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Author: lootle1

learn-pr/startup/revenue/includes/1-introduction.md

@@ -1,6 +1,6 @@
 In this module, we look at a range of revenue models and discuss how you can apply them to different types of startups.
 
-We also cover strategies for making early sales, and we discuss why it's important to focus on ideal first customers and early adopters rather than aim to acquire a large number of users at the outset.
+We also cover strategies for making early sales. In addition, we discuss why it's important to focus on ideal first customers and early adopters rather than aim to acquire a large number of users at the outset.
 
 ## Learning objectives
 

learn-pr/startup/revenue/includes/2-revenue-models.md

@@ -26,7 +26,7 @@ The following are the 10 most common models that tech startups use.
 
 **Description**: Customers pay based on the frequency or volume at which they use or consume your product.
 
-**Ideal for**: Infrastructure businesses that provide services that users can't afford to own, but need to access; examples are Azure or Twilio.
+**Ideal for**: Infrastructure businesses that provide services that users can't afford to own but need to access; examples are Azure or Twilio.
 
 **Practical considerations**:
 
@@ -54,7 +54,7 @@ The following are the 10 most common models that tech startups use.
 
 **Description**: Make sales by directly contacting potential customers (outbound sales) or enabling customers to contact you directly (inbound sales).
 
-**Ideal for**: High-value products or services. Enterprise customers where relationships are crucial, or sales require interaction with multiple decision-makers and influencers over time; an example is SAP.
+**Ideal for**: High-value products or services. Enterprise customers where relationships are crucial or sales requiring interaction with multiple decision-makers and influencers over time; an example is SAP.
 
 **Practical considerations**:
 
@@ -153,4 +153,4 @@ The following are the 10 most common models that tech startups use.
 
 ## Task: Evaluate a revenue model
 
-Select the revenue model that you believe makes most sense for your startup. Write a list of pros and cons for how this revenue model would work in your startup. Ask yourself what assumptions need to hold true for this revenue model to work. Consider how you can test those assumptions with customers, either through customer interviews or by running experiments.
+Select the revenue model that you believe makes the most sense for your startup. Write a list of pros and cons for how this revenue model would work in your startup. Ask yourself what assumptions need to hold true for this revenue model to work. Consider how you can test those assumptions with customers, either through customer interviews or by running experiments.

learn-pr/startup/revenue/includes/3-generate-early-revenues.md

@@ -8,15 +8,15 @@ Here's a thought experiment: Think about all possible users for your product and
 
 At one end of this continuum are users who find the product useful enough that they're willing to use it and pay for it. They know that it might not be exactly what they need, but because it goes some way toward solving a problem for them, they can see value in it. We can think of this group as your *good enough customer*.
 
-At the other end of the continuum are users who derive immense value from your product because it's exactly what they need. It solves a painful problem, and does it comprehensively. It delivers value that they haven't been able to unlock in any other way. After they start to use your product, they can't imagine ever doing without it. We can think of this group as your *ideal first customer*.
+At the other end of the continuum are users who derive immense value from your product because it's exactly what they need. It solves a painful problem and does it comprehensively. It delivers value that they haven't been able to unlock in any other way. After they start to use your product, they can't imagine ever doing without it. We can think of this group as your *ideal first customer*.
 
 It's tempting to take the view that any sale is a good sale. You might think your aim is to capture as many customers as possible and span the entire continuum of satisfaction. Revenue is revenue, right?
 
 Generally, it's best to focus on the ideal first customer. This user is the one for whom your product is a good fit. You want to make them happy with your product before you broaden your reach to a wider group of users, even if you make a small number of sales initially.
 
