{"id":20729,"date":"2022-04-20T11:43:40","date_gmt":"2022-04-20T18:43:40","guid":{"rendered":"https:\/\/foundersnetwork.com\/?p=20729"},"modified":"2023-02-21T11:31:27","modified_gmt":"2023-02-21T19:31:27","slug":"customer-centric-startups-2","status":"publish","type":"post","link":"https:\/\/foundersnetwork.com\/customer-centric-startups-2\/","title":{"rendered":"The Power of Customer Centric Startups with Raja Mukerji"},"content":{"rendered":"<blockquote>\n<h2><span style=\"font-weight: 400;\">No matter what kind of business you<\/span><span style=\"font-weight: 400;\">\u2019re operating, prioritizing customers is a sound strategy. However, research shows that customer centric startups in particular tend to have an advantage over their competitors.\u00a0<\/span><\/h2>\n<p>&nbsp;<\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">According to a recent <\/span><a href=\"https:\/\/www.business2community.com\/consumer-marketing\/are-you-customer-centric-88-of-consumers-will-switch-to-a-competitor-if-not-02394741#:~:text=According%20to%20research%20by%20Salesforce,offers%20to%20always%20be%20personalized.\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, 66 percent of customers expect companies to understand their unique needs and expectations. The report also indicates that more than 80 percent of customers will switch to a competitor after a few bad experiences. Additionally, <\/span><a href=\"https:\/\/www.adquadrant.com\/blog\/customer-centric-marketing-stats\"><span style=\"font-weight: 400;\">86 percent <\/span><\/a><span style=\"font-weight: 400;\">of customers will pay more for a better customer experience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere\u2019s only one purpose of a company, and that\u2019s to provide value to its customers,\u201d says entrepreneur <a href=\"https:\/\/www.linkedin.com\/in\/rajamukerji\/\">Raja Mukerji<\/a>, co-founder and chief customer officer of <a href=\"https:\/\/www.extrahop.com\/products\/security\/?uniqueid=485041365812&amp;cid=&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=2022-dg-sec-brand-na-google-search-mkg&amp;utm_content=security-platform-lp&amp;utm_term=b-extrahop%20networks&amp;utm_region=noam&amp;utm_product=all&amp;utm_funnelstage=middle&amp;utm_version=2022-dg-sec-brand-security-na-google-search-mkg&amp;gclid=Cj0KCQjwgYSTBhDKARIsAB8KukslpcGE7xBJDf8_jLPvAi3lik9_oSbk-hteRt5KYd2a7tc2iJdpx2caAvlQEALw_wcB\">ExtraHop Networks<\/a>, a cybersecurity solutions provider. \u201cIf a company does not provide value to its customers, it cannot survive. As founders, we think we set value. We don\u2019t set value. We set price. The customer defines value. And unless we work very closely with our customers from day one, we can\u2019t possibly know what product\/market fit is because we don\u2019t know what the actual market is. Technology ecosystems aren\u2019t markets. Buying customers are markets.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a global keynote event for <\/span><a href=\"https:\/\/foundersnetwork.com\/benefits\/\"><span style=\"font-weight: 400;\">Founders Network members<\/span><\/a><span style=\"font-weight: 400;\"> on June 15, 2022, Mukerji hosted a webinar on the value of customer centricity and how customer centric startups have a unique advantage. He also provided how customer centric startups can use <a href=\"https:\/\/foundersnetwork.com\/blog\/importance-customer-feedback\/\">customer insights and feedback<\/a> to make better decisions related to product development and customer experience.\u00a0<\/p>\n<p><\/span><\/p>\n<blockquote>\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/hXLIfF3hmIg\" width=\"500\" height=\"280\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><b>Check out his full\u00a0<\/b><a href=\"https:\/\/foundersnetwork.com\/event-video-library\/?page_id=20424&amp;preview=true&amp;wchannelid=1kf2f5hdr1&amp;wmediaid=jorufsqolf\"><b>webinar<\/b><\/a><b> from June 15.<\/b><\/p>\n<p>or explore our entire\u00a0<a href=\"https:\/\/fndrs.net\/3utK12X\">event video library<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D20729&#038;text=There%E2%80%99s%20only%20one%20purpose%20of%20a%20company%2C%20and%20that%E2%80%99s%20to%20provide%20value%20to%20its%20customers.&#038;related' target='_blank'rel=\"noopener noreferrer\">There\u2019s only one purpose of a company, and that\u2019s to provide value to its customers. <\/a><\/span><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D20729&#038;text=There%E2%80%99s%20only%20one%20purpose%20of%20a%20company%2C%20and%20that%E2%80%99s%20to%20provide%20value%20to%20its%20customers.&#038;related' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Investor disconnect<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Investors are a vital component of the startup ecosystem. Securing startup funding increases visibility and can add value to your startup by signaling to prospective partners, customers, and investors that you are worth considering. However, despite the obvious experience and value of investors, Mukerji says founders should favor establishing a customer centric startup over traditional investor-led approaches. He adds that this doesn\u2019t mean that all investors do not understand the importance of customer-centricity, however it is important to not take it for granted during the fundraising process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis is the number one disconnect we see between purely financial investors and customer-centric operators,\u201d Mukerji says. \u201cIt results in this misalignment where you\u2019re running the risk of creating investment vehicles that have no intention of actually providing value or leaving a lasting mark. The biggest casualty of the near-term financial statement-led approach to companies is the culture of the organization. If all you\u2019re looking for is a short-term financial return then your mission, vision, and values for your company could be compromised.\u201d<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D20729&#038;text=If%20all%20you%E2%80%99re%20looking%20for%20is%20a%20short-term%20financial%20return%20then%20your%20mission%2C%20vision%2C%20and%20values%20for%20your%20company%20could%20be%20compromised.