Solving Core Customer Problems
Market opportunities are plentiful for businesses that conduct proper audience research and offer quality products or services. However, many businesses neglect the first step: understanding their audience and how their offerings solve customer problems.
We want you to ask yourself about your business: "What is the problem we're solving in the market?" Being clear about this problem is pivotal to your success, as it shapes your strategy, refines marketing and sales efforts, and aligns your team towards a common goal. Failure to define the core customer problem may lead to internal and external frustrations, hindering the growth and impact of the business.
Coordinating the Uncoordinated
A term coined by one of my good friends and global Innovation Thought Leader, Kaihan Krippendorff. This had been epitomised by companies like Uber and Salesforce, and has been a game changer in solving a substantial problem for consumers worldwide. Uber has made payment and settlement for rides effortless, while Salesforce has streamlined customer relationship management, providing integrated solutions that save administrative overheads.
These examples demonstrate the transformational power of solving a real problem for the core customer.
Strategic Planning at Visage Growth Partners
We recently held a two-day client annual retreat as part of our strategic planning. A key activity was identifying our clients' top 5-6 needs of their core customers and assessing our performance in meeting those needs. Arranging these needs in order of importance provides a proxy for the "problem our client/customer needs solved" and offers us the best chance to create value and have a significant impact.
Engaging with Customers
Although waiting for milestones like the end of the financial year or a new quarter might seem like an ideal time for in-depth business strategy reflection, we recommend against waiting. Taking action is the initial step, and the sooner you assess, the faster you can align your efforts with your customers' needs.
Step beyond the perceptions of your business and team regarding customer problems. Assumptions can mislead, and you might be more disconnected than anticipated. Engage with customers, channel partners, and distributors to truly understand their needs. This understanding helps validate the customer problem you believe you are solving and, if necessary, adjust your strategy.
A Practical Approach
We've outlined three steps to initiate your consideration and evaluation of your customers' needs, along with how your product and service can address them.
Gather first hand feedback from your customers.
Engage in market research to gauge online sentiments about your product or service category.
Delve into specifics and understand the consequences if their critical needs aren't fulfilled.
Solving core customer problems is not merely a tactic; it's the oxygen for your business's growth. The information gleaned from direct customer interactions can hone your strategic plan and exceed the needs of our customers.
At Visage, we collaborate closely with our clients through strategic workshops, delving deep into this process. If you seek a more comprehensive approach and assistance, feel free to reach out.
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