How to engage with customers and competitors
In my interview with Christopher King, Chairman of Sawtooth Software, he explains his ideal customer and competitors.
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As I asked him these questions, he thought hard and responded to these questions in a way that can help anyone who wants to start a successful business.
Who is your ideal customer?
Sawtooth Software markets its products to:
1. End-users of marketing research. This can include corporations such as financial institutions, manufacturers, government institutions, business startups, and service providers.
2. Marketing Research providers. This includes consultants and companies that conduct political polls.
3. Academic institutions. This is to help train new marketing students and provide tools for academics doing research.
When our company was founded, we had all worked as consultants in marketing research. So, we already knew end users (our customers when we were consultants), providers (our competition when we were consultants), and academics who were developing new techniques (by attending professional conferences).
As we began to market our products, the adoption of our products (sales) allowed us to refine our understanding of our end users.
How much time is spent each week with customers?
Customer time is comprised of:
1. Customer support. Helping customers use our products to gain insights for management. This area is our primary focus so that customers have a great experience and will share this knowledge with their colleagues.
2. Sales follow up. Potential customers who have visited our booths at trade shows requested information via phone, email, or website. Contacting current customers to help them renew their annual licenses.
What other things do you do with your customers?
1. Workshops, Conferences and Webinars. Worldwide classes to teach techniques and use of our tools
2. Cold calling. Calling Universities and encouraging them to use our tools in their classrooms.
All these activities have led to a strong “word-of-mouth” reputation which is an extremely effective method of advertising and gaining new sales.
How do you approach competition in your company?
Competition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market share growth. Market competition motivates companies to increase sales volume
What tips for learning more about my competitors?
1. Ask your customers (or potential customers) what needs are not being met by their present suppliers.
2. Order a product/service from your competitor so you can see for yourself what they are providing.
3. Learn as much as you can about a competitor’s corporate structure and finances.
4. Create scenarios on how the competitor might respond when you enter the market.
5. Conduct marketing research to test these scenarios.
6. Are you competing head-to-head with a competitor? Or are you choosing a niche with an unfilled need?
This was a successful interview for me because now I know what I need to do to be successful in business. I have been going out asking my potential customers some questions about their needs and I have learned that he also did that and many other things to ensure that they exist to meet the needs of their customers and by doing that they were met with success as they moved forward.
