HOW DO I KNOW WHAT MY CUSTOMERS WANT?

You may have begun your business with an idea of what your customers need. But as you keep moving forward, it’s essential that you continue to check-in and make sure that you actually understand what your customers want and don’t just think you understand what they want. Having the right data to help you understand your customers will allow you to recognize quickly when you need to pivot, saving you time and money later on.

Ask Them

One of the most obvious ways to get information about your customers is to simply ask them. Asking your customers about their experience and about your product can lend you insights that you couldn’t get anywhere else.

Because this data is so important, it’s essential that you ask for feedback at the right time to maximize the possibility of actually getting responses from customers. Generally, ask for feedback immediately after a transaction has occurred—customers are more likely to respond in that situation. Additionally, create incentives for your customers to respond to your surveys.

Use Data

Accumulating data from customers surveys is important but figuring out how to accurately use that and other data makes that data really worthwhile. One of the first steps is to collect as much data as possible so that you don’t have any blind spots.

It’s also important that you understand your customers from a psychological angle. One of the best ways to understand your customers this way is to use neuromarketing—marketing that is informed by customer reactions to different ads. Neuromarketing has been providing insights into how customers think and react. It can make a big difference in your marketing approach.

Figure Out Your Competitors

When it comes to growing your customer base, it can be easy to want to simply avoid analyzing the customer base that chooses your competitors instead of you. But in all reality, figuring out what about your competitor resulted in a customer picking their product can help you better understand the actual wants of your customers.

One of the most important things to really analyze is your price-point and to ask yourself if your product prices are evenly matched to your competitors. If they are, figure out if you have as many features as your competitors that resulted in their sale conversions.

Understanding your customers can be challenging. Figuring out how to actually get the relevant information to understand them well can be even more challenging. But focusing on these strategies can help you make progress towards having a solid understanding of your target demographic. When you really understand your customers, you’ll be able to tailor your products and marketing to best meet their needs.