Below you will learn the keys to conducting a customer needs assessment.
What Is a Customer Needs Assessment?
A customer needs assessment is a process through which you gain a detailed understanding of the precise wants and needs of your current and/or prospective customers. This allows you to understand whether a market exists for current/future products and services and how to best attract your target audience.
How to Conduct a Customer Needs Assessment
In order to successfully serve customers, businesses must have an acute understanding of customers’ needs. Through primary and/or secondary research, you can uncover the precise needs of customers, how these needs are currently being fulfilled, and what is required to better satisfy these customers.
Start 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.
Then detail the demographic profiles and assess the needs of these customers by answering 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 the needs of your current and/or prospective customers, you can better assess the feasibility of a new business opportunity and/or modify it as needed, and create action plans that maximize the probability of market success.
Need Help with Your Customer Needs Assessment?
Would you like Growthink to provide an assessment of your customers’ needs for you? If so, please contact us below.