Understanding the needs and preferences of your customers, employees, and stakeholders is crucial for driving your business forward. As you refine your strategic plans for the future, take the time to gather valuable insights from these key groups. Knowing what they like, what they would buy, and what they would never consider purchasing from you can significantly shape your business decisions.
What Do They Like About Your Offerings?
Start by asking your customers, employees, and stakeholders what they like about the products or services you currently provide. These are your strengths—what sets you apart from the competition and keeps people coming back. Understanding these positives will help you double down on what works, ensuring that you continue to meet and exceed expectations.
What Additional Services or Products Would They Buy from You?
Next, explore what additional services or products these groups would be willing to buy from you. This is where growth opportunities lie. By identifying unmet needs or gaps in your current offerings, you can expand your portfolio in ways that are both strategic and aligned with customer demand. This proactive approach not only increases revenue but also strengthens your market position.
What Services or Products Would They Never Buy from You?
Equally important is understanding what your customers, employees, and stakeholders would never buy from you. This insight is crucial as it prevents you from investing time and resources into areas that are unlikely to yield returns. By knowing where not to go, you can focus your efforts on areas with the highest potential for success.
A Lesson from a Leading Pharmaceutical Company
A compelling example of the power of insight comes from a leading pharmaceutical sourcing and distribution services company. By deeply understanding the needs of their biggest customers at a decision-maker level (their Customer Advisory Board), they were able to avoid adding a new service line that their customers said they would never buy from them (their competitors were already in the #1 and #2 spot). This saved them $5 million in first-year costs and over $20 million over the life of the product lifecycle. Their story highlights the importance of staying in tune with those who matter most to your business.
Gathering and analyzing insights from your customers, employees, and stakeholders is a powerful tool in your strategic arsenal. It not only helps you refine your current offerings but also opens doors to new opportunities and ensures that you’re investing in the right areas. As you move forward, let these insights guide your decisions and help you build a stronger, more resilient organization.