A couple of months back, I wrote a post on why is it important to measure the performance of your actions – be it a sales process, a marketing activity or that newly adopted habit of going on a nutritious diet to make your tummy flat in straight 3 months! Let me extend that and mention one more advantage of monitoring. One of the key mantras to successful selling, be it a product or a service, is understanding your customers. Let’s accept that. Before you start selling a product, you cannot know everything about your customer. You cannot know everything about what he wants. And then there would be times when the customers themselves don’t know what they want (consider the example of iPhone). So, you start making assumptions (which I personally say is OK). In these cases, this is what you should do. You start collating data (let me make it more simple and say all sorts of inputs), analyze it to understand whether you are on track with your vision and plans. Along with, you also start using that analysis to learn more about your customers. Because, when you start selling something, you make certain assumptions about your prospective customers. And analysis of these inputs will help you validate those assumptions. Those are your valuable insights. They are unique and can be your USP – your competitors don’t have them because these insights are based upon your interaction with your customer. Transform these insights in to anything to do with what you offer to the customer (it can be about tweaking the product, distribution channel or may be the after sales support). That will take you places and your competitors won’t be able to emulate it quickly.
Coming from a Marwari family involved in to trading business, I can vouch for the fact that it’s the insights about your customers and anything to do with their behavior that plays a key differentiator when you go out in the market and sell products.