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In their excitement to get started, some new entrepreneurs gloss over assessing their customers' needs. But this is a crucial step, since it’s the buyers who determine your product or service’s value.
One way to frame it is to think about the “jobs, pains, and gains” of your customer base. Consider their professional, social, and emotional needs.
By looking at your consumers’ daily lives from these three angles, your company can offer a solution to one of their problems. Consider what job you can assist them with, how you can make this task less of a pain, and what they would gain from using your product.
In an earlier lesson, we started to learn about the validation process. You need initial feedback on your idea, which you can get from family and friends.
That way your product or service can be tweaked before you start selling it. Here are some tips for gathering feedback:
After gathering feedback from your personal network, it’s a good idea to look at what your competitors are doing. When you visit their website or store, ask yourself: how can I do business differently? And here are some other things to reflect on:
Taking these steps will also help you to identify your customer segments.
Think of your customer base as a pie. Different customer segments make up slices of this pie. It’s important to know who your buyers are—their gender, ages, jobs, and hobbies—so that you can develop an effective marketing strategy. If it turns out that your largest slice is retired folks who like to fish, this gives you a good sense of how you can market your product.
But before we go into marketing, let’s get to the nuts and bolts of building your business—and start thinking about that daily grind!
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