CUSTOMERS

Reporter
Group 2
 1 What i s Customers and I t s types?

2 Customers needs and Pain points

Contents
Content
3 Market Research and Validation
s
4 The Decision- Making Process

5 Target Customer Profile

 What
01 is
Customers ?
• The 8 Different Types of
PART ONE Customers
Customers
Customer is an individual, group of
individuals or an organization who receive
or may receive goods, services, products or
ideas from another individual or a company
in return of value which can be money or
anything of equivalent value.
Technopreneurship begins with the customer
experience and work backward to arrive at
the technology to provide that customer
experience.
 Importance of Customers

1 2

1. Customer Experience 2. Customer

These days the customer experience Satisfaction
is one of the most important
Customer experience need to convert
parameters in the world. The
3 into customer satisfaction. A customer
customer experience doesn't start
needs to be sure and satisfied before
after buying a product but it starts
and after buying a product.
from the moment customer notices a
product.
3. Customer Support
Customer might need service and support at
any point in the sales and after-sales cycle.
Customer service has become of the pillars of
successful businesses highlighting how
important the end customer is.
 8 Types of Customer
1. Potential quantity etc.
Customer
- Kind of person who is
very likely to buy the
product or service
offered.

2. Loyal Customers
- Those who are loyal
to one business and
repeat the purchases
irrespective of minor
changes in
parameters like price,
3. New Customer
- The customers who have
used the product or service
for the first time from a
particular organization.
Such customers can be
switching from a competitor
brand or may be new
entrant into the market.

4. Discount
Customer
- Those who only buy or use
the offering because it was
on discount or offered a
cashback. These people are
more likely to switch brands
easily if prices reduce unlike
loyal customers.
 8 Types of Customer
5. Former Customers 7. External Customer
- - An external buyer is a
Those who were once buyer of
one business and became
buyer of your services and
buyers of a new business products but external to your
because of some reason. These organization.
people would still be potential
customers as they have
already tried the product or
8.
service once. Intermediate
Customer
6. Internal Customer - Those who purchases
- One who is connected to the goods for re-sale.
your organization and is The customers are part
internal to your of a longer supply or
organization. value chain.
02 C us tom er s nee ds
• Customers needs and wants
PART TWO
• Customers Pain points
• 4 Types of Pain points
Customer needs

This is where human psychology

and behavior come into play,
which focuses on the premises that
every human has a need.
Customer wants
A consumer wants usually
reflect the desired preferences for
specific ways of satisfying need.
Thus, people usually want
particular products, brands, or
services that satisfy their needs in
a specific way.
Customer Pain points

A pain point is a specific problem

that prospective customers of your
business are experiencing. In other
words, you can think of pain points as
problems, plain and simple.
 4 Main Types of
Customer Pain points
The process pain points refer
to how businesses interact with
customers by choosing different
The financial pain points
methodologies and processes.
indicate the pain of spending an
excessive amount of money on the
The productivity pain points current business that ends up with
are when the customer the financial strain.
expects a more streamlined
experience when getting in The support pain points, with
improper support, most of the crucial
touch with businesses.
areas are impacted. Customers may
have product-related queries and most
of them would expect prompt
customer support.
 Mar ke t Research
03 and Valid ation
• What is Market Research?
PART • 5 Basic Methods of Market Research

THREE • What is Market Validation?

• 5 Steps to Determine Market Validation
 Market Research
Market research (or marketing research) is
any set of techniques used to gather information
and better understand a company’s target
market. Businesses use this information to
design better products, improve user
experience, and craft a marketing strategy that
attracts quality leads and improves conversion
rates. The main purpose is to gain an
understanding of customer needs and wants in
an effort to reveal potential business
opportunities.
 5 Basic Methods of Market
Research

Surveys for Personal

Field Trials
market research Interviews

1 2 3 4 5

Focus Groups Observation

 Market Validation
Market validation is the process of determining if
there’s a need for your product in your target market.
Validating your business idea can enable you to
reasonably predict whether people will buy your
product or service, and whether your business will be
profitable.By going through the process of validating
your business idea, you can gain a deeper
understanding of how your product does or doesn’t
meet your target customers’ pain points. The insights
you gain can help you create an offering that not only
addresses your market segment’s needs, but earns you
your first paying customers.
 5 Steps to Determine Market
Validation
Conduct
Write down Down Test Your
Customer
Goals, Assumptions, Product or
Validation
and Hypotheses Service
Interviews

