This post is the fifth in a series of ten posts about the 10 key reasons your consumer startup will succeed.
I speak with hundreds of aspiring consumer entrepreneurs and review thousands of executive summaries and pitches each year. From all this activity, certain patterns emerge that remain consistent with successful consumer startups. In this series of 10 blog posts, I will list the top 10 reasons consumer startups succeed. Note that all seem necessary, but none on their own are sufficient.
#5 Language/Market Fit
- Company name: It all starts with what you call your company and product. Strive for a name that elicits an emotional response from your early adopters. Avoid overly descriptive names and ones that are hard to spell. Some of my favorite company names of startups that I’ve worked with are Snap (an early search engine), Bebo (one of the largest social networks), and Tango (a massive communications platform). Naming a company is hard to do and may take months. Take your time and be patient; you’ll know it when you see it.
- Company description: Can you describe your company in one sentence that both communicates what you do and inspires and leaves a lasting positive impression with the listener? If you can’t do that in a sentence, keep working on it! You will use this language in everything you do including your App Store description and your PR and marketing. Once you get it right, you won’t have to think about it every time — just keep reusing the same language and reinforcing your language/market fit. It simplifies a founder’s life in ways unimaginable.
- Product features: The terms used to describe actions and features within your product need to be thoughtful and reflect your language/market fit. While it may seem trivial to the outsider, great consumer companies like Facebook spend significant time thinking through the names of key features such as the ‘like’ button. Everything reinforces their core language and vision worth fighting for.
- “Users”: This is a personal pet peeve. Your “users” are the most important part of your company. Don’t call them users! Hopefully they’re not just “using” you and you’re not just “using” them. You’re trying to create a personal and lasting relationship with your customers. Treat them with respect. How can you help them become a part of your community? For example, we love how the members of one our portfolio companies, Shots, are calling themselves “Shotties.” Often the best terms for an early customer base come organically, but the founding team can influence this as well.