Customer Needs: How to Determine Demand for Things They Need Most

Do you know your customer needs? Peter Drucker believed there was a frequent disconnect. Is this a question you and your staff ask often? It’s a question we ask a lot, and yet we often find so difficult to answer.

The customer never buys what you think you sell. Peter Drucker

How a business handles this question and the answers will go a long way in determining its ultimate success. If you consistently offer your customers what they want at a price they feel is fair, you’ll have too many customers. Is having too many customers possible?

Related post: An Actionable Approach to Target Market Segmentation?

Many times when we consider this question, we go immediately to the complex side of the answer spectrum. But the truth is if we focus on the simple things and do them very well, the complex answers take care of themselves.

How often do you look to your customers for a true understanding of their challenges? We collect huge amounts of data on them but rarely use that data. In fact, only 0.5% of the data available to us is ever used or analyzed according to MIT Technology Review.

To understand insight, we must understand the data that fuels it. Customer analytics data helps to understand the path your customers take, and insight is what we derive from the data. If, for example, selling something online is your goal, then you should know what your customers did before and after…