Identifying Your Customer
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The document discusses identifying customers and their needs and motivations. It explains that businesses should understand what customers want to achieve and their pains and gains. The key is finding customers who are ready and motivated to commit to a solution by understanding their priorities, vision of success, and triggers that motivate them to make a decision.
Identifying Your Customer
- 1. Identifying Your Customer Coach Davender Gupta Startup-Académie www.startupacademie.com June 11, 2014
- 2. © 2014 Davender Gupta - www.startupacademie.com All rights reserved 2
- 3. Business is a system A business is a system which : • creates value, • delivers value, and • harvests value, enabling all of the stakeholders to achieve what is most important to them in the moment. © 2014 Davender Gupta - www.startupacademie.com – Tous droits réservés 3
- 4. What is a transaction? … creating a bond of TRUST between myself and my client to enable an exchange of value towards a win-win result © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 4
- 5. © 2014 Davender Gupta - www.startupacademie.com All rights reserved 5 MY Ideas Passions Needs Dreams Interests Desires RESOURCES NO MEANS THE PROFIT ZONE THEIR Ideas Passions Needs Dreams Interests Desires NO DEMAND NO PASSION
- 6. Trust © 2014 Davender Gupta - www.startupacademie.com All rights reserved 6 Degree to which I perceive your values, beliefs, priorities and actions either threaten or enhance mine.
- 7. True or false? l Everyone can benefit from my offer l Everyone wants my offer l Everyone is looking for my offer l Everyone is ready to buy my offer l Everyone will buy my offer because it is so much better/faster/cheaper/ sexier than the competition © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 7
- 8. The truth… Interest Population IndifferentHostile Interested The truth is that most people are indifferent or even hostile to your offer. © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 8
- 9. Strategy # 1 – Find out what they want Discover their qualities instead of their demographics © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 9
- 10. Qualities © 2014 Davender Gupta - www.startupacademie.com All rights reserved 10 What do they want? What is important to them? What do they want to be? Why do they want it?
- 11. Physiological (air, food, water) Self-realization Esteem from others Health and security Belonging Self-esteem Maslow’s Hierarchy of Needs©2006 Davender Gupta © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 11
- 12. Consumers want to move up © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 12 • Essential needs • Ease, simplicity, speed • Ego, status • Entertainment, amusement • Peace of mind The more they can move up, the more value your offer has, and the more they will invest.
- 13. Businesses focus on the base © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 13 - Reducing costs - Reducing loss - Improving margins - Improving productivity The more the impact of your offer improves the survival of the business, the more they are willing to invest.
- 14. Strategy #2 – Find out their motivation "Right Fit, Right Place, Right Time” Look for the decision trigger when your customer is asking the question for which your offer is the answer. © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 14
- 15. The Decision Trigger The Decision Trigger is the immediate situation in which the person is motivated to make a decision. © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 15
- 16. What is the customer trying to do? © 2014 Davender Gupta - www.startupacademie.com All rights reserved 16 What functional jobs is your customer trying get done? (e.g. perform or complete a specific task, solve a specific problem, ...) What social jobs is your customer trying to get done? (e.g. trying to look good, gain power or status, ...) What emotional jobs is your customer trying get done? (e.g. esthetics, feel good, security, ...) What basic needs is your customer trying to satisfy? (e.g. communication, sex, ...)
- 17. © 2014 Davender Gupta - www.startupacademie.com All rights reserved 17 PAINS and GAINS
- 18. Feel Their Pain © 2012 Davender Gupta - www.startup-academie.com Tous droits réservés 18 • What does your customer find too costly? • What makes your customer feel bad? • How are current solutions underperforming for your customer? • What are the main difficulties and challenges your customer encounters? • What negative social consequences does your customer encounter or fear? What risks does your customer fear? • What’s keeping your customer awake at night? • What common mistakes does your customer make? • What barriers are keeping your customer from adopting solutions?
- 19. Understand Their Gain © 2014 Davender Gupta - www.startupacademie.com All rights reserved 19 • Which savings would make your customer happy? • What outcomes does your customer expect and what would go beyond his/her expectations? • How do current solutions delight your customer? • What would make your customer’s job or life easier? • What positive social consequences does your customer desire? • What are customers looking for? • What do customers dream about? • How does your customer measure success and failure? • What would increase the likelihood of adopting a solution?
- 20. A Day In The Life © 2014 Davender Gupta - www.startupacademie.com All rights reserved 20 How do these jobs fit into their day? Where are the frictions? What are the rewards? Where are the triggers?
- 21. The Three Questions • What is most important to them RIGHT NOW? • What is their vision of success? • What is their motivation to commit to a solution? © 2012 Davender Gupta - www.startup-academie.com – Tous droits réservés 21
- 22. Conclusion There are people who recognize the value of what you offer, who are ready to commit, and they are ready, willing and waiting to meet you. © 2013 Davender Gupta - www.startupacademie.com Tous droits réservés 22
- 23. Let’s stay in touch www.startupacademie.com www.coachdavender.com (Québec) 418 948-1553 (Montréal) 514 448-1894 coach@davender.com © 2014 Davender Gupta - www.startupacademie.com All rights reserved 23 Coach Davender Gupta, MSc Venture Catalyst Accélérateur d’entrepreneuriat Startup-Académie