What is the Customer's Point of View?
When you are scanning the market, looking for a product or service, what is it that you’re looking for? What’s important to you and what factors make you decide on a specific company?
There are a lot of factors that we, as consumers, consider before blowing our money. These are the same factors you should be thinking about as a business owner as well. What is it that your customers want? What is it about your business that’ll make people want to purchase from you, rather than your competitor?
This perspective is known as the customer-point-of-view. Stepping into the shoes of your customers will ultimately save you time and money by understanding what your audience wants, what they don’t want, what is in high demand, what’s working, and what’s not working for your business. Not only do you benefit, but so does your customer because at the end of the day we are all consumers in search of the best deal that will provide the most value. When you give the people what they want, they come back for more.
There is no rush to the finish line. Take your time and enjoy the journey that you are on. It’s not always about being first to the market. That kind of marketing is ancient. Discard of that belief. Instead of being first, you want to be better. You want to be different. Everything in this world has already been done so if you’re trying to “beat” your competition, you’ve already lost decades ago.
Take your time and build a sturdy foundation. Conduct market research and get to know your customer better. Who are these people? Physically get up and get out there. Meet them, have conversations, hand out your business cards, observe and take notes. What are they in need of and what do they value? Social media and digital marketing are important, we know that. But traditional marketing isn’t going anywhere, ever. Word-of-mouth will always hold more weight. Build relationships and don’t always be so quick to make a sale.
Besides, who wants to know the end of the story before they’ve started reading the book, anyway? There’s no fun in that. Build suspense and allow curiosity to stir in the minds of your customer. Keep them wondering with bits and pieces of information about your business and all it has to offer so that they want to look up your website and want to follow you on social media until they can’t take it any longer and feel the need to make the purchase so that they can finally see for themselves exactly how amazing your product/service is. Most sales don’t happen until 90 days after a customer has been introduced to your product, so stop trying to rush people to buy. The sales process takes time.
The relationship comes first, then the transaction. People buy from companies that they trust and want to support.
I’m sure your friends and family are great people, but you cannot rely on their sole business to succeed, which is why stepping out of your comfort zone and into the market is so important.
Know Your Customer
Before putting your product on the market, ask yourself, “would I buy this?” If you have any hesitancy, then you should probably make some improvements first or at least lower your price. This gets your name out there but may only attract those customers who are looking for affordable products, not your ideal customers.
Understand that different customers want different things and different industries are held to different standards. Know who your ideal customer is. Who do you want to sell to? Who does your business benefit? This goes back to the foundations of your business and knowing the identity and perception that is associated with your brand.
Customers who shop at Walmart are in search of cost-effective products. Sam Walton, founder of Walmart, had one mission which was to “help people save money so they could live better.” According to their customers, the store has maintained that promise. The store’s popularity can also be attributed to the variety of goods they offer.
Another popular brand and leader in their industry is Louis Vuitton, who ranked as number one in the world for luxury high fashion in 2022. Louis Vuitton’s most expensive item on the market right now is a teddy bear (WHAT?!) valued at $2.1M. Their most expensive bag, the Airplane Travel Bag, is priced at a whopping $39,900. Customer’s pay for the status and exclusivity attached to the brand’s name. The price makes these items unattainable to a vast number of people, so being able to afford it is a luxury and provokes feelings of self-actualization and accomplishment, making one feel like they’re THAT gworl. Louis Vuitton is a French brand with a rich heritage. They’ve been providing products made with the highest quality materials since the beginning of their time. You get what you pay for and LV continues to satisfy their people.
Then there are other customers that want the best of both worlds. They appreciate a good fit for the low. Nothing wrong with that. High fashion meets affordability, now we have fast fashion. Think about it, if Walmart and Louis Vuitton had a baby, out pops Zara, or PrettyLittleThing. These brands know that their audience is typically younger generations who care about what’s trendy, so they must be quick to adapt and stay on top of what’s “in.” Their customers feel good when they are wearing the same clothes that they’ve seen their favorite celebrities in on Instagram, which is why companies are willing to spend thousands, sometimes millions, of dollars to pay influencers to create an ad with their products.
You get the point. Successful companies know who their audience is and they cater to them. No matter what the industry is, technology, entertainment, dining, gaming, self-development, it doesn’t matter, each brand within that industry has their own niche and own ideal customer. Never get upset when you start to believe you’re working in a field considered “over-saturated,” because if you are doing something different and something that is relatable to some group of people, you will be fine! Don’t worry about what other businesses are doing. You should only be in competition with yourself. How are you going to be better than before? What makes your business unique? How can you benefit your customers?
Always take time to reflect on your business and how it can grow. You never want to be stagnant. The market is continuing to grow and trends are rapidly changing, so your audience’s taste will change too. Stay innovative and do your research. Remember it is your business, but it’s not always about you and what you want. It’s about how you can provide value to your customers and resolve one of their needs.
Likely Maybe Studio