Entrepreneurs often claim they know what their customers want, but the data suggests otherwise. Many businesses only confirm assumptions rather than discovering new truths. Finding a million-dollar idea requires asking the right questions, which can be achieved through a specific process.
Identify the Best Customers
The most valuable marketing and product ideas come from the company’s best clients. These are the customers a business wants to attract more of. Often, leaders mistake the most vocal clients for the most valuable ones, but vocal customers do not always provide the highest revenue or the best results.
Best customers usually share three traits: the highest lifetime value, the highest average order value, and the best results from the product or service. To find these people, a company should pull lifetime and average order values from its point of sale system. For those without a point of sale system, identifying customers with verified reviews is the next best option.
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If a business lacks reviews, it must survey its user base. A company should ask two specific questions to find its best customers. First, they should ask what the customer hoped their life would be like by purchasing the product. Second, they should ask on a scale of 1 to 6 how close the customer got to achieving that goal. The customers with the highest scores on the second question are the best leads.
Secure the Interview
Once a list of best customers is compiled, getting them on the phone is the next step. Offering a $100 gift card often secures their time, though a $50 card or a free product can work if budget is tight. The outreach email must emphasize that the call is casual and will not be used to sell them anything.
During the call, the interviewer should listen for energy and excitement. Your customers will be delighted that you want to hear from them and get their help making a better product.
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Here’s what a typical outreach email looks like that gets the best response:
Hi [Name], [Person’s Name from the company] here. I’m reaching out because we’re looking to better understand how to connect with customers like you. You’ve been [purchasing since X date. You’ve left a review. Some other detail about why they’re being chosen]. I’d love to hear your story, so we can better understand how [our product] can serve people like you. The call will be casual. There’s no need to prepare (and it won’t be used to sell you anything or quote you). We’re just looking to understand your story better. Would you
