A divine rule that every start up founder should religiously follow!
A divine rule that every start up founder should religiously follow- “Know thy audience”
As a start-up founder, it is only natural to get carried away by a desire for fancy revenues, sky-high profits and the ultimate show-stopper, maximum returns. But, could there be a key element that binds all these numbers together? Well, you may have all tricks up your sleeves to achieve your milestones and save your start-up from dreaded disasters, but have you really pondered enough as to who is going to accompany you in this journey?
It is your customers – a core stakeholder of your business!
The greatest commandment in the era of digital age is to “know thy customer and what they do in a day”.
Right from the time that their alarm clock rings in the morning till the time they are tucked in bed for a good night’s sleep, your potential customer would be doing hundreds of tasks at their home or office and thinking of a million things in their head. As a founder, have you reflected on how does a day in the life of your customer look like? How does your customer spend his/her day?
In today’s fast paced world, it is only obvious that they would be using products and services which would contribute tremendously in bringing a smile on their face by making their lives simpler. But at the same time, your potential customer would also be equally annoyed at how the existing product or service that he/she is using is not capable of solving problems.
Are you focussing on just delivering a product/service to satisfy their needs? Are you also delivering value to the customer by reducing their pain and increasing their happiness?
But, it is also essential to note that not everyone is your customer. If you are not thinking in segments, you are not thinking at all. If you try to sell your product to everyone without understanding how their day looks like, you will end up wasting your precious resources on people who aren’t interested in it and people who won’t benefit from it.
Once you know who you are building your product for, the next step is to segment your customers in order to target them better. Learn about their habits, behaviours and interests. Build their profile and apply your marketing strategies. Address the specific need of every customer in that segment by bringing in ‘hyper-personalisation’. This will ultimately lead to optimal customer experience and flawless service quality. Hence, your goal is achieved. Start by thinking of your customers as people and not units. You will then end up telling them what they need well before they realise it themselves.