“Is the customer you have, the one you want, or need?”
For sure the world has changed, so too has the way we interact with our customers.
And as we try and work through what that customer engagement looks like in the future, now is the perfect time to look at your customer base and ask yourself the question – ‘Is the customer I have the one I want, or in fact the one I NEED to grow my business’.
We tend to look at a growth metric simply by volume of sales, volume of transactions, or volume of customers. But they are not the only metrics to follow.
First up, establish who spends the most money on your product or service in a year, in a competitive landscape, in your business industry or sector. And to be objective that will mean stepping outside of your business to gather the data.
• What age group do they represent?
• What disposable income do they have for your product or service?
• What is the typical ‘sales cycle’ of that individual?
o How many times a year do they buy
o Why do they buy
o How much do they typically spend in a year on your product or service?
• What do these people really want from your business category?…
and don’t guess the answers, go ask them!
With those questions answered you’ve now identified the customer you want.
The next step is to create your perfect customer avatar.
An avatar is a detailed description of the person you need to be targeting to get the most engagement and share of wallet in your business industry or sector.
If the avatar you’ve just created matches the same person you currently have as a customer, then that’s excellent. If not, it might be time to rethink the market strategy!
Then comes the hard part, the hand on your heart moment where you might just realize the reason why people are not buying what you are selling.
Take a look at your offer, your inventory, your service – does that match what your customer Avatar really wants from you? If not then adjust that offer to match, so you know you are getting the most out of each and every customer.
And last, but not least – now we’ve identified who we need to be talking to and what we need to be selling them, we need to move to how we should sell that.
Even if the customer you have is the customer you want, and the product or service you have is what they want, you need to dive deeper and deliver that offer in a fashion that suits their needs, in their narrative. And believe me, in the last 18 months, that narrative has changed!
Troy Hazard on business strategy, growth and change.
He has owned 13 companies and has consulted to 300+ companies in 16 countries.
Troy Hazard television Interview, ‘Is the customer you have the one you want, or in fact need.