The Secret of Business Success

April 7, 2023
Urquhart Wood

The Secret of Business Success

What if you could obtain unique, potentially game-changing customer insights, such as:

1. A comprehensive set of your target customers’ needs. (“Customer needs” are best thought of as the functional, emotional, and social jobs that your customers are trying to get done with an offering, and the criteria customers use to measure success).

2. A statistically valid, ranked list of all the opportunities for innovation and growth in your market. (“Opportunities” are important yet unsatisfied needs. The more important and less satisfied a need is, the greater the opportunity for innovation and growth it presents).

3. Clarity about the hidden market segments that currently exist in your market right now based on how different customers value getting their jobs done according to different criteria. Plus, clarity about the unique opportunities within the segments of opportunity. (Only jobs-based segmentation can reveal these hidden segments and their unique opportunities. The problem with traditional segmentation is that people don’t buy products and services because of their demographics; they buy because they want to get a job done to a level of satisfaction that meets their important criteria).

“I have probably done over 100 jobs-to-be-done projects and…not one has  failed to deliver potential game-changing insights.”

 Jeff Baker, Head of Market Research and
New Product Development, NetJets

4. A competitive analysis that reveals how well your company is satisfying customers on all the criteria they consider to be important as compared to your chief competitors.

5. Clarity and confidence about where to focus and what to do to create unique value based on 1) identifying and validating the opportunities in the market and then 2) evaluating and selecting those opportunities that you believe your firm can address and win given your firm’s relative strengths.

6. Clarity and confidence that your target customers will be more likely to buy from you if you can help them get their core job(s) done better than other competitive options.

Not surprisingly, when you get a clear fix on your targetcustomers’ unmet needs, all your customer value creation activities can be executed more effectively, e.g., generating ideas, messaging and positioning, market segmentation, competitive analysis, etc.

Could knowing your customers’ needs better than anyone else be your firm’s “secret of business success?”

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