Understanding the difference between what customers “ask for” vs. “want to buy”
Pricing Psychology 101
Have you ever seen a message that said “limited time offer!” and ended up purchasing something you never thought you even needed in the first place? If you answered “yes”, then that company or brand has successfully used psychological pricing to motivate your impulsive purchasing nature into a sale. Isn’t it incredible how the very […]
Reimagine Segmentation: Create Customer Rings
Customer segmentation is a powerful tool for businesses and entrepreneurs. Much like creating a business canvas, very few startups today skip doing a customer segmentation. When we surveyed more than 200 startups we found that more than 90% stated they had done customer segmentation. That’s good, right? Sort of. Most customer segmentations do distinguish potential […]
Love Your Customers. Talk To Them.
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A Easy Guide To Designing Customer Research
Building A Customer Focus Journey The basic starting point is the customer focus journey. According to the Harvard Business Review, this journey generally follows along four stages: Info gathering – where the company uses a dedicated team or third party to collect information about their existing customers and desired customer segments. Data mining – where […]
The Core Principle Good Companies Miss In Their Pricing Strategy
The most successful pricing strategies are rooted in the pursuit of understanding people. This is the starting principle I always emphasize to companies, founders, and executives. If you treat pricing like a discovery process of people, not only will it open opportunities on how to design your prices, but how, when and to what groups […]
Do Competitors Know More About Your Customers than You?
When I meet with a new company, I start by asking the same two questions: What does your company make? What makes it different? It takes a nano-second for the eyes of the entrepreneur or executive to light up in excitement. They talk about the product idea and inspiration. Walk through the cool features and […]