I talked with Frank again, the same business owner I spoke with for the "Very Short Interview" blog post. Frank owns and runs a fencing company.
1) Who do they think their target customers are? Where do they find their customers? What are their customer's demographics? What kinds of media do their customers consume? Etc.What are their customers' problems? What are customers currently doing to fix their problems? How big, on a scale of 1-10, is this problem in their customers' lives? What are some of the bigger problems their customers are dealing with? Do their customers have a budget allocated to fix this problem?
1) Who do they think their target customers are? Where do they find their customers? What are their customer's demographics? What kinds of media do their customers consume? Etc.What are their customers' problems? What are customers currently doing to fix their problems? How big, on a scale of 1-10, is this problem in their customers' lives? What are some of the bigger problems their customers are dealing with? Do their customers have a budget allocated to fix this problem?
Frank believes the company's target customers are private households. They find their customers in many neighborhoods that require fenced in yards or house that has larger back yards. The demographics of the customers varies but they all fall under the category of house owners. Customers of Franks company usually have old, broken, and moldy fences that need to be replaced and since replacing fences is expensive the customers normally wait until they cannot wait any longer, so the problem is severe. Many customers' budgets are enough for the projects but sometimes the projects have to be altered for customer needs.
2) Next, go and talk to 3 'target customers' -- using the demographics/psychographics the entrepreneur described. Ask these 'target customers' the questions in the paragraph directly above.
After asking three customers about the questions mentioned above I got similar answers from each. All three customers said they believe a company set up like Frank's should target customers on a household basis. One customer even mentioned the company reaching out to parks fro larger projects and agree with this idea. The customers agreed that since replacing a fence is expensive they too normally wait until they absolutely have to replace it to call for service.
After asking three customers about the questions mentioned above I got similar answers from each. All three customers said they believe a company set up like Frank's should target customers on a household basis. One customer even mentioned the company reaching out to parks fro larger projects and agree with this idea. The customers agreed that since replacing a fence is expensive they too normally wait until they absolutely have to replace it to call for service.
3) Reflect. Does the entrepreneur adequately understand their customers' problems? Where are the differences? Why might these differences exist.
Believe the owner understands all of his customers needs and has created processes that can solve their problems. Differences in opinion on how many customers the company reaches out to and what customers believe a similar company should do arises from Frank knowing what the company has the capacity to do and customers not understanding the entire business plan.
Hi Thomas,
ReplyDeleteFrank apparently knows his customers, given the feedback you received. The entrepreneur I interviewed also knows his customers. I feel their knowledge of their primary segments are what keep businesses running, especially after this exercise.
You said one of the customers gave you feedback on what they felt the business should pursue. Did you ask them that question? I believe that would have been a good question to ask. Your findings were interesting to read and I wish you good luck on your future assignments!
You can read my "80/20" post here.
Hi, Thomas. It sounds like Frank has a good customer base and a very accurate idea of his customers' wants and needs. The potential customers you interviewed gave thoughtful responses and it really is amazing how similar the responses are to what Frank expected of them. Your interview questions were also well-phrased and helped guide the interview effectively.
ReplyDeleteHere is the link to my blog post:
http://rolononariver.blogspot.com/2016/02/the-twenty-percent.html
Hey thomas!,
ReplyDeleteIts cool to see you continue to work with Frank, connections and networking happen just like that! I think that the customers in this market are crucial to his success. You never really market fencing via mass media, so he's relying on word of mouth and local presence to continue business. You showed how his customers really view the concept of his business, good work on this. For a different perspective look at my blog; i interviewed an art studio that offers a lounge vibe w food and drinks while instructing on how to paint.
Check me out at: HMU