In this episode, Customer-Centric Operations Expert, Zac Stucki talks about the customer’s progress and how it affects profitability. Understanding your customer’s progress is key in maintaining and scaling your business so tune in and take notes!
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Zac Stucki is a published author and business scaling expert. He’s been featured on top podcasts all over the world. He helps you scale by understanding the real reason why your customers are giving you their money, and then designing strategy and operations around that. Zac has helped businesses hit 40% year-over-year growth rates for multiple years, grown revenue streams by 600%, and created plans that add double digits in profitability without sacrificing quality or productivity.
Read the episode summary below!
The Customer's Progress
The success of a business depends on many factors; one crucial factor is profitability. Zac Stucki, Customer-Centric Operations Expert, joins Vanessa in today’s discussion to talk about how the customer’s progress can affect profitability and influence the success of your business. Understanding your customer’s progress is key in maintaining and scaling your business.
What is “The Customer’s Progress” and Who Does it Apply to?
The Customer’s Progress is the idea that people aren’t necessarily just paying for your services or products. The customer is paying for something that will cause them to move forward, or progress in their life path. This idea applies to every business, whether it’s service or product based. Essentially, the customer has hired you to create change in their life.
There are three basic underlying energies that are covered by “The Customer’s Progress” idea:
- Functional Energy: does it do the job that it claims it will do?
- Emotional Energy: how do I feel when I use or interact with this product or service?
- Social Energy: how do other people perceive me when I make this purchase or interact with the product or service?
The Customer’s Progress is a mix of these three energies being used to make a decision or a purchase decision.
How Do You Follow Your Customer’s Progress?
Before understanding your customer’s progress, it’s vital to understand their “struggling moment” – the problem that they are currently facing, and where their progress is. The idea is to build a bridge between these two situations and to understand where your customers want to be.
What is their end goal?
The best way to gauge customer progress is to have a 1 on 1 interview, speak to them directly and understand their struggling moments and the tradeoffs they faced in order to reach a certain decision. Make it personal as opposed to sending out a survey or a basic email.
Businesses that engage their customers are the ones that are more likely to increase not only their sales but their following.
How Does The Customer’s Progress Directly Influence Profitability?
It’s important to ask yourself these two questions: What can we do to help our customers make progress better than anyone else in the market? Next, ask yourself, how can we do what we’re doing more efficiently and effectively?
In the first case, consider changing or upgrading your services or products to fit multiple needs. For example, Arm and Hammer now produce toothpaste, toothbrushes, and other supplies. Doing this scaled an increase in their revenue exponentially! It puts Arm and Hammer ahead of any, if not most, of their competitors!
If you fail to understand why your audience comes to you in the first place, then following these two questions or innovations will wind up pushing that reason out of the picture! You need to be able to tap into what makes them want you and your business. Using that information and understanding how that purchase has affected or improved their life progress will help you understand where to improve or build your business to suit them better.
In the end, it’s vital to understand that the more personal interaction you maintain with your target audience, the more you will understand why they have “hired” you (your services or products) to create change in their life.
Understand where they are in their journey and see where you can create opportunities for your business – not just in terms of profitability but also to help your customer’s progress.
About the Author
Sonal Gadkar is a freelance writer for hire, based out of Long Island, New York. She writes long and short-form blog posts, provides content for social media (specifically for Instagram) and more! Need a writer? She’s your gal!
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