look-Back-on-Progress-Customer-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lokawiz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Lokawiz\" \/>\n<meta name=\"twitter:site\" content=\"@Lokawiz\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lokawiz\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/#article\",\"isPartOf\":{\"@id\":\"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/\"},\"author\":{\"name\":\"Lokawiz\",\"@id\":\"http:\/\/www.lokawiz.com\/blog\/#\/schema\/person\/f6123129b2bbfb1e2a39f6e1e8363334\"},\"headline\":\"A Look-Back on Progress: Customers\",\"datePublished\":\"2023-03-21T06:07:29+00:00\",\"dateModified\":\"2023-04-29T05:19:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/\"},\"wordCount\":408,\"commentCount\":0,\"publisher\":{\"@id\":\"http:\/\/www.lokawiz.com\/blog\/#organization\"},\"keywords\":[\"business\",\"Businessmodel\",\"Customer\",\"Customerdevelopment\",\"Deeptech\",\"innovation\",\"Market\",\"Sales\",\"Startup\",\"Strategy\",\"Technology\"],\"articleSection\":[\"Business\",\"Default\"],\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/\",\"url\":\"http:\/\/www.lokawiz.com\/blog\/business\/a-look-back-on-progress-customers\/\",\"name\":\"A Look-Back on Progress: Customers - 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