How can you succeed in business?
Know your customer!
The best business founders know their customers as well as they know their own families. Know your customers like your best friends and then you will know the best way to profit from them.
Put yourself in your consumers’ shoes. Successful entrepreneurs know what your customer need and desire; the relationship shouldn’t feel like pulling teeth. The best entrepreneurs analyze both the size and potential of the market that fit the target profile; then, they learn about them in a very real way.
According to Nicole Fallon from Business News Daily, you probably don’t know your customers well enough if you’re relying solely on basic profile information and purchase history. According to a recent study, 80 percent of brands lack the customer data needed in order to drive effective marketing campaigns. What can we do to change this and really get to know customers? Plenty.
Remember, you’re a customer too. Think about the products you buy. What problems are they solving? What attracts you to certain products over other options? Think of yourself in every potential costumer.
Here are three helpful ways to know your customer in order to improve your business.
- Use all data: With the rapid growth in digital information presented about customers, the only way marketers will remain competitive is if they utilize all of information about their customers at their disposal.
- Learn with your customers: As Paul Shoemacher points out on Inc.com, GE invited its top customers in China to a seminar on leadership and innovation alongside its top executives. This helped GE executives understand the entirety of the Chinese market and also helped them play as role in influencing the field.
- Think big: Don’t underestimate your potential. Even if you have a small target audience, you have something unique to offer in comparison to your competitors. Make this known in order to attract customers.
As I mentioned previously, standing in your customer’s shoes is the most useful skill in knowing your customers desires. If you can look beyond your own business needs and understand your customer’s range of options, you will deepen your understanding of competitors. Step back and anticipate the next move.