1 2 3 4 5

Research Search
Assess Market
Volume of
Size and Share
Related Terms
 The Customers
Decision Making
04 Process
• 5 Stages of the Customers
PART FOUR Decision Making Process
Customers Decision Making Process

The customers decision making process

is the process by which customers become
aware of and identify their needs; collect
information on how to best solve these
needs; evaluate alternative available
options; make a purchasing decision; and
evaluate their purchase.
 5 Stages of the Customers
Decision Making Process
Need recognition (Awareness): The first and most important stage of the buying
1 process, because every sale begins when a customer becomes aware that they have a
need for a product or service.
2 Search for information (Research): During this stage, customers want to find out
their options.

3 Evaluation of alternatives (Consideration): This is the stage when a customer is

comparing options to make the best choice.
Purchasing decision (Conversion): During this stage, buying behavior turns into
4 action – it’s time for the consumer to buy!
Post-purchase evaluation (Re-purchase): After making a purchase, consumers
5 consider whether it was worth it, whether they will recommend the
product/service/brand to others, whether they would buy again, and what feedback they
would give.
 Target Customer
05 Profile
• 4 Steps to Build a Target
PART FIVE
Audience Profile
Target Customer Profile

A target market customer profile identifies the

customer most likely to buy your product or service. While
some companies create products around a customer profile,
others identify the customer profile once marketing
strategies are developed. The target customer profile
identifies shared characteristics, behaviors and attitudes
the target customers have, and this knowledge is used
when creating captivating marketing materials and
promotions. Having a solid and suitable target customer
profile may increase your company’s profits because
people in need are buying the products or services.
 4 Steps to Build a Target
Audience Profile
1 Create Broad Descriptions of Your Ideal Customers

Before you look at specific demographics,

you'll want to consider what is important to
your customers, and what makes them want
AdTitle to do business with you. This is where
customer reviews may come in handy, as well
as any existing data or analytics you have on
your current customer base.
 4 Steps to Build a Target
Audience Profile
2 Research Your Potential Customers’ Demographics

Now that you have some broad descriptions of

your potential customers, you can begin to add
AdTitle more detail. Including demographic
information in your target audience profile will
help you better understand your customer base.
 4 Steps to Build a Target
Audience Profile
3 Identify the Needs and Problems of Your Target Audience

By now, you have a good idea of who your

ideal customers are. Next, you'll need to
AdTitle identify their needs and pain points.

Put yourself in the shoes of your potential

customers, and look at your products or
services from their point of view.
 4 Steps to Build a Target
Audience Profile
4 Determine Where Customers Will Find You

Last but not least, it’s important to think

about how customers will find your company
AdTitle or offerings. It doesn’t matter how great your
products are if your customers can’t find them
and don’t know they exist.
 References:
• Technopreneurship 101 - https://www.phildev.org/technoprenuership-101/
• Customer Meaning, Importance, Types & Example - https://www.mbaskool.com/business-
concepts/marketing-and-strategy-terms/8404-customer.html
• Customers needs and wants - https://proechosolutions.com/asheville-marketing/understanding-your-
customers
• Customers Pain points - https://www.revechat.com/blog/customer-pain-points/
- https://www.wordstream.com/blog/ws/2018/02/28/pain-points
• Market Research - https://www.hotjar.com/blog/market-research/
• The Five Basic Methods of Market Research - https://www.allbusiness.com/the-five-basic-methods-of-
market-research-1287-1.html
• Market Validation and The Five Steps to Determine Market Validation -
https://online.hbs.edu/blog/post/market-validation
• Customers Decision Making - https://www.yotpo.com/resources/consumer-decision-making-process-
ugc/
• Target Customer Profile - https://smallbusiness.chron.com/target-market-customer-profile-22543.html
• How to Build a Target Audience Profile (In 4 Steps) - https://easyaffiliate.com/blog/target-audience-
profile/