The moral of the stories we just went through
was, first of all with Nathan, very clear.
If you want to have a business, you need a paying customer.
But we need multiple paying customers.
So in the second story, we think about what's
the moral of the Lamborghini story?
It is we don't just need a paying customer, or any paying
customer.
We need to figure out how we get a paying customer that's
similar in nature and that's Giovanni.
And then if we do a great job for Giovanni,
we can get a lot of other Giovannis.
So we have to focus on that and deselect
all these other people.
And if we don't deselect, we'll end up with a mediocre company.
If we select, and focus on that customer, and do a great job,
we'll have a great company.
We'll go viral, and Giovanni will sell the product
to other Giovannis.
And that makes for a very successful business.
So at the end of the day, we have this diagram
here, which says, don't be driven
by the individual transaction, even
though we like money and paying customers.
Nor should we be driven by this high-level cloud
here-- we call this the China Syndrome,
or Fun With Spreadsheets-- where there's
1.6 million people in China.
And if I just sell 0.1% of them my product, I'll be rich.
That's just big numbers, small percent.
We don't really understand the customer.
What we want to do is find a persona like Giovanni,
or it could be Laura.
It doesn't have to be Giovanni.
But we need to pick one.
And then we need to solve their problem really, really well,
and then not be distracted by other people.
That's the moral of the stories that I just gave you.
So what we're going to do is we're
going to focus on a specific customer, or group of customers
where they're all pretty similar.
And then we're going to build the company back from them.
And we're going to do it with great focus,
and deselect everything else and not get distracted.
The stories you've just heard indicate
the power of a persona.
It, in fact, is the key that unlocks the door to you
to have a successful company.
It gives you that specificity-- that clarity of who
your customer is.
So now you can build your company back, and know
who you should focus on, and de-focus on everybody else.
It represents a profitable group for you to go after.
That being said, we don't start with the persona.
We build up to that in a systematic, disciplined manner.
And the first step in that process is market segmentation.
So let's get started with that now.
Thanks, everyone, for tuning in.
That's the end of lesson one.
And remember, you get out of it what you put into it.
And I've got my eyes on you.
Don't let up on it.
So good luck.
Have fun doing it.
Bulgaria, I've got my eyes on you.