Importance of customer avatar-Customer targeting is the key | The Nikhil Sai Show 71

Hey guys, uh, what's going on? Uh, welcome back to another episode of the Nikhil Sai Show, which is hosted by me, the Nikhil Sai. And I hope you're having a wonderful time, uh, whatever the time you're watching— Monday morning, evening, doesn't matter. But overall, this is going to be a great learning curve for you. This is another sort of podcast I'm doing. So in this specific podcast, I'm going to be covering some important elements which you need to be following in terms of your, your business and some basic fundamental principles which you need to keep in your mind, which can help you make better decisions while you're trying to build your business, right? So number 1, I want to start with the importance of customer avatar, right? I mean, this is like one of the most common problems I've seen. Like, usually I talk to like at least, you know, half a dozen people on a weekly basis easily who are like business owners who wants to grow and all of that good stuff, who need some marketing help and whatnot. So, you know, I've seen this happening day in, day out, right? And most people have businesses, they have revenue streams, they have teams, processes, whatnot, but they lack customer focus. They don't really have a clear customer avatar. Like, they have this general messaging like, hey, we help everybody. Oh, why not? Like, I can serve them, I can serve these people as well, I can serve to anybody. I agree, you know, your business is capable enough and your business has the mass market, but initially when you are trying to penetrate into market, build your brand or get your name out or stay focused, I think it's really about niching down, niching down, however you want to say it, to the one specific customer avatar. I'll give you an example and analogy so that you can get it. Instead of you saying I help business owners, you could say I help real estate businesses. Right? And this is also layer 1. Initially, as you're starting off, if you're not at yet that 5-figure, you know, level per month, at least you should focus deep, like, you know, much deeper. Like, I would say, uh, not just real estate businesses, go around more specific business. Like, hey, I help real estate brokerage businesses. And you could even dig deep further. Like, I help real estate brokerages who has XYZ number of agents, maybe minimum 20 agents, right? And then I can even dig further, like, and say, I help real estate brokerages who have minimum 20 agents who does, uh, you know, an annual sale worth of $100 million or more, right? Like, you know, you could dig it that way, right? So that's when you can like have this tiny piece of audience where you have a clear customer avatar. And now as a business owner, for you to make decision or to create offers to serve them, it becomes so much easier because you know who you are exactly serving. So So many entrepreneurs who start their business kind of have this delusion of like trying to serve everybody, otherwise they're missing out the business opportunity, which is not true initially. You know, they just try to, you know, focus on everybody and outfocus, right? And it doesn't just work out, especially in the initial phase, unless you are at that like 6-figure per month level and you are like having a net run rate of 7 figures and over that. You should not worry about creating another niche or another target audience or another offer, you know, to be precise, right? And now coming back to the next question, once you're precise about your audience and customer avatar, right, now it's really about, you know, offer or focus on one solution and one offer, right? And I've seen this happening so many times. I mean, like, you know, as an example, I've had a call with somebody who had like this first success with their coaching business and they are at like this 5-figure run rate and they're excited about scaling this up and whatnot. And the first mistake they are trying to do is like, hey, I am the king, I'm on the mountain peaks, now I can launch multiple offers. And not really, because you're just yet to kind of surpass that inconsistency loop to kind of get into that multiple 5-figure level or 5-figure level in your business, right? So they were trying to deviate by creating like, I want to do a coaching funnel, I want to do a challenge funnel, I want to do a book funnel, I want to do a webinar funnel. And I was like, what? Like, you know, you just had like 7 clients last month and doesn't mean that like you're there yet, right? Like you really need to validate one offer on a larger scale. And I would probably think like any offer could be scaled to 6 figures. Or less, otherwise it's not even a business, don't build that, right? So any offer could scale to that level. So if you're not scaling or not having a roadmap successfully to get there, don't try to build another stream which is gonna divide your attention and it's gonna continually create more confusion for you while you're running two things at a time, right? So especially once you're clear about your audience, it's really about having one offer to that specific audience and giving that one solution, okay? That's gonna be the next important thing. Now one more thing I really, really want to mention is the importance of beta launching. So many people kind of get stuck, especially new age entrepreneurs or somebody who's just trying to build for the first time, or somebody who has like, you know, done something which is not working anymore because marketing is something which gets disrupted almost every other day, multiple times a day in specific niches, right? So you need to be like keeping up to date yourself so that you kind of catch up with what's happening in the world, right? So especially speaking, when you're beta launching, you need to understand who you're exactly, you know, offering, and then, you know, what exact offer you're going to do. And maybe it's a new service, maybe if it's a new industry, maybe like if you could see what's happening in 2022, 2021, whatnot, you know, you could see a crypto boom, right? Like a lot of NFT projects came in, right? And you know, you need to do beta