DO YOU KNOW YOUR CUSTOMERS WELL ENOUGH?
Having been around “the scene” long enough to have had the opportunity to witness numerous exchanges between my team members and their customers. One point that influences me time and time again are the small efforts we make in order to become subject matter specialists inside a buyer’s vertical. I reason this is one of the indicators of accomplishment for any consultancy and roughly what customers ought to look for when assessing organizations — it turns the vendor or customer connection into an enterprise.
Here is a few of the things we do to increase knowledge around a trade, and in particular a client’s industry, that your organization should also ponder.
ASK PLENTY OF QUESTIONS
I hope this one seems obvious or you might need to read another help list before proceeding any further with this one; if you need to know something, ask questions. The imperative item here though is to probe with “why” as much as you find out “how.” Inquiring with “how” benefits you knowing what a buyer wants to construct, whereas the “why” inquiry leads us to what it is specifically they wish to accomplish.
TRACK THE DOLLARS
Across most industries there is an organic stream of money, and fully knowing that movement assists you in knowing what the industry drivers are. Knowing everyplace a consumer’s business positions into this flow and by what means their income model works is essential. This understanding permits us to convey new ideas that will match the customer’s personal tactics.
Many companies these days, particularly within digital industries, are only prosperous if they are capable of negotiating strong partnerships. Understanding the numerous players and what their role entails helps to understand the nuances of any trade. This is likewise a great opportunity for interference and a potential rate savings if a merchant or supplier can be detached from the mix.
KNOW YOUR CUSTOMER
Many of the initial questions we probe with for any of our new clients are, who is your true customer? And, why would someone expend cash for your service? We frequently drill these down further into “characters,” which classify end-users on numerous dimensions. This can assist us in identifying spots where we can cut needless features from a “Minimum-Viable Product” or even spin-off isolated goods.
KNOW YOUR COMPETITION
With the exception of a customer who is one of the occasional innovators in an industry, they will definitely have competition. We devote a reasonable amount of time studying a customer’s competitive position so we can assist them in avoiding the snares that others have at present been going through. Outside just learning what actions put legs underneath a thing, we also study their price models, known partnerships, consumer expectations around customization in addition to “on-boarding” and plenty more.
More than about branding or even about products, business is about knowledge… It really is simply just taking a problem and creating a solution from as much understanding as we can achieve. It is indispensable to our success with any and all customers that we become knowledgeable about their industry, their profession and the players involved.
If you operate a services-based organization I would highly endorse scrutinizing the tools you use to grow into subject-matter specialists. And, if you are a business looking for a consulting companion, you should examine the results from this question, how will you work to “know my business?”
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About the Author: Lalanii Wilson-Jones, MBA is a dynamic business leader based in Dallas, Texas who owns & operates multiple companies across several industries. Her range of talents and experience makes her an ideal candidate for strong economic partnerships all over the world, a great mentor and a great source of information that can change the mechanics of any sized company.
About the Firm: At Mogul247, we wish for our clients to be well-informed before partnering or partaking in any of our firm’s services. We hope your experience will be better once you know who we are, have more realistic ideals and goals about working with us, as well as understand what we are focused on doing for you and our community. If there are any other questions or concerns you may be having, please contact her assistant Jacqueline at (214) 328-8600