CUSTOMERS: Cornerstone for a Successful Business

Since the day I came across this definition it has stirred up a conversation within me that I can’t help but share. If the above is a valid definition of customers then arguably, having a sustainable business would revolve around having a good number of customers. Often than not, starting a business is relatively easy and simple compared to running the business. All you might need is really money, but running and sustaining a business would require not just money but a key component would be customers.

***I am carefully writing in no certain tone as I am not running a business yet, or I think I am not (ok that is by the side).

It may then suffice to have more discuss on understanding, assessing and strategizing a business around the potential of getting customers.

So let’s go to the definition.

 

Customers are THE PEOPLE….

To start a successful business, the best question to ask, is where are the people? This is what the economist would term as the market. Where do you have the convergence of people the most? Religious gatherings, schools, sports, celebrations, online etc These are your prospective customers, people! What are their characteristics? age, preferences, lifestyle etc The more you understand people and their dynamics, the more likely you are in running a successful business.

Customers are the people that PAY…

Can these people pay? What is their purchasing power like? What is their spending pattern? What drives their spending? What is their source of income? Because we are discussing business here and not a non-profit, the ability and drive to pay is key for success. Who are the customers of a Crèche for example? By this definition, the babies are not your customers, because they are not paying, you may need to focus and strategize around who is paying.

Customers are those that pay YOU…

This is where you and whatever you may have to offer start coming into the picture. It is ok to know where people are and how much they have to spend, but what can you do or give them that would make them pay YOU. Some business ideas only get customers to pay other people more and not the creator of the product or service. You really want to think and find out what will make them pay YOU maybe not only YOU but pay YOU more.

Customers are the people that pay you FOR WHAT THEY BOUGHT

Now it is important to know that they don’t have to pay you for something they bought from YOU. As long as they pay you for what they bought, then you are in business. Essentially, your business does not have to be about creating your own product, it could as well be a service. You may be a link to the purchase of a product and you get paid. 

Sometimes we are creating value in a way we are not even aware of. If someone pays you (or gives you money) for what you don’t know, they person is your customer already, you only need to figure out what product or service you are offering and harness it.