You have a vision for a better tomorrow for your customers – in your mind, an idea that will [maybe] change the world. You feel poised for greatness. Quick check, do you know what your intended customer’s biggest challenges are? Are you sure? Are you really sure? Let’s agree to assume that you have a moment of uncertainty.
Know What They Value
Understanding your customers and what they value is of critical importance; in fact according to Nathan Kinch, solving high-value, underserved problems is the only thing that matters for Australian startups. Whether you are an entrepreneur or a multinational corporation, the same goes for you. If your vision and idea do not address one (or many) of those high-value problems, why would a customer keep using your product? This is not a corn field in Iowa; instead your new venture is likely to join good company with other startups that failed because of what CB Insights terms “no market need”.
Deliver Value on Their Terms
Knowing what problems your customers are trying to solve should be your guiding light (unless you are Steve Jobs; then please create the problem for your customers and solve it!). You will need to think about their problems from a variety of perspectives (demographics, industry, location, etc.). From there, make sure they believe the value that you offer. Coca-Cola sells an experience. Whole Foods sells a lifestyle. GE sells a look into the future. What’s yours? If your customers are looking to you for an answer, bring them one that they can never forget.
Never Stop Creating Solutions for Your Customers
One parting thought. You have done a magnificent job of digging into what your customer’s high-value problems were and created the solution that makes them go away…congratulations! How long will that problem stay “solved”? Is that even still their high-value problem any longer? Keep close tabs on your customer’s behaviors to continue to understand what your customers value about your solution(s).
If you really understand what your customers biggest challenges are, you can change the[ir] world.