The Art of Listening

We have all seen a number of killer products/services launched in our lifetime that did not really live up to the hype that was created, Cuil. They have had great teams with lots of experience and everything fit just right. It is hence baffling and leads one to wonder whether adequate research was done for the target audience. Whereas it is true that switching costs of moving from one search engine to another is practically zero in terms of dollars and cents,  there is however a lot more to getting a customer to switch over from using Google. If they had asked me what it would take for me to switch, I am sure if I thought long and hard, I would come up with some things I would like Google to do that it does not at the moment.

This is an isolated example and I too am guilty for releasing products without adequate research of the target segment that it was meant for. As entrepreneurs we are constantly on the look out for the next big thing, or that game changer which will revolutionize the way we do something. Sometimes we think we are onto something and we are blinded with the possibilities of what could be, and forget the fundamentals. No matter how strongly we feel about the hunch we have about the next big thing we need to get out there and talk to our prospective customers to find out whether it is something they need. Forgetting this one basic step and getting ahead of ourselves often results in much wasted effort.

With the proliferation of the internet it has become a lot easier these days to just sit back and listen to the conversations that our target segment may be having.

1. Blogs: The blogosphere is full of conversations that your target segment is having regarding pain points you want to address as well as how your competition is dealing with it currently. This is an amazing source of information and should be used well to gather detailed information regarding your segment.

2. Twitter: This micro blogging service has had a popularity explosion. Millions of individuals are online talking about their favorite products/services and what they like and do not like. News spreads like wildfire through this network and has the ability to make or break your product/service. Monitor this service and keep a look out for changing trends and pain points.

3. Google Alerts: These are simple phrases or words that you can setup to get alerts whenever someone on the web uses them. This is powerful way to keep your ears to the ground,  keep abreast of what your customers are saying, what your competitors are doing and how the industry may be changing.

4. Online Surveys: I use survey monkey for just about every new idea that I have. It is the first step I take once I have collected enough information regarding the product/service that I am interested in. Finding specific information early on in the developmental cycle can save you days of work and discussions.

We need to learn how to tape our mouths and actively listen to what  prospective customers are saying and want. They really do not want to know all the mind blowing advantages of using your product in the first instance. What they want is for you to listen to the problem they are currently facing and then see if your product/service can actually alleviate some of that pain.

The next time you are planning to launch a product/service, take some time out to actually study and learn about the segment that you want to target. Listen to their pain points and develop a product/service which incorporates features that are requested and will be helpful to them.

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