Knowing Your Audience as a Predictor of Success

Aristotle’s greatest advice was “know thyself”. Sun Tzu in The Art of War said, “know your enemy”. But the cardinal piece of advice for any entrepreneur or startup should be “know your target customer”.

As a startup, you may have a great product to offer, but unless you do your research to see who exactly the niche audience for your pitch should be, you might find yourself selling your product to people who cannot see the value in it, and as such, will not allow you to grow and succeed.
Research and testing are the keys to knowing what your customer needs, and how to keep giving it to them!

Case in point, Netflix. The company that started out as an online DVD-by-mail rental company has since blossomed into a streaming colossus and production studio. One of the many factors in their success is how they keep viewers’ attention once subscribed. Netflix’s predictive algorithms have their customers’ preferences down to a T, even among multiple users within the same account.
Their subsequent suggestions based on this knowledge allow the customer to feel less overwhelmed by the myriad choices confronting them each time they sign into Netflix, not to mention making them feel more appreciated by the company. After all, most people simply want to be understood – and Netflix does an excellent job of predicting the best content for your next “Netflix and chill” session.

What do you have to offer? Who is your ideal customer? And once you have them, what are they telling you that they want? The age-old aphorism “the customer is always right” applies here – they are telling you what they want from you with every click, every purchase, every online review, and every customer service encounter.

Your ability to take this data and transform it into increased value for your customer will make the difference between doing fine as a business, and doing great.