The One Thing That Is Costing You Millions Of Dollars In Lost Sales

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Alright, alright:

If you were a bit skeptical after reading that headline, I don’t blame you.

After all, there are a ton of blog posts, videos, and podcasts out there claiming to point out the “one thing” you’re doing wrong (or not doing at all) that is costing your company money.

All too often, though, such content ends up discussing a bunch of things you could be doing differently within your business to spur a growth in sales. Sure, this content might pass along some decent advice regarding marketing and pricing strategies, employee training and relations, and the like…but these articles, videos and podcasts often fail to address the one thing you need to do before making any of these changes in the first place.

As it turns out, it’s the same thing you need to do when just getting your company off the ground.

I’m talking about knowing your customers better than they know themselves.

Once again, probably heard that piece of advice more times than you can count, as well.

But are you really taking it to heart?

(If you’re unsure of your answer, here, chances are you could be digging much deeper.)

While it’s definitely important to know the “on paper” aspects of your target audience (i.e., surface-level data such as demographics and geographics), focusing solely on these data points will merely leave you with a caricature of who they actually are.

That being said, it’s much more important that you have a true understanding of things like their:

  • Goals, hopes and dreams
  • Challenges and difficulties
  • Hesitations and hangups

…and much, much more.

Taking things a step further, it’s also important to recognize that these data points are not set in stone. Whether your company serves individual people or larger organizations, the fact is your customers are always evolving. Of course, as they evolve, so do the things we mentioned above.

The trick, then, is making sure your company evolves with them.

The One Thing That Is Costing You Millions Of Dollars In Lost Sales

In this episode of the Insane Growth podcast, I’ll talk you through my exact process for learning as much as I possibly can about my target customers, including:

  • The specific questions I ask them while creating or developing a new product or service
  • The method(s) I use to effectively and efficiently communicate with them
  • The way I frame my questions and correspondences with my audience when reaching out to them

I absolutely cannot stress the importance of this last point, here:

The more specific and in-depth the information you’re seeking is, the more important it becomes to choose your words carefully when interviewing your target audience. Reason being, you want to ensure they’re laser-focused on telling you everything they possibly can about the topic at hand (as opposed to merely glancing over the essential information you need to know about them).

(It’s also worth mentioning that “speaking your customer’s language” inherently builds a sense of camaraderie and trust between both parties. As you surely know, the more your target audience trusts your brand on a personal level, the more likely they are to continue doing business with you over time.)

I’ll also provide a few examples of companies that definitely dive deep into their target customer’s goals, challenges, and pain points—and of those who obviously don’t have the first clue of what their customers really want from them.

(I don’t need to tell you which brands end up faring better, right?)

While the specifics of my approach in this regard will likely differ from what will work best for your company, the overall sentiment remains the same:

If you want to launch your company to the 7- or 8-figure level, the very first thing you need to do is learn as much as you can about your target customers.

The more you know about them, the easier it will be to ensure they remain on board well into the future.

Resources Mentioned In This Episode

  • Lead Generation Machine: My (currently closed) course in which I explain how to automate the process of consistently generating high-quality leads.

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Thanks for tuning into this week’s episode of the Insane Growth podcast! If this episode has helped you in your business journey, please head over to iTunes, subscribe to the show, and leave me an honest review. Your reviews and feedback will not only help me continue to deliver great, helpful content, but it will also help me reach even more amazing entrepreneurs just like you!

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