The Importance of Knowing Your Customers’ Needs and How To Identify Them
- April 28, 2021
- Posted by: Funmilola Sanya
- Category: Business Advice
You had a great idea, it gave birth to that killer product, backed with a badass product launch strategy, well done!
But does your product meet the needs of your customers? Is it what they want? Think about it…
Imagine yourself as a customer of your product. Would you buy your product? If you wouldn’t, your customers wouldn’t either. If you would, then your customers would. It’s that simple.
Customers are the heartbeat of every business, without them, there can be no sales, hence, no revenue. They are a vital component of your business growth and they determine the relevance and longevity of your business. They help you stay on top of your game. According to the Business Development Bank of Canada getting to know your customers is your most important job.
“You can’t get customers and retain them if you don’t understand who they are and what makes them tick,” says Toker, a marketing consultant in Toronto. “The more time you spend thinking about this, the easier all your tactical marketing decisions become.”
It’s not enough to create a killer product; your product must meet the needs of your customers. To achieve that, you must identify their needs.
Definition of a customer need
A customer need is a psychological and physical motive that prompts a customer to buy a product or service. Business Dictionary defines Customer Needs as “problems that customers intend to solve with the purchase of a good or service. They are the influential factors responsible for a buyer’s purchasing decision and loyalty to that business.
Common customer needs you should know (this is not a complete list, as customers have differing and various needs, but they are the most basic needs that all customers have in common):
Price: People want to get the most out of their money, and more than ever, customers are more concerned and conscious about price than other needs. They want to know if they are getting the best deals; if your competitor has better offers; and if they are paying for high-quality products.
According to Pricing Facts, 60% of customers consider price before anything else. See the infographic below:
Convenience: Most customers lookout for a product or service that provides a solution to their needs and is useful to them.
Quality: Customers want products that are durable and functional until they can replace them. They need to trust that the product they are purchasing will last and sustain them for a reasonable amount of time.
Information: Sometimes, customers may be unsure if your product suits their needs. The right and adequate information would influence their purchasing decision. Be careful not to go overboard, as too much information can be off-putting for them.
Compatibility: People go for products that are compatible with other products they are currently using. Nobody wants to buy a product that needs another product to function.
Design: A smooth and slick design would attract potential customers before they are aware of the content of the product. It is what tickles their fantasy.
Transparency: A product with no hidden charges; refund and return policies; ratings and critical reviews; lists of ingredients (for consumables); customer feedback, etc. would leave less room for consumers to second guess buying decisions.
Experience: Customers should have an easy experience using your product or service
Friendliness: Customers want to be treated with politeness, fairness, and courtesy.
Appreciation: Customers need to know that you appreciate their patronage and referrals too. They deserve to know how glad you are that they chose your product over your others.
Empathy: Customers expect understanding from the people taking their orders. Their needs and circumstances should be treated with empathy.
Control: Customers want to feel like they are in control and have a certain amount of influence on the transaction, after all, they’re the ones making the purchase. Empower them by listening to their concerns and feedback about your product.
Options: A variety of products, payment choices, subscriptions, would make it easy for customers to make a buying decision.
Various ways to identify customer needs
- Social media listening
- Customer surveys and feedback
- Focus groups
- Keyword research
- Data collections
Featured image: istockphoto