(New unit) Class 1 Flashcards
Why does understanding your customers’ matter:
Businesses don’t exist without customers, not everyone will buy your product (identify target market, understand needs/preferences, build CVP, sell features customers care for, don’t waste resources on things customers don’t care about).
Customers adoption:
speed- how fast do they buy it
volume- how many buy it
churn- how many stop buying it.
Consumers utilization:
Frequency- how often do they use it
Duration- how long is each use,
Recurrence- how many times do they use it.
Consumers Proficiency:
Completeness- how well does your CVP solve their problem
Complexity- how easy is your product to use
Competency- how much knowledge do they already have.
Types of customers:
End users- the people using your product and give feedback.
Influencers/opinion leaders- people with the power to influence purchase decisions.
Recommenders- people who evaluate and review your product.
Economic buyers- people authorized to conduct negotiations.
Decision makers- people who authorize the economic buyers to complete a transaction.
Chain of customers- users, buyers, and influencers of the purchase.
What are the characteristics of the end user:
Demographics- age, gender, education, income, etc.,
Psychographics- attitudes, values, likes, aspirations, fears.
Proxy product- products that attract similar customers.
Watering holes- places where end users meet and share information.
Day in the life- experiencing life from the customers perspective.
Biggest fears and motivators- what end users think about the most.
Identifying the ideal customer:
Customer personas are fictitious descriptions of your target customer based on your market research.
Personas to clarify—who is my target customer, who is not your target customer, why they purchase products, which features they care about, where they get their time.
