As a business, we may assume that our customers expect us to deliver great products/services as quickly and cost-effectively as possible. However, this assumption may not be entirely accurate. There are different customer segments have varying priorities and preferences. Some customers may want fast delivery, others may prioritise quality, after-sales support or price.
So, we must understand our organisation’s strengths and the customer segment we serve. By doing so, we can specialise in understanding our customers’ needs and refine our offerings to suit them.
For instance, luxury brands serve their customer’s egos and pride. They provide exclusivity, special treatment, and rarity that raise their customer’s status. To be successful, luxury brands must understand the game they are in.
Based on the above, here are a few questions for consideration:
- Do we know which customer segment we are serving?
- Do we fully understand the needs of our customer segment?
- Who are our real competitors? Reconsider, if they are our actual competitors.
- Finally, what are we doing to tailor our offerings to the customer segments we are serving?
