Why do some people succeed at starting and running a business, while others give it a go, then give up? Is it commitment and hard work? Well, that’s a big part of any business’s success, but some businesses fail, even when their owners work 18-hours a day.
Is it capital and cash reserves? Having lots of cash can definitely help sustain a business longer, but you could pour millions into a business and still come out short. Is it research, innovation, or expertise? Maybe, but not all experts and inventors end up being successful business owners.
So, what is it then? Is there a simple question that can predict business success? Actually, yes, there is.
Who does your business belong to?
The answer to that seemingly simple question can make the difference between success and failure in business, especially for startups.
The most obvious and common answer is: it belongs to the shareholders or owners—the people who legally own and initially finance the business. If you’re the sole owner and financier, then surely it belongs to you, right?
Well that’s true in the legal sense. Yet it doesn’t quite help you focus on the things that would make your business successful.
Most successful business people give a drastically different answer. They consciously or unconsciously understand that for their businesses to succeed , the answer to that question would be:
My business belongs to its customers!
Think about it. Even though you may initially provide the capital, it’s the customers who are really paying for everything. That is if you want to get your money back and then some, right?
A failed business ends up being paid for by its unfortunate owner. A successful business is ultimately fully and completely paid for by its customers, plus a healthy dose of profit.
To build a successful business it has to be driven by and designed for customers, not for your personal satisfaction. The primary decision-maker becomes the customer. The processes and operations are designed for the customer’s convenience, not ours. It’s all about what the customers want, how they want it, how much they’re willing to pay for it, and how fast they’d like to have it delivered.
Meanwhile, businesses that fold quickly usually have the opposite mindset. Too often, owners get caught up in what they want out of their business, rather than what their customers might want. They tend to prioritize what saves them money, what saves them time and what’s easier for them to do.
“Sorry ma’am, but we’re closed on Saturdays and we don’t deliver to your area.”
Why not? Because they’re doing what’s convenient for them rather than what’s convenient for their customers. It’s understandable, especially if you start your business because of a passion or a specific vision for how it should run and what it should offer its customers.
Business-minded people understand that their business exists to serve a customer. They know that being a business owner doesn’t mean you get to be your own boss; it means your customers are your boss.
Getting Inside Your Customer’s Head
Now that we understand the importance of viewing your business as belonging to your customers, let’s dive deeper into how you can truly serve them. The secret? Get inside their heads.
Your Golden Opportunity: Embrace Customer Complaints!
Here’s a mindset shift that might feel uncomfortable, at first: start seeing customer complaints as a gift, not a curse. I know, it can be unpleasant but hear me out.
Every complaint is a chance to:
- Understand what’s really bothering your customers
- Explore ways to improve your product or service
- Show your customers that you genuinely care
Think about it. A customer who complains is actually doing you a favor. They’re taking the time to tell YOU what’s wrong instead of telling all their friends or just walking away. They’re giving you a chance to make it right.
So, the next time you hear a complaint, resist the urge to get defensive. Instead, take a deep breath and say, “Thank you for bringing this to my attention. Can you tell me more?”
Actionable Steps to Get Inside Your Customer’s Head
- Listen More Than You Speak: During customer interactions, aim for an 80/20 ratio – 80% listening, 20% talking. You’d be amazed at what you can learn when you truly listen.
- Ask the Right Questions: Don’t just say, “I hope you were satisfied?” Ask, “What could we do better next time?”
- Observe Your Customers: Watch how they interact with your product or service. Where do they hesitate? Where do they smile? When do they immediately take a decision to buy without hesitation? These non-verbal cues can hold goldmines of information.
- Create Customer Personas: Develop detailed profiles of your ideal customers. Beyond the demographics of age, gender, etc. What are their hopes, fears, and daily challenges? How does your business fit into their lives?
- Implement Regular Feedback Loops: Don’t wait for complaints. Proactively seek feedback through casual conversations or surveys and focus groups.
- Walk in Their Shoes: Regularly use your own product or service as a customer would. You might be surprised at what you discover.
- Analyze Your Data: Look for patterns in customer behavior, purchases, and feedback. What story is your data telling you about your customers’ needs and preferences?
Remember, the goal isn’t just to collect information – it’s to use that information to make your customers’ lives better. When you truly understand your customers, you can anticipate their needs, solve their problems, and create experiences that keep them coming back.
The Bottom Line: It’s Not About You
At the end of the day, successful business owners understand a fundamental truth: It’s not about what you want. It’s about what your customers want.
This doesn’t mean you have to sacrifice your vision or values. It means aligning your vision with your customers’ needs. It means building a business that serves a real purpose in people’s lives.
So, ask yourself: Are you building a business for yourself, or for your customers? Are you solving your problems, or theirs? Are you listening to their needs, or just assuming you know what’s best?
Remember, your business belongs to your customers. Treat it that way, and you’ll be rewarded with long-term success.