&#038;related' target='_blank'rel=\"noopener noreferrer\">If all you\u2019re looking for is a short-term financial return then your mission, vision, and values for your company could be compromised. <\/a><\/span><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D20729&#038;text=If%20all%20you%E2%80%99re%20looking%20for%20is%20a%20short-term%20financial%20return%20then%20your%20mission%2C%20vision%2C%20and%20values%20for%20your%20company%20could%20be%20compromised.&#038;related' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<h3><span style=\"font-weight: 400;\">More than technology<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">According to a recent <\/span><a href=\"https:\/\/www.greenbook.org\/marketing-research\/top-10-reasons-for-new-product-failure\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, of the thousands of products released every year, 80-90 percent fail. That failure can be prompted by a number of issues such as poor product\/market fit, failure to understand customer needs, and the fact that the product doesn\u2019t actually solve a real problem. Customer centricity is key to addressing each of these issues.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cVery often, startups are developed with the principle of \u2018build it and they will come.\u2019 Then they flame out because they\u2019re not actually listening,\u201d Mukerji says. \u201cWhat they&#8217;re doing is productizing some technical idea they have. We\u2019ve seen time and again companies who will start out to promote some sort of technology, and they end up in this long tail of 100 companies working on this new technology. And they\u2019ve got no relevance because they don\u2019t know what their technology actually means to the buyer.\u201d\u00a0<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D20729&#038;text=You%20need%20to%20take%20care%20of%20your%20customers.&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank'rel=\"noopener noreferrer\">You need to take care of your customers. <\/a><\/span><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D20729&#038;text=You%20need%20to%20take%20care%20of%20your%20customers.&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<h3><span style=\"font-weight: 400;\">Prioritizing employees<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Mukerji says building a successful customer centric startup starts with prioritizing employees. The world finds itself in the midst of an employee revolution where employees at companies around the world are demanding more from their employers. (One in four workers quit their jobs <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/10\/14\/1-in-4-workers-quit-their-job-this-year-according-to-new-report.html\"><span style=\"font-weight: 400;\">last year<\/span><\/a><span style=\"font-weight: 400;\">.) In order to ensure startup founders have the right team in place to meet customer demands, they must prioritize their employees\u2019 needs and well being.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cYou need to take care of your customers,\u201d Mukerji says. \u201cIn order to do that, you have to put your employees first. That results in a strong mission, a cohesive team, and companies that go on to do amazing things.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In his global keynote, Mukerji covered:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Why providing value to customers is the point of a company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What customer centricity actually looks like<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How prioritizing customers can satisfy key stakeholders<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The importance of selling to customers overt analysts<\/span><\/li>\n<\/ul>\n<p class=\"p1\">To learn more about <span style=\"font-weight: 400;\">the value of customer centricity and how customer centric startups have a unique advantage<\/span>,<a class=\"c-link\" href=\"https:\/\/foundersnetwork.com\/request\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/foundersnetwork.com\/request\/\" data-sk=\"tooltip_parent\">\u00a0see if you qualify for membership<\/a>\u00a0<b data-stringify-type=\"bold\">and check out the\u00a0<\/b><b data-stringify-type=\"bold\"><a class=\"c-link\" href=\"https:\/\/bit.ly\/3WqjsH7\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/foundersnetwork.com\/?page_id=20424&amp;preview=true?wchannelid=1kf2f5hdr1&amp;wvideoid=f9ukh2h6xr\" data-sk=\"tooltip_parent\">webinar<\/a><\/b><b data-stringify-type=\"bold\"> from June 15.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>No matter what kind of business you\u2019re operating, prioritizing customers is a sound strategy. However, research shows that customer centric startups in particular tend to have an advantage over their &#8230; <\/p>\n<div><a href=\"https:\/\/foundersnetwork.com\/customer-centric-startups-2\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":31,"featured_media":20730,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[144],"tags":[10955,10979],"table_tags":[],"class_list":["post-20729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-startup-advice","tag-advice-for-startup-entrepreneurs","tag-customer-centricity"],"acf":[],"featured_image_data":{"src":"https:\/\/foundersnetwork.com\/wp-content\/uploads\/2022\/04\/Raja-Mukerji-scaled.jpg","alt":"","caption":""},"_links":{"self":[{"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/posts\/20729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/comments?post=20729"}],"version-history":[{"count":0,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/posts\/20729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/media\/20730"}],"wp:attachment":[{"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/media?parent=20729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/categories?post=20729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/tags?post=20729"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/table_tags?post=20729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}