Alex Buzan

How To Understand Your Customer In Relation To Your Product

Customers interpret the clear understanding of their needs to mean a company is more qualified. Prospects who are still not convinced they have a problem see your offering as an unnecessary expense. Therefore, a business should translate the value of their products and services with sufficient detail and clarity, and use the most efficient marketing channels.

However trite it might sound, it is worth repeating, a product is something that people are willing to buy because it solves their problem or fulfills an unmet need. Unfortunately, no sale will happen until a business creates opportunities to engage with potential customers, and articulates its product differentiators and benefits to persuade them.

Without an effective strategy to stand out in the marketplace, many owners typically resort to charging lower prices than competitors or offering never-ending discounts to the detriment of their bottom line. On the other side of the coin, owners who are confident of the quality and uniqueness of their products might still suffer a similar fate of low profits if they fail to close a meaningful percentage of the leads that come their way.
Why Your Business Might Be Losing Sales
In an ideal world, superior quality equals more sales. In reality, better products are not guaranteed to succeed, but brands that communicate their value the best win. A lack of understanding of what a prospect wants or believes is valuable enough to exchange money for is a major reason for failing to convert them into paying customers. To make the most of your database of leads, increase conversion ratios, and profit margins ultimately, it is critical to know:

  • who your ideal customers are

  • why customers would buy

  • what makes your product their solution, and the innovations in your industry at large.

Understanding Your Customer And Your Product
There's nothing as bad as a product nobody wants or a hidden benefit nobody knows about, to wipe out a business. Therefore, true value should be seen from an ideal customer's perspective.

When you know what customers want, you can identify the most suitable product from your current offerings or create new products to match. Secondly, backed with this knowledge, you can make sure any messaging about your products and brand positioning highlights the features and benefits your customers are looking for and differentiators that make you their first choice.

Two tools can help you understand your product and customer better namely, the product canvas and the buyer customer persona. By identifying who best would buy from you and how your product satisfies them, you won't need to waste time, money, and effort on fruitless business activities.
Benefits of An Effective Marketing Strategy
Every digital business relies on prospecting activity or sales will grind to a halt. More than ever before, prospects are engaging with brands and making decisions in real-time. Therefore, execution of a content strategy to enhance the process could be the difference between success or failure.

When customers find your content useful and relevant to their situation, it creates awareness about your business and products and builds trust which is essential to the sale. Prospects, unfortunately, don't have all the time to wade through the vast information online in search of answers.
Why Video Marketing is Becoming Popular
The right type of content should reduce a prospect's waiting time to a minimum. 72 % of customers prefer learning about a product or service through video, which is why webinars have become a necessary tool the most successful marketers use. But what is a webinar and how will your business benefit from using them?

The answer is in their name. Webinars are seminars that allow speakers to address many people in a room, only virtual. They are particularly useful for complex products requiring some unpacking and help provide the level of detail and education required to convert a lead. Wearing your salesperson hat, you can answer customer questions in real-time, knock down myths surrounding your product and industry or clear any doubts about your authority on the subject at hand.

Webinars have the added advantage of being cheaper to organize. What's more, you can host a session once and get returns many times over by adding it to your library of content that customers can go through at their own pace. Easy to overlook benefit are the analytics and insights about what videos in your content library are popular, which allows you to create more of the same to bring customers to your virtual doorstep.
Maintaining a consistent flow of prospects is possible when you use effective marketing messages that speak to their problem and demonstrates your product as the solution. It is essential to know your product and customer inside and out so that your marketing efforts are not wasted.
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