For those who joined in late, this post is the third ‘C’ in the 10 C’s of Entrepreneurship. Do read the first two:
- CONCEPT: Are you ready for Entrepreneurship? Answer these 4 questions to discover the truth.
- COMPETITION: 5 things to consider if you want to stay Competitive: Best Advice for Entrepreneurs 2018
In this post you will learn essential tips to gain & retain thousands of customers for your business. Read on to find out more…
Business exists only because there are customers who will buy your products or use your services. Thus it is important for every entrepreneur to identify customers who will consume the offerings. Customers buy when the product or service offered either fulfils their existing need and/or offers a better value proposition vis-à-vis competition.
The initial research done will also tell the entrepreneur:
- Who is their customer?
- Where is the customer ?
- What are their buying patterns?
- Why should they buy your product or service?
- When is the right time to sell them?
- How will it add value to the customer’s life?
It is no longer a sellers’ market today, in fact it is completely opposite. Today, it is a buyers’ market and entrepreneurs need to reach out to the customer to sell rather than just waiting for the customers to come and buy.
Entrepreneurs need to build their business model based on the above factors as we have seen many promising businesses going down the drain for lack of having the right answers to the below mentioned questions.
- Who will use our products / services ?
- Where is our Target Group / Target Market ?
- Is our customer ready for it ?
Today in the start-up revolution, we have witnessed that businesses offer so many lucrative offers and discounts to lure the customer and despite acquiring them, they fail to deliver and sustain them for long as competition offers them a better proposition and they shift loyalty to suit their needs and pocket.
Many businesses start with a ‘Customer First’ proposition and that ‘Customer is King’ but they fail to deliver this promise at some point in the journey of the customer life cycle in their business viz. Pre-sales, during sales and after sales.
User Interface and User experience are the new buzzwords which are doing the rounds in the start-up revolution, while customer satisfaction and customer delight have been there for a long time now.
Cost of acquiring a customer and cost of retaining them have given birth to so many new business models and sooner or later investors and founders have realised that the customer is no longer loyal to the product / service offerings as his/her acquisition was based on freebies and discounts. If the customer can ditch his/her existing product or service offering for you, the same is true for you too. It is hence very crucial to engage with the customer on a continual basis and make him loyal to you by focusing on his/her concern or addressing the pain point rather than just offering freebies and discounts.
‘Products are built in the factory, Brands are built in the minds of a customer.’
-Walter Landor, Founder of Landor Associates.
Every entrepreneur wishes that his product or service has the potential to become a brand. While Branding and Brand building is portrayed as rocket science, my take on a brand is very very simple. For me a brand is nothing but the act of delivering what you have promised to your customer. If you do it every time, you become a brand, else, you continue to be just another product.
Businesses today struggle very hard to grab the attention of their customer, engage or interact with them and finally get them to buy their product or services. In simple words, Entrepreneurs, if they need to improve their market share, they need to focus on 3 things viz. Mind Share, Time Share and Wallet Share of the customer.
During the course of this series, I will be sharing more tips on how to succeed in your business. Stay tuned :).
Do let me know what you think of the above post? Are you planning to embark on the entrepreneurial journey? Let me know in the comment section? I am happy to answer any queries as well.
Disclaimer: This series is an original piece of writing. All copyrights remain with the author, any content re-purpose, copying or lifting is not allowed. The author is an award-winning Sports Person, Business Coach & Digital Maverick. He has written this post based out of his own personal experiences while handling large brands. Incase you need to discuss business, please email: firstname.lastname@example.org.