In order to successfully serve customers, businesses must have an acute understanding of customers’ needs. Through primary and/or secondary research, Growthink uncovers the precise needs of customers, how these needs are currently being fulfilled, and what is required to better satisfy these customers.
We begin by defining exactly which customers the company is serving. This requires specificity. For instance, rather than saying that a company serves small businesses, it may be more appropriate to identify and assess its more precise market, perhaps, small businesses with 5-25 employees in large metropolitan areas.
Growthink then details the demographic profiles of and assesses the needs of these customers. We answer questions such as:
- What is the average revenues/income of these customers?
- Where are these customers geographically based?
- What products or services are these customers currently purchasing to fulfill their needs?
- What factors drive the decision-making of these customers (e.g., price, service, reliability)?
- How do these customers make buying decisions (e.g., multiple decision makers, multiple bids)?
By truly understanding customers, Growthink is able to assess the feasibility of an idea, modify it as needed, and create action plans that maximize the probability of market success.