It is a fact that “most startups fail.”
A Harvard study concluded that 25% percent of startups are gone during the 1st year, 36 % in the 2nd year, and 44% in the 3rd year. While $100,000 a month is said to be a good threshold for financial existence of startups, the study indicated that 93% of failing startups were below this number.
So, the main reason for the startup failure is always not making enough money due to a lack of new and declining of existing customers. Startups, whether for profit or for social benefit , have to make money by selling a product and/or a service to customers who are willing to pay for them. Therefore, the KEY ingredient for successful startups is to have satisfied customers.
In our present day information-led markets, the saying of "Customer is King" is regaining its significance. Now, the customers are demanding more flexible and fully personalized products and services.
A recent Deloitte report states that "... generation Y value the customer experience three times..." as much as the purchased product itself.
It is simply imperative that startups concentrate on creating memorable and painless experiences in order to retain their existing customers and appeal to new ones.
To have a successful startup, and to be able to grow steadily, you need to keep this key ingredient always happy as your top priority.