So! You are a business owner!
You know your skills. You know your ‘product’, you are even thinking about how to expand your product line to build your business and make it better in the future. Fantastic! But isn’t there something missing?
Have you given any thought to your customer?
How well you can put a product together, how much supply you have on hand and how quickly you can get it out are crucial business moves. But in the end, it doesn’t matter how many great product ideas you have and how well you make and market them, if there is no one willing to buy them.
Have you asked your customers what they think? Do you know, for sure, that they will be there in the future to buy from you? Do you know if they will tell their friends, family and even strangers they meet how great your product is? Here’s why this is important to know!
92% of consumers trust recommendations from friends. Word of Mouth Marketing brings in 5 times more sales than paid media. 74% of consumers identify word of mouth as a critical influencer in their purchasing decision. 88% of customers trust online reviews. 64% of marketing executives consider word-of-mouth to be the most effective form of marketing.
WOW!
Entrepreneur Magazine says, “One of the biggest mistakes entrepreneurs make is ignoring what customers say”. If you are scratching your head at this moment, most likely, it is because you don’t know what your customers say because…you haven’t asked. You don’t know them, and if you don’t know them, you most certainly won’t understand their buying habits.
A successful entrepreneur wants to know what their customers think and feel about their product. Not at the point of sale, of course, which is like eating at a new restaurant and hoping that the food is good. Smiles at first, but after? The only way to know your customer, is to connect with them, after the sale to find out how they experienced your product. Friendship, loyalty, curiosity can only take you so far, and not very, at that. For repeat business and positive word-of-mouth, you need to find out about your customer’s experience. Was there satisfaction or dissatisfaction?
“Will they come back? Will they tell others?”
Here are some tips on understanding your customers for Entrepreneur Magazine!
Let your customer’s history and experience impact you.
1. Listen to your customer
a. Ask open ended questions (not yes or no questions)
b. For example: “Tell me about a time when you used my product and what it was like”.
2. Ignore your assumptions (e.g., your product is the best, you serve everyone…).
a. Naturally, you have put everything into the success of your product, but is there more you could do? Can your customer’s experience inform you?
3. Make Decisions Using Solid Data
a) Make sure that data includes customer surveys, feedback, information gathering.
4. Build on Success and Look for New Opportunities
a) Success will only come if customers are satisfied and return personally and by WOMM.
b) Build from your customer base/knowledge, know your customer base and continue to reward them with quality products.