How do I profile my customers? How do I find the correct audience for my product? Who is my ideal customer?
Understanding the buying process:
It is very important for a small scale company to reach out to the correct audience. The steps have to be planned and systematically organized. The buying process is considered as a 3 stage buying process. The customer makes his decision in these three processes.
Don’t assume that this magically happens by itself. You should take charge of making this happen by selling them in three stages:
Finding the right Customer: Building Customer Profile for MSME-
The questions have been devised by studying the needs of small businessman and have been studied over to make a near perfect template for profiling customer’s profile for MSME. This will be very helpful for MSME entrepreneurs to find and sell to their preferred customers. This helps in answering a major question for entrepreneur, how I find customer for my products.
- Size of the targeted department? (No. of employees, Turnover, Customers, and Financial Details etc.)
- Size of the department in the organization where the target product has to be implemented /sold
- Finding C-Level contacts or decision maker (Identifying decision makers in Hierarchy)?
- Where the company is located (Rural/Urban/SEZ/Special zone)?
- Years in Business of the target company?
- Customer’s position in the market?
- What distribution channels do they use?
- What is their buying process?
- Main difficulty they face in their approach.
- Where and how do they source their materials from ( Local, spot, strategic, imports)
- How are their budgeted spending defined ( Seasonal, Annual and Temporary )
- PEST change in the business environment of the company?
- What is the goal they want to achieve buying your solution?
- What other ancillary products they buy along with their solution?
- What kind of purchases they do? Who makes the decision to purchase? What is their policy and how many times did they do it??
- How are decisions made in their company, what is the process and how they pass the funnel?
- How our product does fits in the groove. Pro and cons?
- What is the end goal do they want to achieve with your solution?
- How are they currently trying to achieve this goal?
- Why did they decide to try this approach? (What was the decision making process that led to this choice?)
- What are the four most important features for your end customer?
- What kind of tools or services are they using?
- Have the change in policy, Social etc changed the way they do business. What is the change, how can we leverage it?
A MSME entrepreneur has to religiously go through this template for profiling its customer. Every question has to be answered, planned, documented and revised. The questions have to be answered subjectively keeping in mind your own business/product/solution in tandem with the customer business needs.