How to understand Your Customer and Your competitors
September 7, 2021 / Industry News
There are many different sources for new business opportunities, but the most
promising ideas perhaps come from fully understanding customer needs.Besides,
evaluating your business competition and conducting a thorough competitor
analysis are also of vital importance.
To understand your customers and competitors more objectively and
comprehensively can give you valuable insights into your business and allow you
possible avenues for increased revenue and growth.
Here are several tips to help you get to know your customers and your
competitors in you home appliances business more deeply and thoroughly.
Ⅰ To Understand Your Customer
1. Walk in your customer’s shoes
When was the last time you put yourself in your customer’s position? Acting
as a customer by following your touch points, interaction procedures and
carrying out transactions will give you important insight.
As well as assessing how easy you make things for your customers, you’ll also
gain important insight into the routes they take.
For example, is your branding top-notch and consistent at every point? Does
your email and social media messaging flow and match? Are there any barriers in
place to purchasing?
Make sure you make reviewing your customer experience a regular activity.
You’ll gain understanding, as well as identify areas of improvement and
2. Evaluate consumer motivation.
Researching consumer motivation may be a particularly fruitful source of
We can use market research to get a better understanding of consumer
motivation. On the contrary, when there are barriers constraining consumption —
you can begin to identify possible opportunities for business innovation and
To account for differences between specific types of consumers and how they
approach the buying process can also be used to guide future product development
and marketing strategies to boost your bottom line.
3. Collect customer feedback
Are you seeking first-hand advice on product improvement? Customer
satisfaction surveys give you the insights you need to make better decisions. A
consumer survey will help you understand your customers’ likes, dislikes, and
where you need to make improvements.
Before you conduct your survey, please remember that you’d better keep your
surveys short. A good rule of thumb to keep in mind is to ask questions that
fulfill your end goal and shed light on customer needs and their purchase
Ask these six key questions about your customers.
Who is the customer？
What does the customer want to buy？
Where does the customer buy?
How does the customer pay?
What price is the customer willing to pay?
Then the next question is what are the best methods of collecting customer
feedback. There are hundreds of survey tools to collect feedback from customers.
we’ll talk about the most popular and effective ways to collect customer
feedback which include form-based surveys, phone calls and Transactional
Though there is no ‘ideal’ length for a survey, It is clear that the longer
the survey, the less time will the respondents spend on each question. So only
ask questions that fulfill your end goal. Ensure that every question serves a
clear purpose. If you do not intend to use the information, do not ask that
question. The aim is to collect customer feedback and not to have them write an
B. phone calls
Hearing a person’s voice and tone is the best way to sense what they actually
feel about your product.
A call will help you tell the features that get users excited, features that
really make their lives easier.
The key here is that the person calling the user should genuinely want to
understand their problem and offer solutions. Do not do it because you have to
do it. Do it because you care.
C. Transactional emails
Transactional emails can be used as a powerful weapon to foster a dialogue
with customers. Asking the right feedback question in these emails will
certainly get good responses.
Inviting customers to become a part of your business through a loyalty
program or questionnaire is a great way to create an emotional bond with
clients, rather than a solely transactional relationship.
Ⅱ To Understand Your Competitors
Whether you want to admit it or not, they're out there and they're hungry for
No matter what product or service your business offers, it will always face
competition. Understanding your competitors and their business practices is the
key to success.
1. Do a competitive analysis.
Knowing who your key competitors are and assessing their strengths and
weaknesses is another essential step that can illuminate specific growth
strategies and ways to differentiate your products and services.
When analyzing the competition, consider the following:
Who are the main industry participants, and what is their market share?
What products or services do they sell, and what is their value
Which products and brands are growing more significantly and why?
What are the strengths and weaknesses of your competitors?
What strategies can you employ to build an advantage?
2. Speak to Your Competitors
If you use the right approach, you can learn a lot of information about a
company by simply contacting them and asking the right questions. While they
certainly won’t divulge all of their business strategies, it’s possible to get
high-level information such as the size of the company, current product
offerings and new markets they may be moving into. Again, even small pieces of
information are helpful in putting together the overall puzzle.
3. Check Social Media
Simply monitoring social media sites such as Facebook, Twitter, Instagram and
LinkedIn can offer a lot of insight into what competitors are saying. One of the
distinguishing characteristics of the internet is that people speak their minds.
This is especially true on review sites such as Yelp or Trip Advisor. Google
also offers users the chance to review businesses, all of which is available for
Researching your customers and competitors is easier than it may seem. Ask
yourself these questions to see where you can improve. Being critical of your
own business and taking inspiration from your customers and competitors can help
you be more competitive.