Of the many, many, many questions entrepreneurs must ask themselves, one of the most critical is “Who is my customer?” Without understanding who your customer is, you cannot begin to perform other important tasks such as market research, building a value chain, conducting user experience studies, buyer behavior analysis, cost of acquisition information, etc. Heck – if you haven’t determined who your customer really is – why are you even getting into business?
So…who is your customer?
It absolutely goes without say that today’s business environment is ultra-competitive. Over time, brick-and-mortar evolved to click-and-mortar which essentially leveled the competitive playing field. Today, your new competitors may not only be located around the corner or in the next town over, but half the way around the world! In fact, technology advancements have created the new “self-serve” business models whereby customers no longer need to interact with an employee to seek out what they are looking for. For example, do you need a customer service rep to help you open a new account on Facebook or Twitter… or hundreds of other companies online? Read the rest of this entry