Any idea what kinds of business James Caan invests in? Well he recently divulged the primary thing he looks for in any type of business and it happens to be a business that is user-centric.
The first principle is that, it doesn’t matter what sector you are involved in, the basics are always the same – right from the very outset you have to know what makes your customers tick.
Of course we’ve known that focussing your business around your target users is one of the most important things you need to do but why is that? Because you are NOT your customer. You don’t think like them or have the same experiences as them. You see your business from totally different points of view. So to make your business appeal to your customer you have to take time to research them and understand their wants, needs, concerns, opinions, behaviour… only then can you build a business that meets their requirements.
If your business is based online, then this means conducting research not just to understand your target users but also to analyse their behaviour and interaction with your site to be able to improve your user experience and increase sales.
If you do not have a proper understanding of what your customers want then sadly you are destined to fail. There are plenty of examples out there of companies, big and small, who lost sight of their customers and what they wanted. The end result is always the same no matter how big or established the name is.Tough economic climates tend to separate the strong from the weak. If there is a problem with your offering then a recession is only going to highlight that problem.There is no loyalty when it comes to business and that is the case even more so in the modern and increasingly competitive world. Customers, whatever the marketplace, are fickle and will go with whoever offers them the best services and products at the best price.The key with any business is always to remember the customer and put them at the forefront of everything you do. You have to offer the best products and most importantly, stay in touch with the customer’s needs at all times.
In my line of work I have met too many people who have made the same simple and very fundamental mistake of forgetting about their customers.As the old saying goes the customer is always right. If you ignore that simple motto then sadly it will all probably end in tears.