Are you solving a real problem or just riding the hype wave?
This question addresses a critical issue in today’s startup landscape. Many founders are drawn into the latest trends. However, I have seen too many startups fail because they focus more on buzzwords than on actual product-market fit (PMF).
The data on growth tells a different story: many products that launch with significant fanfare fail to sustain their initial traction. Consider the churn rate; if your customers are not sticking around, it indicates that your product is not meeting their needs.
Take, for example, the rise and fall of a popular meal kit service that promised convenience but struggled with customer retention. Their customer acquisition cost (CAC) skyrocketed without a corresponding increase in lifetime value (LTV), leading to unsustainable burn rates.
What can we learn from these failures? First, validate your idea with real users before launching. Conduct surveys, engage in beta testing, and collect feedback. Secondly, focus on building a sustainable business model. Ensure your LTV significantly exceeds your CAC.
The key takeaway for founders and product managers is to remain grounded in reality. Chasing trends without understanding your market can lead to failure. Instead, prioritize the genuine needs of your users and build solutions that address those needs.
