Your company has spent an immense amount of time and money and now you deeply understand your (old) customers’ needs and wants. Congratulations… But unfortunately, your core customers have all changed during the time you’ve spent studying the old ones, and now you have new customers with completely different needs and wants.
A recent article on LinkedIn describes three steps in using an attribute map to understand and adapt to new customer demands.
- Understand who your new customer is. How are they different from your old customer base?
- Create a new attribute map. Describe your new customer and what they value. Assess how your current products measure up to the attributes. (the article also includes a free attribute map template)
- Come up with an action plan. Where are you weak on an attribute that is critically important to customers? Where are you wasting time and effort on other attributes that used to matter but that don’t matter at all now to emerging customers – even if that attribute was critical to your past success?
For a great example of tracking a seismic wave of customer change, watch Snap CEO Evan Siegel explain how people began using photos in a completely new way to “talk” with one another as opposed to “saving memories”. And Snap is now a $94 billion company – that capitalized on understanding the attributes of a new set of customers.
In fact, some of those new customers of yours probably use Snapchat, even if you still can’t figure it out…