One critical business lesson we’ve learnt in the past months of the global crisis is this: customers’ needs comes first. The businesses that have seen massive success are those who have risen to meet customers’ needs in more personal, innovative ways.
The way to uncover and better meet customers’ needs to directly grow profits is to listen to customers long enough to hear what they have to say. Most business executives I’ve worked with have admitted this isn’t the easiest thing.
In a depressed economy where customers are keeping an even tighter hold on their wallets, understanding and knowing customers better should our priority, because no one can afford to guess.
However, there is often an unseen customer culture in every industry, and your job as a business owner is to identify it as quickly as possible, understand it, and leverage it for mutual success—yours and that of the customers you serve.
For example, if the bulk of your customers are women (they are the customers who buy almost everything there is to be sold—women influence 80 percent of all automotive purchases), then you must understand that women are females first and consumers second.
A recent research shows that most marketing message in the Fintech industry were not really connecting with women. Now that’s a massive opportunity for the brands that can break through their competitors’ ineffective messages. In this context, having a solid understanding your customers as women must be accomplished before you can begin meet their needs as customers.
Understanding this gender factor, the evolving customer needs, can help you successfully create products that fit customers, retail environments that appeal to their sensibilities and launch effective sales and marketing campaigns.
No matter the business you’re in, your first job is to really know and understand your customers, especially in this season when buying patterns are evolving rapidly and global spending is at a record low.
Adopting a customer-centric strategy that’s truly focused on the Customer, positioning to solve their problems and communicating effectively that you can is the secret to growing through this tough season.