Idea to Startup cover image

Idea to Startup

The Trust to Risk Ratio (feat. Soona + a four-step risk framework)

Feb 1, 2023
18:40
Snipd AI
Soona, an expert in building trust with customers and managing risks in business, discusses the trust to risk ratio. The podcast covers gaining trust from customers without social proof, balancing trust and risk in entrepreneurship, and practical insights on identifying emotional risks to foster business growth.
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Podcast summary created with Snipd AI

Quick takeaways

  • Understanding the trust to risk ratio aids in identifying customer blockers and building trust early on.
  • Effectively shouldering customer risks through tailored solutions fosters trust, driving customer engagement.

Deep dives

Understanding the Initial Challenge of Getting First Customers

Getting the first customers for a startup involves addressing the challenge of establishing trust without social proof or testimonials, especially when introducing a new product or service. The crucial aspect lies in balancing risk and trust - customers must perceive the value while feeling secure. Many entrepreneurs struggle with misconceptions like pricing or advertising adjustments, often missing the core issues of customer indifference or imbalanced trust. Focusing on customer perspectives and addressing their blocks becomes essential to drive conversions.

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