It goes without saying that you need to know your business inside out. You need to be an expert on your product – whatever that may be – and be able to inspire customers and potential customers that you’re an expert in your field.
Okay – that’s great. But there’s another type of knowledge that is equally as vital to your small business. And that’s knowing the mindset of your customers.
Yes, most people put in the legwork to find out information at their customers demographic level, which is of course, critical information you need. But what can honestly change the level of success your business enjoys is by managing to understand the way that your customers think. In other words, their hopes, dreams, aspirations – and how your product can provide a solution to them.
Sure – you’re not necessarily going to have a product that floats everyone’s boat. But it’s going to do it for some. And if you can get exactly what it is that your potential customer is searching for, you can target your marketing specifically to answer those questions.
Take Darren Finkelstein, who runs St. Kilda Boat Sales in Melbourne. He’s not only an expert in his field, but he ‘gets’ what it is that his customers are looking for. And that’s whether he’s selling a $5000 boat or a $150,000 one. He understands the dream – be it to just get out on the water to snag a few snappers, or to live the high-flyer, champagne lifestyle on the high seas. And he can offer the solution to his clients’ needs. Not to mention that he knows his boats inside out, so when he talks to his potential customers they know they’re talking to an expert simply from the lingo he uses and the advice he offers.
And that’s exactly what you need to be able to do with your small business.
Get into the mindset of your customers. Exactly what problem do they have, and what solution can your business offer them?
And if you find you’re struggling to try to understand this concept, there’s a simple way around it. Ask people!
Ask everyone you come across. And keep clear records of their answers. Because it’s only through concise market research such as this that accurate trends will appear. And having this knowledge is one of the most powerful assets a small business owner can have.