-The benefit of targeting this group of users first is that they'll be evangelists for your product. They'll recommend it to others in their networks. They'll talk about it on social media. As a result, you'll get great reviews and five-star ratings. Your customer lifetime value (LTV) will be high because these customers are "sticky;" they're likely to continue using and paying for your product. Your cost of acquiring new customers is driven down, because referral is the cheapest form of customer acquisition.
+The benefit of targeting this group of users first is that they'll be evangelists for your product. They'll recommend it to others in their networks. They'll talk about it on social media. As a result, you'll get great reviews and five-star ratings. Your customer lifetime value (LTV) will be high because these customers are "sticky." They're likely to continue using and paying for your product. Your cost of acquiring new customers is driven down because referrals are the cheapest form of customer acquisition.
 
-In contrast, by trying to target the entire continuum, you'll inevitably pick up customers who won't like your product. It won't comprehensively solve a problem for them. They won't be advocates for your product, and won't bring other customers via referral. You'll get a range of reviews, some of which will be lukewarm or negative. You'll also have to provide ongoing customer support to a growing number of dissatisfied customers. Dealing with this customer segment drains resources from your team and could negatively affect team morale. Worse, it could create a lasting suboptimal impression of your brand at a time when you're working to complete product development and establish your company as a new entrant in the market.
+In contrast, by trying to target the entire continuum, you'll inevitably pick up customers who won't like your product. It won't comprehensively solve a problem for them. They won't be advocates for your product and won't bring other customers via referral. You'll get a range of reviews, some of which will be lukewarm or negative. You'll also have to provide ongoing customer support to a growing number of dissatisfied customers. Dealing with this customer segment drains resources from your team and could negatively affect team morale. Worse, it could create a lasting suboptimal impression of your brand at a time when you're working to complete product development and establish your company as a new entrant in the market.
 
 From a financial perspective, even though you might generate more upfront revenue, you'll have a lower customer retention rate. You'll also have a lower customer LTV. Ultimately, your cost of customer acquisition will be higher. You'll have to rely on paid channels to reach new customers and counteract the effects of negative reviews by your existing users.
 
@@ -73,7 +73,7 @@ Consider other factors when you decide which users to target first:
 
 If you've done some customer interviews, it's likely you've built a list of prospects who are interested in your product. Even better, if you have a live landing page and have run experiments such as a mock sale, concierge, or Wizard of Oz, you might have a substantial mailing list. You might also have information that can help you categorize prospects based on their tendency to be an ideal first customer or an early adopter.
 
-Some startups can grow with zero-touch sales, even in the early days, but most startups benefit from having the founders engage directly with early customers and close the first 50 to 100 sales in person.
+Some startups can grow with zero-touch sales, even in the early days. However, most startups benefit from having the founders engage directly with early customers and close the first 50 to 100 sales in person.
 
 This approach might seem inefficient and manual, but it's highly beneficial. It allows founders to acquire a deep understanding of their customers' needs. They also hone their ability to communicate the value proposition and address any common objections.
 
@@ -85,7 +85,7 @@ If you don't have a list of potential customers, there are many ways you can fin
 - Join or create a LinkedIn group for people who represent your target customer. Use it to post relevant content and respond to questions. Establish yourself as a voice of authority and encourage members to try your product. Don't spam the group.
 - Post to relevant communities on Reddit or other social networks that make sense for your product and your target audience.
 - Talk about your product launch, and more generally about the problem space, on Clubhouse and X Spaces.
-- Experiment with different customer-acquisition channels. Try paid ones like search ads and social ads, and unpaid channels like social media and content marketing. By tracking uptake data and conversion metrics, you can identify channels that work and focus on them.
+- Experiment with different customer-acquisition channels. Try paid ones like search ads and social ads and unpaid channels like social media and content marketing. By tracking uptake data and conversion metrics, you can identify channels that work and focus on them.
 - Have a short prequalification form on your website for potential customers. Ask a few key questions aimed at identifying whether they fit your ideal-first-customer persona.
 - Email or call people you know and ask them to refer you to five people they think could be a potential customer. Give them a discount code they can pass on to people in their network.
 - Go to relevant conferences and exhibitions either in person or online. Talk to people who represent your target customer. Get a speaking spot if you can.