The central part of any business is the “customer” and all activities are directed for the customers’ satisfaction in an organization. You can see the companies competing on prime time space on television to showcase their product and seek attention of the audiences. Big companies and research institutes spend a huge sum for customers’ profiling, buying behavior, marketing and advertising to influence customers’ buying decision, selling product to him/her, assessing feedback and retain him/her for life time.
However, you have to have a clear understanding about the product which you have to sell first. Further you also need to know about the target audience or crowd and their buying behavior, sales pitch and customization etc. In this post, I have identified few questions and taking energy drinks as an example to understand your customers better:
- What is your product or service? Answer this question with another question….What gap your product will fill? E.g. if your product is an energy drink, it will re-energize an exhausted marathoner. It is also served in party for energizing party lovers and by youngsters to simply satisfy their thirst during their activities.
- Whom you are targeting to sell your product/service? A survey result of students says that 68% students use it while studying, 49% while partying and 51% occasionally. This information will lead you to the target customers.
- What is the USP of your Product/service? The energy drink is used as rehydrating and re-energizing drinks for sports persons. It fits with all themes of the party. It goes along with almost all the ages.
- Where your customer stay, work and buy? Based on our product, demographical profile and USP, now we are closer to our customer. We can find out more about their location geographically, Place of work or residence and nearby market or mode of purchase (e.g. online).
- How your customers buy your product/ service? Determining buying behavior i.e. pattern, frequency of your customers will be helpful to understand whether the purchase is made yearly, seasonally, monthly or weekly. It is important to know the pattern/frequency of the purchase of your customer so that you get to know him/her better. Social media play a vital role here like what an individual follows on facebook gives lot of information about his/her personality.
- Why your customers buy your product/ service? It is important to understand what made your customer buy your product or service and compare it with similar purchases made in the past? Sometimes endorsing celebrities as per the profile of customers’ likes and dislikes is very helpful for the business houses because many people follow the product which is used by their favorite actors.
It is possible to influence your customers’ buying decisions, if you know him/her better. Steve Jobs said “A lot of times people don’t know what they want until you show it to them”. This is a great saying because if you know your customers, it is helpful in designing your product/services accordingly and also very helpful to create value proposition over your competitors.