One quote from my interview with Alex Levin, CEO of Regal, earlier this week represents a valuable lesson worth reflecting upon.
When I asked him – How did you start product strategy wise, to create something that has defensible differentiation – this is what he answered:
You have to start with the customer. Many companies make the mistake of spending a long time at the beginning building product and then showing it to the customer getting feedback, and having to rebuild that product. So we suggest to many founders is once you’ve identified the area that you want to operate in, spend your time doing customer interviews; what you’re looking for is not just them giving you feedback, but for somebody reaching across the table saying, I will pay for that now, how do I ship that product tomorrow?
Here’s the thing:
It’s the essence that underpins his company: Create valuable and desirable products in the leanest possible way. Products, no matter how small, that customers care about. It got them very early predictable traction – traction they could build the business with independently while simultaneously having the option to leverage external funding to fuel rapid growth.
It allowed them to make funding an option, not a set choice.
- Realize you can’t please everyone
- Focus on the essence,
- Master curiosity
- Then build new value possibilities that customers desire.
Listen to the interview with Alex (the quote starts at the 12.42 mark)
Question for you to reflect upon
On a scale of 1-10, how happy are you with the number of times you hear: I will pay for that now. Can I have that product tomorrow?
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