Deep customer insight is the secret sauce to success
What is the best way to succeed in your business?
Most of the people think that the best way to succeed in a business is to focus on the product or service. WRONG!
If you start by knowing your customers and their needs, instead of by creating a product or service, you will have a better chance of success and won’t waste as much time or money.
During the process of your business growth, you really want to gain understanding of your customers.
You need to really understand the industry you're about to enter, and some of the processes, regulations, limitations, legislations, and the behaviour that's happening with your customers as well as within the industries.
This obviously depends on whether you have a business to business solution, where you sell to other businesses, or whether you're selling to consumers.
The key thing is that whichever way you go, it's a human to human interaction. You want to understand your target market, and understand insights such as behaviors, mindsets, processes, and certain characteristics about your audience.
You also want to start thinking about whether you are actually building the right product. By talking to people and your initial target audience, you can very quickly gauge the the top three problems that they're having. These top three problems will turn into your top three features based on the product or services that you create.
Lastly, the question you need to ask yourself within this process is, "Does anyone actually care about what you're looking to solve?" By answering that question, you can very quickly prevent a large loss of money, and other resources.
The best way to start this process is by coming up with a statement that mentions both your customers and their problems.
"I believe that customer X has problem Y."
By putting it into this style of statement, you can very quickly formulate key assumptions that you have around this statement, and very quickly put together an interview script that you can then go out and test with your actual audience or target market.
Once you created the statement, you can quickly gauge whether one of them is correct or incorrect. By talking to your initial customers, you might identify that the problem you thought they would experience is not actually happening. If that is the case, you can change on the problem, but stay firm with the target market.
Alternatively, often what will happen is you'll talk to your customer segments, but very quickly identify a different customer segment that actually has this problem and experiences it on a more frequent scale.
In that case, you can change your statement in a way that allows you to test with that particular customer segment to see whether you have got something to work with, or whether you need to change.
Knowing your customers is one of the most important marketing strategies when you want to create a business. You could have a great idea and a great team, but without a deep knowledge of your customers it will be hard to find success. Having a comprehensive understanding of the customers is key to achieving your core business goals.