By now, you have recognized some elements to realize your business venture plans, but it is only the first half of the game. The second half deals more with the customers and the business per se. At this point, you cannot throw up your hands and start to slack off with what you are doing to start a business. You already have an understanding of yourself, your people, your customers, your technology, your business processes, and your solution. But there is still a lot more to consider. The third part of this video series helps you through the next steps to starting your business.
Step 7. Know your customer’s journey
All of us are customers of a certain product or service. With this in mind, we might get the impression that we know everything about consumers as we ourselves play the role; thus, this step usually gets ignored by aspiring entrepreneurs. A customer’s journey refers to the total experience of each customer as he/she interacts with your business. It starts on the very first time that they get to know your product or service and moves on to scouting for prices, buying from your business, using the product or service, and being a satisfied consumer. In essence, the customer journey is about your customers’ behaviors, experiences, and emotions in relation to your solution. Knowing about your customer’s journey is imperative so you have a way of knowing how they became your customers in the first place and how long you can expect them to stay with your brand. As such, you can strategize on how to attract new customers and how to make them feel satisfied with their purchase.
Step 8. Know your people’s roles in your customer’s journey
Throughout your customers’ journey, there will be touchpoints or moments when they directly interact with the business. This includes prospecting, sales, and even after-sales services. For every touchpoint, there are people (your employees) who will be responsible for ensuring that the transaction moves smoothly towards sales and repeat-purchases. It is necessary to know who among your people are in charge of these touchpoints so that you could make the customer experience lean towards your business goals.
Step 9. Know your business telemetry
Telemetry consists of measurement tools for your business. Why do you even need measurement tools? There are Key Performance Indicators (KPIs) for every business. Also described as success indicators, KPIs are quantifiable measurements that assess a company’s performance. They could be anecdotal or financial. They could be measured monthly, weekly, or daily. Think of KPIs or telemetry as the thermometer for your business. In the same way that a thermometer measures your temperature, telemetry gauges the state of your business. You can understand your business telemetry through reports, charts, and dashboards. When you are able to track these tools, you acquire a better understanding of where your business is going. Is it still in line with your goals? Is it doing good or otherwise? Do you need to make some adjustments? Are there any changes you need to act on? Generally, business telemetry allows you to keep an eye on what works and what doesn’t in your business.
Ultimately, these steps are geared toward knowing more about your customers, your people, and your business goals.
Watch this video as I talk about these steps. Stay tuned for the last part of this blog article series.
This is Joey Gurango, your Business Technology Coach!