Just last week LotStocks won an award for best LA FinTech startup of 2018.
It’s been a long journey but it all started with the first 100 customers. The threads here have helped me quite a lot and our experiences are a result of some of the things I've learned here. Hope this encourages anyone else here reading each morning as they hustle their way to the first 100 customers. Below is what I've learned.
Education is by far one of the most challenging aspects of acquiring new customers any startup can face. A simple ad or catchy title simply isn’t going to cut it. That’s exactly the kind of wall we hit. No one knew who we were and they had no idea how what we do was even possible. As a result those first 100 customers were incredibly challenging.
When it comes to other people’s money, the first thing they want is to feel safe. By default most people avoid new things or approach them with heavy skepticism because they don’t feel safe. There’s nothing wrong with this, it’s the fear of something new and it’s completely normal but how do you make customers feel safe in trying something new?
There’s not a whole lot of books or content on this problem, we had to work our way through it. We were hit with several challenges in getting to our first 100 customers and I hope sharing those challenges and how we addressed them will help some of you here.
This one is a little long so, as long as mods approve, Full article is here:https://blog.lotstocks.com/blog/2018/10/29/getting-those-first-100-customers
After I wrote this I wondered how people felt about the different major hubs of the US for tech. Is this possible in other areas than Los Angeles or is living in California kind of a prerequisit of this strategy?
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