The term “customer” has a really broad definition in the business industry. But I’m sure everyone will agree that customers are the individuals or entities who purchase your goods and services and provide you with revenue.
Today, the customer rules the market and determines the fate of the sellers.
Providing useful products and services to your customers can increase sales, improve customer loyalty, and boost the reputation of your brand. And learning how to create value for your customers can have a direct impact on the long-term success of your business.
What does it mean to create value for customers?
This can mean a number of things, from offering useful products or services, to even providing an engaging or unique customer experience. These are things that customers consider worthy of their time, energy, and money.
Customers will find value in a product or service if the perceived benefits outweigh the cost. Creating value means maximizing benefits within a reasonable price range.
Who is the right customer?
The right customer is one whose requirements match the solution provided by your business. They are the ones who are satisfied with the products or services you provide. To understand your ideal customer, define your product or service from the customer’s perspective.
In DevReady podcast episode 89, Judy Celmins discussed how the needs of the customers are changing, so it is important that you know who your customers are, and what their needs are. It will help you identify opportunities so you can think of innovative ways to meet their needs.
In addition, she mentioned that creating a customer is the essence of business because the goal is to create a customer.
“If you can’t get to that audience and really motivate them, then you don’t have a business.”
Judy Celmins
So, how do you create the right customers?
1. Define customer personas
Before you go on a hunt, you must first understand your ideal customer.
- You must first understand their pain points, challenges, needs, and expectations.
- You can set the right profile for your customer base by defining customer personas. This must include their net worth, challenges, and the business value gained from your solution.
2. Study customer behavior
Once you’ve established their profiles, you must investigate their online behavior.
- Which websites do they want to visit?
- Where do they go outside of business hours?
- Which social media platforms have they joined?
You must make an active contribution to all of these online spaces where you can interact with them.
3. Consider the types of customers you don’t want
Many business owners fail to consider who they do not want to serve, but this is just as important as determining who they do.
For example, if you own a high-end brand, you don’t want to attract budget-conscious customers or those who come to you immediately asking for discounts.
You also don’t want to attract startups if your products or services are geared toward established businesses.
4. Set the right expectations
In order to gain a better understanding of your customer, you must reciprocate the same.
They must also understand what they can and cannot expect from you. It is important to paint a clear picture of your solution that will get both parties on the same page.
Keep in mind that your goal is to sell the right product to the right customer.
5. Learn from your previous customers
Customer churn is unavoidable in any business. However, a churned customer leaves many important lessons for businesses to use in the future.
You must conduct a proper churn analysis, as well as a root cause analysis of why they left you. These insights must then be applied to provide better service to new clients as well as in their selection criteria.
Final take
Long-term sustainability requires doing the right business with the right people and your customers.
In a world where customer centricity and customer success are becoming differentiating competitive advantages, it is critical to master the fundamentals.
If you can successfully engage customers, you will win them over. Work with Aerion Technologies to get the right engagement tools, get a competitive edge, and win lifelong customers.
