The reading mind has always been seen as a mighty power and intellect. I’ll admit that I may have got a little carried away with the title – if you really can read minds then we have positions open for you. The firm is going to feel uncomfortable both financially and physically when they have got a new product into the market and the customer really doesn’t want the product. Without knowing the required minds of the customer it makes unwanted waste of time in building the wrong thing. Successful business owners understand what their customers want and make the most effective way of making their product or service available. As an entrepreneur, it is very important to know the customer’s taste and preference, hobbies and also key interest areas. Knowing the consumer’s buying pattern is also very important. As an owner, you need to calculate what type of person would really need or want the product or service you provide. These are some key points a successful business owner need to ask themselves,
- What is the reason for purchasing your product or services?
- How often are the consumers going to need to buy that product or utilize the service available?
- Who is the final customer?
- Where are they most likely to purchase?
Companies that know what their clients want, what they expect can also work on customizing and designing the customer experience to create loyalty and cyclical business. Small and medium business owners already have this advantage as they have an upper hand for attaining this competitive lead. Listening to your customer’s interaction will provide a greater opportunity to create a positive impact and build stronger relations with customers.
How to read your customers.
Reading the customer’s mind is all about digging into the data required. So the business entity should contain offerings and products that you look at will be all over like maple syrup on pancakes. In view of this, the steps for reading customers are,
- Win the customer’s heart.
The most important step in reading the customer’s mind is to win their heart. When I say win heart, I don’t mean to make them fall for you. But getting them to trust in the product and show them that your services or offerings will add value for them. It is easier said than brought into action. Now there is no hard and fast rule that it will work on every customer, what works on one may not be applicable to others and the population may not have the same taste and preference for the products. Everything varies from one customer to another. So the business firm needs a hawk view on the changes taking place in the minds of the customers, so convincing them will be the key factor in winning a customer’s heart. If once the customer is convinced with your product, they can become your loyal customer. One of the products that won the customer’s heart was “Paper Boat”, a beverage company launched in August 2013 is one of the fastest-growing FMCG brands in India. They bought up with the Ethnic drinks in the market which were filled with different types of other drinks. But, trying to be unique they worked on attractive packaging and traditional flavour drinks such as JAL Jeera, Aam Panna, Aam Ras, Alphonso Aam, Jamun Kala Khatta, Chili Guava, Nimbu Pani, Kokum, Neer More, Kanji, Sugarcane juice, Lychee Ras, Apple and Orange etc which the customers were expecting. They are not only tasty drinks but also healthy compared to other carbonated drinks. In this way, they got these retro flavours into a new and effective design.
- Make the customer’s talk via product demonstration.
The data collected by the marketing agencies from different sources state that making your customer talk acts as an icebreaker. Half of the problems are solved when the customers speak. The business entity should know the changes required and the factors that are restricting them from buying the offered items. They look after eliminating the restricting factors so the customers may feel positive in buying the products. Owners can use many ways to make the customers speak.
But sometimes It has been observed that some customers did not like a product when they were kept in their packaging or in the showcase. But when they actually tried it or touched it and experienced it through their senses, it resulted in them buying in most cases. The simplest example is a cricket bat, when customers see the physical appearance they are not likely to buy. So performing a demonstration of the product is also important in reading your customer’s mindset.
- Reading body languages and making the customer say yes(often)
The gestures and movements will talk about the customer attributes, whether they are really interested in a product or not. Suppose a man enters the shoe section in a mall, there are lots of brands of shoes with different colours, sizes, and appearances. He will ask about the quality, price, etc and many other questions. Yet only 10% of those who walk into the store will buy after asking so many questions. The 80/20 rule known as the Pareto Principle states that 20% of inputs assert 80% of outcomes. Keeping a keen eye on customers who made recent purchases, and are frequent buyers who are generous in their purchase could help in adopting this Pareto Principle in its operations. Asking the right questions is another art that a salesman has to adopt. If a customer says yes it does not mean the sale actually took place. But it gives a positive flow to the conversation between the two parties and the buyer will be in a positive mindset. For instance, an electrical appliance salesperson will not ask his customer what price of iron box you would like to buy if he came to purchase an iron box. Instead, it can be rephrased differently. If a particular brand of iron is not available it can put an end to the purchase long before you have a chance to close the sale. Instead, a good salesman will say that another brand has a longer warranty period and say that it has a higher wattage than the previous one, etc. This isn’t a yes or no question. But can change things around.
Effect of False Reading of Customers.
Sometimes the firm may step wrong in reading their customers. Better customer service can overcome poor marketing. But false reading may ruin the reputation of the brand in the market. It takes years to build a brand and seconds to lose it. So, in today’s world, the customer is quick to write negative remarks. 95% of people share their bad customer experience with at least one other customer. When Tata company launched the new and economical car of the world “Nano” in the market with a target of selling at a great pace as it could be bought at just 1lakh rupees. But customer thoughts rapidly changed from low-priced cars to low-quality cars. Even in some cases, these cars were not able to serve properly. During the first two years, several Nano cars were reported to catch fire due to faulty wiring. Also, when people are status-conscious, they look for things that make them look wealthier than their neighbours and colleagues. Those who could afford the higher end would not like to drive Nano. This wrong step by the Tata company failed in reaching target customers. Hence, proper research of customer requirements is very important in reaching the target audience.
Glocalization is the concept of developing a product or service that takes the benefits of a global product platform and integrates it with the advantages of product localization. In simple terms, it means, think globally and act locally. One of the best examples of this is KFC in India. When they entered the Indian markets, the customers refused the American style of fast-food chains. To adopt the local changes they modified their menu list according to the geographical needs. They came up with the Mc AlooTikki one of the most famous burgers is actually Indian. Due to numerous vegetarians in India, McDonald’s had no choice but to launch a vegetarian menu, and they launched it. Like in the southern parts, they bought up the “Dosa Burger” and attracted the customers at their store. Hence, in these terms, they adopted their sales strategy according to the location of working.
Understanding your customers can also help when building your brand and incorporation stages. Conducting marketing research in advance of launching a product or service will help you build a picture of your customer base. As well, you should record what customers tell you post-purchase in order to help you gain valuable information about their occupations and interests. This will help you in your marketing efforts to this target market. Thus, help you increase business at a future date.
In today’s world where technology and e-commerce have shifted the power in customer’s hands. It’s very difficult to delight your customers and then convert them into buyers. The customer has become more knowledgeable. Having more options for buying and lots of variety has opened challenges in both markets. Now the real challenge is retaining your customers. This is the need of the hour. For that to happen we have to be the moon which looks and needs’ most among the millions of stars. We must try to create a curiosity in the mind of the customers that they start asking questions like how it is the best thing for them.
Half of the sales or work of a business entity is finished by reading their customer’s at a present particular point and perfect changes for the radical customer helps in self-defence, thus reading customer’s is mentioned one of the priority before launching new ideas or products in rapidly changing market.
“Everything makes a link one by one and makes you a brand”.