Do you know how your customers think?
This article is about knowing your customer and understanding how they make their decisions around purchasing a product or service. Understanding how your customer thinks and feels will open your door for more lead generation and profits. I feel that a lot of startup businesses have not taken the time to understand what their market is after. Every decision that a customer makes is influenced through either externally circumstances or internal desires.
Now we know that people will buy on emotion and justify their purchase through logic. You know the time that you brought that something that you really wanted and you justified it to your partner that it was an exceptionable price that you just couldn’t pass it by.
Once you start to clearly understand the problems or issues of your customer, then the process moves into how does your service or product; provide the solution for them.
Unfortunately, the solution that you may provide could be the same as what your competitors are doing as well. Now your business will just blend in with the others. Unless you can articulate the added value’ that makes you stand out from your competitors, the prospect will always go on price only.
I have found that competing on price only is not a successful business strategy as you must work twice as hard to get the profits that you are looking for in your business. I don’t know about you; however, I have thought about the last few purchases that I made and I have noticed that I went for the best deal instead of the lowest price. What about you?
Just recently I noticed that my insurance policy was going to increase by about $15.00 per month and the notice was sent to me in the mail. The first thing I did was to call around some other providers to see if I could get a lower price. Therefore, in my mind I was looking at the best price. I was speaking to a provider that I decided to go with and ended up paying a higher price than what I was going to if I had remained with my current provider. So, what went wrong there? You see they could articulate to me the extra value that I was going to get with changing over to them. The extra value made sense to me and therefore I decided to go with them.
My next step was to call back my original provider to cancel my insurance; and that was a nightmare. You know the normal on hold for a lengthy time, getting put through to the wrong section and then being placed on hold again and then finally getting to the right department. By this stage there was absolutely no way that I was going to stay with my current provider and the first thing the person said to me was “Has anyone tried to reduce the monthly fee for me?” They don’t really understand us, do they?
It is important to be able to strategically “innovate” your business, and in doing so, separate your business from all your competitors, and position you for total and complete market domination.
When you can dominate within your market, through offering exceptional value then your competitors will not be able to compete with your business. Innovation begins the process of separating your business from your competitors.
As a business coach, I work with business owners who are wanting to grow their business quickly, by providing a complete educational E-Learning System including all the resources, tools and support that will drive your business forward, gaining more profits, clarity and stability.
I’ll show you an easy to understand, simple to use step-by-step process that will enable you to create a visual roadmap with the EXACT combination of marketing channels, strategies and tactics that will help you to out-market and outsell your competition.
If you are interested in having a 10-minute chat than just give me a call or send through an email.
Ask me about our next “Start Up Business Mastermind Group”- commencing in August.
The saying goes, if you keep on doing the same, then you will continue to get the same results.
All the best in business