How to choose a perfect customer base for any business?

Many people think modern businesses are built using complex AI technology and Machine learning codes, office spaces and employees.

But let me tell you something that most of today’s entrepreneurs are not aware of. In any kind of business or entrepreneurship, an end product will be given either for free or through subscription.

However one makes revenue only if it solves the problem of their consumers.

So, one should focus more on solving the problem of the consumer rather than creating the hardware and software part of the business.

Now this tells us why we should need to check our consumers and their behaviour over the products. 

In this article we will learn how to identify a perfect or ideal customer base to build a business. Now one must be clear enough to choose a quality product for a quality customer base.

Because our focus will be more on those particular customers only. We will use two life scenarios and understand how these two companies are creating a focused strategy and solving problems of those who are in their focus.

The Legendary Steve Job Strategy

Whenever we see his name, we will feel a vibe which helps us to increase the way we think of it. Steve Jobs created Apple as a part of his passion to solve the problems with his ability to hire and organise people of different talents and create a solution for their customers. But there was a major problem in his strategy. 

If everyone has the same product then the value of that particular product is greatly reduced because of its availability and affordability.

For example, if everyone can buy a car that is worth some money, then there is no value in having that car because everyone can buy it easily. 

People are more interested in buying things that others can’t dare to afford. This is actually a strategy used for selling high demand less supply products at high prices. 

While building Apple Steve jobs want to create a product that won’t lose its credibility among its users. So they made a product that can be affordable to high class people only.

In return they even attracted middle class people a lot. The reason behind this strategy is the fact that people want to look more successful than others.

These high end gadgets will somehow expose a person as successful or professionally well settled in life. 

In this way Steve Jobs created a brand that will always have a place among its admirers. This strategy was so helpful in creating a product that won’t lose its grip over the market at all.

The best way to repeat this strategy in your business is to create a product that serves a problem of a particular level of consumers and add a costly price tag to it. 

The Incredible Cred

Cred is creating a revolution that helped a lot of frustrated credit card holders and helped them in saving millions by reminding them about their payments.

One must analyse the behaviour of a customer in order to come up with creativity and innovation in a particular task. 

In the case of Cred, Kunal Shah understood one of the major pain points in the credit card industry. There are a lot of employees who are using a credit card for various purposes.

But they are so frustrated with late payment fees. The credit card industry is making a major share over these late fees only. Kunal identified this major point and solved it with an efficient solution. He introduced Cred for credit card holders.

Because cred gives points for those who have paid their credit card bills through their app. These points are used for purchasing various products or services in Cred app

He selected and focused on that particular category and made a solution. His solution is so effective that within two years, cred has Unicorn status. At present they are serving around eight million people per day successfully. 

From these two, we can understand that one must have clear knowledge over a particular category to provide a solution that can make legacy over the next few years. 

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