The #1 mistake entrepreneurs make when researching their ideal customers…
Silvia Myers, Founder of Bright Cherry
There’s a couple of things every entrepreneur should know about how to get insights from their target market.
I just got off the phone with two of my customers, both of whom have asked the same questions and have made the very same mistake and I’d love to spread the word on how to get things right the first time.
One of the crucial points to the success of any business is to understand who the customer is and what these ideal customers wants and needs are so that the business can be set up around that.
“One of the things that I’ve observed is that in an attempt to get to know their ideal customers, entrepreneurs ask very complex questions that are not always relevant and hardly ever provide the right insights.“
I’ve seen so many crazy surveys, with questions like: “If I change this one part, how would it look like for you, and would you be able to purchase?” or “In case you had this how would it affect that…?” These questions are just too complex and good luck with evaluation. You’ll get stuck analysing the results and if you are a team of co-founders, you’ll forever argue about the interpretation.
On the flip side, I’ve also seen many questions that are just too narrow, contain a key presumption and channel the prospect to answer yes or no. We called these closed questions. Such as: “If the product is below $20, will you buy it?” This also doesn’t provide much insight because it’s channeling the customer into one direction and making presumptions for the customer.
Therefore, when you want to have a dialogue with your current or prospective target market and you really want to get to know your ideal customers, simplicity is everything.
No need to ask anything complicated and no need to analyse too much an presume. All you want is an open mind and the ability to really listen to what the customer has to say.
In practice, this means that all you want to ask your customer are 3 key points:
- On a scale (1-5, 0-10 whatever scale, just keep it consistent) how do/did you like my product/service?
- What do/did you like about my product/service?
- What can I/we improve moving forward?
In this way, your whole customer understanding will become super simple and giving your customers what they want will be easy too. Which in turn will help you to grow your business organically. All you need to do is to generate more of what your customers really liked and avoid things they didn’t. It really is that simple.
How well do you know your customers? What has been the main challenge for you in getting to know your target audience?
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Silvia is the Founder of Bright Cherry, a customer centric consultancy specialising in helping entrepreneurs and small business owners understand their customers and build successful businesses around that. The fact is that 90% of entrepreneurs fail and one of the reasons is that majority of businesses don’t understand their target market. Get in touch to join the growing network of successful entrepreneurs committed to reach new heights through delivering to their customers’ wants and needs.