What causes a product, channel or marketing initiative to fail? They never start with the customer. The success of every decision you make depends on how well you understand your customers. Their specific needs must shape and define your products and services. The Two Traps You Absolutely Must Avoid
1. The 'no research' trap
•Decisions based on 'gut feeling'
•If research is done, it's by purchasing third party reports •Example: Furniture.com
oAhead of times: Offered vast, unique array of furniture and real-time chat oPeople don't want to buy furniture of the web
oPurchasing behavior did not align with sales channel
•In end, lack of research causes offerings and channels to clash
2. The 'useless research' trap
•Companies may do tons of research and understand little about their customers' •Example: PB Slices
oExtensive research and testing, over 500 formulas
oTested on university staff and students
oWill the targeted consumer find this more convenient? Healthier? Probably not. •Even the most extensive research may not be telling you what you need to know, nothing is guaranteed
What You Need To Learn About Customers to be a Go-to-Market Winner 1. Customers' Needs
•Understand the fundamental needs of customers
•Customer needs extends beyond the initial purchase and therefore you must understand that and all their needs •Must ask the hard-hitting questions
oCore business goals, important issues, top concerns, etc.
2. The 'customer experience'
•Crucial to understand what kind of experience customers want from you •Three kinds of relationships
oMulti-access point experience
3. Customer buying behavior
•Crucial to understand that customers are migrating to vendors who offer them channels that they want to use oInvestigate channel usage
oAssess where their buying behavior may go in the future