Not only do you need to be a fast mover in order to grow your company, you obviously need to also move in the right direction. Do not believe your destination should be a blue ocean, because isn’t that where so many companies have at least tried to go in the past? No, if you really want to stand out and outcompete your competitors you need to travel to the red planet. Where is your Mars? Where is there an unchallenged and relevant market for you to conquer while leaving your competition behind? The answer is simple - ask your potential customers.
Problems, Frustrations And Challenges
Of course it is a good idea to have an open dialogue with your target group, but do not ask them what they want. Their answer will invariably be along the lines of lower prices, better quality, and faster delivery. These typical answers will not help you get to Mars. It is not that they do not want to help you, but typically they simply do not have the required skills to be innovative and creative on your behalf. That is your job! They do, however, have another skill which is even more valuable: They can tell you which problems, frustrations, and challenges they experience and how often these “pains” occur. In addition, the insightful customers can tell you about their ambitions for their business and thereby hint at what you can do to help them reach their dreams.
Providing Real Customer Value
By understanding – in detail – not only your target group’s pains but also the frequency and impact of these pains, you have an excellent chance of developing and introducing innovative products and services. These new products and services have the power to disrupt your current market because they provide real value in a new way. You can do this because your current competitors are still focusing on customer satisfaction and asking what their customers want. That leads to sustaining product development whereas your approach, detecting opportunities, leads to disruptive innovation. That is why the battle for superior insight is increasingly becoming the real focal point of business competition. Those who arrive at the right insight first, or implement it the best, enjoy a powerful advantage.
Based on this concept we have launched a new mini eBook that we are offering as a free download. The eBook will help you better understand your target group's explicit and implicit motivations, and explain how this insight can be turned into innovation. Please click on the link above to download.