Take an example of any leading brand or company, what makes them the giants that they are today? For any budding entrepreneur, this is a big question. How did companies like Amazon create such a huge impact on their customers?
Before you move any further, if you closely observe the working of such organizations, you will find that all of them are working with a customer-centric strategy-making approach.
As a new age entrepreneur, you must understand that running a successful business is not that easy. It’s not like you would keep some religious symbols in your office cabin, wishing for good luck to follow and everything will be sorted.
Good luck will only follow the hardworking man. Therefore, it is imperative to put in all your efforts with the best possible customer-centric strategies in order to kick-start your business stronger.
Most of the time, inexperienced start-up owners commit foolish mistakes that they regret later. In the following points, we will see some of those mistakes and you have to make sure that you don’t make them ever.
Categorize your prospects, see who’s going to stay longer
It is one of the most common mistakes of a budding entrepreneur. In a hurry of creating a customer-centric organization, most of the time, management forgets to analyze the types of customers and how long they are going to be loyal to your brand.
Also, the management has to take predictive steps to understand how their customers would react to their new products and services. Put your customers under three heads – long-term, short-term, and mediocre. Understand that you don’t have to keep your focus on different specific individuals, but the groups.
Make peace with the fact that no matter how hard you try, some of your customers would leave you and some of them will stay longer than you can ever imagine. All you need to do is to keep making retention strategies that fascinate the different groups of customers.
Don’t be completely dependent on the demographics
Emerging business owners find it is easy to understand the customer’s thought process through demographics. But they forget that not every time the information in demographics is accurate. Every time you would hear about planning a strategy, you will notice the term demographics all the time.
Let me tell you a fact, demographics is certainly not the most effective tool to understand what your customers want from your business.
I would suggest you use the first point and a few demographics to come to a conclusion. That would be the best choice for you to understand your customers.
There is a big difference between being courageous and being foolish
When you are inexperienced, excited and a newbie to the business environment, you would like to do something out of the league, something different from the crowd. That’s how we start, right?
But all this while, if you take steps without even thinking and analyzing the various factors, this would lead you to a massive failure.
Being innovative is amazing, but doing something in which you have zero basic knowledge is dangerous and foolish as well.
Therefore, think twice before putting your money, time, and energy into something you are not sure of its success.
Don’t make something that is easily forgettable
This is also one of the most common mistakes of new-age entrepreneurs, they tend to lower the price of their products and services in order to keep it in the competition. Here, I would suggest you do the complete opposite! Keep the price of your luxury items at a premium level, don’t compromise with the price.
This will ultimately help you create exclusivity of your product and as a result, the customers will remember your product for a longer period of time. Nobody will tell you this, but the pricing of your product reflects your mindset and your promise to deliver the best to the best.
Make use of the information, not to copy, but to stay unique
Today, we have the internet. We can get all the information we need from numerous sources. All that we need is just a few clicks away from us in the 21st century.
Here, keeping a track of what leading brands are doing and what all your competitors are doing, is good! But you need to make use of that information to see that you are not copying their steps and being original.
The success and most importantly, the survival of your business depends upon its exclusive qualities and originality. If you copy other brands, it will only help them not you, because they are already established in the industry.
Therefore, take points and notes of what your rivals are up to, but use these notes to make your own original customer-centric strategy.