Who are your Potential Customers?
Being a Startup, targeting billon customers at the early stage is not at all viable and feasible. It is very crucial for a Startup is to understand, who are the customers and how to validate them. Targeting broader category of people may not give you the better result rather target the niche category. It is always advisable to understand your customer first even before you even develop the product or services. Otherwise it could so possible that your products or services may be acceptable as there are no need for it. Validating those customer segments requires lots of tools i.e. Feedbacks, Surveys, Interviews etc.
Your first Goal should be “Know Your Customer and Give What They Want not What You Want“.
But how to know Who are your Potential Customers?, where to find them and how to know what they want? Answers are quite simple, you know everything. Because when you thought of developing the products or services for the people, you must have thought of all those things, am I right?
Anyways, there is no certain policies or processes to follow to do this. But I will be taking through the processes which most of the successful startups follow to validate their potential customers. Identifying the right segment customers and talking with them regarding your product, can give your more opportunities to work on your products.
Recent days most of the companies do Surveys or Interview to develop their product or services. But why you should do that? Let’s reviews the various aspects of it with respect to your business.
Better Product Understanding: Surveys will give you enough opportunities to collect detailed information about your product, which you even never thought of. Which will allow you to further enhance it before even launching into the market or if its launched then you can further re-work on it.
Introduce Your Product: Even before you launch your product into the market, you can share your product with those targeted people and allow them to use it and ask them to share their feedback on it. Which in return give you the live feedback about your product. Based on their acceptance you can either re-design the product or launch it if they are very much happy about it.
Avoid Mistakes: Sometimes we do lots of mistakes while designing our core products. By conducting Surveys or Interviews we can fix those mistakes before time. Which not only saves lots of our money but also help to save out time and business sustainability into the market.
Investors Requirements: Sometimes Survey Reports are being asked by the Investors to check the product viability and acceptance in the market. Which helps them to decide if they are willing to invest on that product.
Sometime even Surveys can create huge impact on your business. The reason of doing surveys to check if the people are liking and accepting your product. Based on their inputs it allows you to further improvise your product or services. Here is an example of Coca-cola, how improper analysis of survey report created a bad business impact for Coca-cola.
In 80’s Coca-cola had conducted surveys to introduce the new its new product i.e. Sweeter Coke called “New Coke”. As per their survey people like it thats why they introduced the new Coke and stopped selling the old coke. That caused millions of business loss and due to which they withdraw the new coke and re-introduced the old coke into the market.
Which indicates that conducting surveys will not alone help your business. Proper understanding of Surveys and taking right decision on it will help your business.
On my next article, I will be discussing “How to Conduct a Good Survey that Helps your Business“.
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You are awesome, thanks for your patient and time.