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Know Your Customers

To succeed in business you need to know your customers well. Here are 5 questions that you must have the answers to. The answers will help you better understand them and thereby allow you to position your marketing and business brand accordingly:

1. What bothers your customers about their life right now? As a business, you simply must provide a solution to your customers’ problems. It is therefore crucial to understand what their actual problems are! Customers don’t buy because they want to spend money, they are looking for a solution to their particular problem. By gaining an understanding of what your customers are struggling with will also help you create future products and services to match their specific needs.

2. What excites them more than anything in the world? What is their dream life? Customers will buy from you because your product provides a new possibility for their life. You want your product to assist them in reaching their goals and to align with their dreams. Customers rarely buy on logic, they buy on emotion. When you are looking to buy a car do you find the cheapest on the market, probably not. You will buy in your price range but it will be the colour, the performance, the manufacturer, the specifications etc. etc. that will finally persuade you to buy a particular car.

3. What scares your customers? What keeps them awake at night? OK, we aren’t talking about werewolves, remember that customers mainly buy on emotion. Every potential customer has real, valid fears. If you can understand their fears and create a product with a marketing campaign to address them, your business will have a powerful advantage.

4. What interests them? Where do they hang out? Now that you know more about how you can meet your customers’ needs, you need to know where to find them. By understanding their interests, the websites they are on, the books they read, you can target your marketing campaign to areas that are brimming with potential buyers. One of the most costly mistakes you can make in marketing is when you pick the wrong place to present your advert.

5. What’s your customers No. 1 problem in their life right now? Did you know that, if you could solve, they would pay any amount of money? Ah, here is the clincher. As you tune in to your customers’ needs, wishes, and fears you can really hit home with an understanding of the kind of solution you can provide that will have them pulling out their credit cards. This isn’t meant to be manipulative–as a business you are solving problems and making a difference. However, you obviously want to make a profit doing so (otherwise, you wouldn’t be a business owner). By gaining an understanding of your target customers’ top priorities and the things they are willing to pay money for, you can fine tune your products and marketing campaigns to suit them.

In essence, as a business, you need to understand your customer and their story. You should be able to describe them in detail as though they are standing in front of you. In knowing your customer well, you can serve them better and thereby increase your sales conversions. At the end of the day, no sale = no profit.