So many businesses launch new products and services without ever really knowing their customers. However, this strategy won’t hold you out for the long haul. With more than 75 percent of all startups failing, not understanding your customers’ needs and wants is setting your business up for failure. It’s important to remember that you’re in the business to offer a product or service that your customers need or want. That’s why having a plan to find out how to satisfy those needs and wants are crucial to being successful in business. Discover what it takes to know what your customers want.

 

Think “lean” and listen.

 

Sometimes the information you need about your customer is right there in front of you. You just need to pay attention, think “lean” and listen. The lean startup methodology encourages businesses to embrace continuous learning and favors customer feedback as a way to learn. Rather than listening to yourself and making decisions based on intuition, pay attention to your customers. By leaning into what they’re saying. Continuously learn from them from their feedback. This can be received via surveys or comments they provide on reviews of your product or service. When you think lean, you’re thinking long-term. Customer feedback can give you the valuable information that you need to create the products and services that want that may not even exist or require improvement.

 

Act on your customer’s payment pain points.

 

You’re more likely to come in contact with a customer complaint than a compliment. While complaints can appear difficult to deal with, it’s important that you face them. These complaints give you information on your product or service and is an opportunity. You can act on your customer’s pain points so that you can turn them into compliments. For example, if your customers are complaining about not having enough mobile-friendly payment options available or not being able to remember each time a subscription payment is due, then it may be time to rethink your payment solutions.

You can try innovative payment solutions that can integrate with social media, such as in-video payments. You can also employ automated payment solutions with recurring payments so that you can fulfill your customers’ needs. When you’re able to resolve issues for customers in a professional and timely manner, you can get to know what they want and build the trust they need to be loyal customers.

 

 

 

Get social.

 

Social media has made it even easier to communicate with your customers directly and immediately. That’s why it’s important to use it at as an information source and get to know what your customers want. You can pose questions to garner their opinions and feedback to then use that information to not only find the ideal target market but to deliver the products or services that they would be happy to pay for and need.

 

Final Thoughts

 

By taking the time out to get to know your customers by listening to their needs and wants, you can continuously learn from them and stand to improve efficiency and your bottom line. You’ll also be able to equip yourself with the capability to work in any industry with the help of the lean startup way of thinking. However, it’s equally important to get social with your customers and act on their pain points, whether it be offering better payment solutions or making a change to your product. Action will help solidify trust and reliability for a sustainable customer base.