Irrespective of how exquisite the product or service is, it might not sustain itself in the market for long if the makers or providers are not aware of the reasons behind the success of their product or service. It’s crucial for any business to understand their customers – thoroughly get into the minds of consumers – to sustain and thrive in this world of stiff competition.
We human beings generally have the same mental forces that drive us to take certain actions. For a business to be successful it is highly recommended that it identifies those driving forces and utilize them as part of their marketing strategies. This is because our minds work in strange ways, leading us to take actions that we ourselves are not even fully aware of.
The three questions that all businesses should ask themselves regularly are; what do we know about our customers? What makes our customer buy a certain thing from us over everything else and everyone else in the market? What impact will your product or service have on the lives of your customers?
What Do We Know about our Customers?
Having knowledge of the very basic things, such as name, age, gender, etc, to having in-depth knowledge of demographic, psycho-graphic, and socio-economic factors provides a multi-dimensional view of your customers’ choices.
It allows businesses to strategically analyze these insights and find patterns to anticipate the current and future needs of their customers.
Whether it’s a B2B, B2C, or any other kind of business, knowing your customers – their likes and dislikes, interests and disinterest, cravings and distaste -is imperative before striking a deal. It’s actually quite simple, knowing about your customers will make things easy for you as well as them.
Here you’ll implement a crucial cognitive rule; less is more. We do tend to opt for the shortest ways to achieve the fastest results. By using words like easy, convenient, fast, and systematic in marketing campaigns businesses implicitly, as well as explicitly, gives out a vivid message that they are the simplest solution providers to individuals’ problem.
This ensures success in generating current and well as future sales. Even simple transactions, such as ordering a pizza or buying clothes, if the organization will already have insights about the previous orders that the customer placed, they can easily make customized suggestions to that customer. They can also skip taking the basic details about their home address, phone number, etc, and most importantly they can ensure an optimum level of satisfaction from the customers’ side.
What makes our customers buy a certain thing from us over everything else and everyone else in the market?
Think of this as someone choosing a life partner; what possible reasons they could have to choose you over anyone else, and what possible reasons could they have to break-up with you and move on to your competitor.
Looking on the bright side, businesses can easily find answers to these questions, as compared to individuals. Fortunately, businesses can be divided into multiple characteristics, from service, price, magnitude, and recognition to customers’ experiences, product range, and accessibility – to name a few – to access their current and future progress.
It is worthwhile to find that the reasons behind the choices that your customers make helps you discover your Unique Selling Proposition (USP). Your USP is the gist of this answer; it determines why your customers show a certain level of interest in you over your competitors. Your USP can (and in my view should) change with changing market trends and you can even have different USPs for different customers.
Businesses should always have the big picture in mind that with this one transaction they are making way to many more. One way of achieving this is by providing customized product or service. This will make your customers feel important and you will let them know that you actually care about their needs.
Don’t give them a reason to be back, but make sure that they have a choice that if they do, their query will be the most important duty you have to perform. Furthermore, it is even more fruitful to have your USP constantly in-check because if your competition has adopted your USP, then it is not unique anymore, and your customer can easily switch to your competitors.
Moreover, we as homo-sapiens have a tendency to grow indifferent toward monotonous things. Hence, it is advisable that products, marketing campaigns, packaging, and other elements associated with selling a product or service, are revised after every few months or so.
This creates a sense of novelty and it is scientifically proven that experiencing something new releases dopamine in the human brain that plays a vital role in motivating behavior, thus driving more sales.
What impact will your product or service have on the lives of your customers?
A business’ duty does not end after ensuring successful sales of their product; on the contrary, it starts from there. Businesses would want to ensure that customers have a great experience using their product or services to not only make a long-lasting relationship with that one customer, but also to exponentially increase sales through the referral of all the satisfied customers.
Did you know that consumers are two times more inclined to share their bad customer service experience as compared to a positive one! Moreover, it costs 5 times more to engage a new customer as compared to sustaining an existing one.
We as individuals would know this very well that we tend to love taking advice – whether in business or in our personal matters – consultation has always been that one thing which gives us a sense of assurance and guides us to a specific path or thing. Likewise, that is the power of referrals.
Businesses can ask their customers to refer them and let individuals know that their references are highly appreciated or they can utilize the most powerful cognitive tool to ensure their attention toward the product that is – memory. By associating products or services with top celebrities in a marketing campaign, it not only triggers a memory whenever the consumer spots the product, but subconsciously they are already drawn toward that particular product or service.
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