launching, like, hey, you know, with this cell, like, you know, okay. And you could validate if your offer is working out or not by by selling to no more than 5 people. Like if you make 15, 20 offers max and you have 5 people saying yes at the price point with a good backup guarantee which you're offering, that validates your offer. And now you could look at the similarities of the 20 people you pitched to and the similarities of people who bought, the 5 people. Now you can nail down like, okay, the 5 people who bought are my customers. What are the conversations they had? What are the pains they have? What are the situations they're coming from? Now you can see the similarities where these people can be found. Now the whole only focus for you is really about how can I go and look for 500 more people who look similar to the 5 people who just signed up with me? That's it, right? And that's your first focus. And do not try to go sell like, okay, I sold to some beauticians right now. I'll go back and sell to some, let's say, restaurant owners. Doesn't work out, right? Like you need to be focusing on doing the same thing over and over. That's when you can take leverage, right? Because the more different products and services you promote, the harder it is to deliver. Because it's not just about making the sale, it's really about keeping up on the delivery mechanism as well. Because it is so tough than a sale, right? When you are actually selling a product or service and you want to keep up with the quality, create the best customer experience and make sure they retain and only say good stuff about you, you should give them world-class experience. And that could be only possible with high-level fulfillment help. And you could only do that by doing a beta launch, having skin in the game with your customers. I mean, like, let's be honest, like, you know, nobody's perfect. When you launch, it sucks, right? And the only focus you need to have is how could you improve 1% every day so that looking back, you know, you're now, you know, 350%, uh, you know, better than the day you launched, right? And that's the complete focus of doing a beta launch so that you could be skin in the game with your customers, like understand what they need, try to do it. If you fail, that's no problem. You could just transparently mention that, set expectations regarding this and take constant feedback, work as a team, especially when you're beta launching, you know, you need to be on their team, right? And that's one of the main things, right? You don't, if something goes wrong, so many people do this mistake trying to defend, If a customer is attacking like, hey, this is not working, you told us it would work and this and that, people will be like attacking back or maybe like defending, like, no, this is not my mistake, this is your business, all of that stuff. Instead of that, you would rather be like, I'm sorry, let's do this together. I thought this would work out. Here was the plan, this was the exact plan, this didn't go this well. Or what do you think on doing this? What do you think on doing this? I'm on your team, right? I mean, you need to prove that. And that's when the business owners or whoever you're working with kind of gains the same level of confidence you have on yourself and then let you help them in their business, right? Like that's the main thing. And as previously mentioned, when you're doing any beta program, like constant feedback loop is one of the main important things. I mean, we have seen significant customer satisfaction in our own business when we are having weekly surveys sent out on emails about the communication, quality of deliverables, the coaching we are providing and the results we are helping them achieve. And, you know, we have seen so much data points which are showing us where we suck. Now the whole point of doing that constant survey is really about nailing down top 3 problems which we can solve and like knock them off this week, right? Like it's a constant process which is happening. And for a fact, you know, as I continue to do this, which we will never stop, right? We will be having one of the best services in the world, right? Like, I mean, this could apply to any business, right? You know, how did Amazon become so well? How did Apple become so well, right? Why does Tesla build so great cars? You know, they do something and they ask. That's good enough, right? And people will say it transparently. And now your goal is to take all the feedback and then just put them into different buckets and see which one is the important one to knock off, right? And that's the key when it comes to customer feedback, right? And as mentioned, when it comes to you launching a new offer and having success with it, uh, absolutely fine. You know, nobody's perfect. You will fail. You will absolutely fail. It's Very less likely you'll not fail and figure it out in the first go unless you have somebody who figured that at least 10, 15 times beside you who's exactly drawing the line and you're just walking on it. It's going to be tough. It is going to be failing for sure. You need to be ready to it. Don't show your back, face it and fix it and sit on your client's table and turn the tables around and be genuinely curious and be genuinely helpful. then you could be figuring something out. And once you actually get your offer clarity, once you get your avatar clarity, and once you start the beta launch and get customer feedback and build that as a complete product or service, you could actually scale that one offer which 5-10 people in the initial stage or initial week or so would buy. Now you could go and as you know your customer, know your offer, know your messaging, know that your stuff works, Now you could create advertising campaigns and you could go into different communities and start talking about the success you had and whatnot. And that's the way you could actually scale by launching a complete brand new offer even when you have never done anything in that niche as well. But the only thing is I think it's really about doing it consistently because so many people give up too fast. I mean, if you're not doing something every day for 90 days in that one niche, you're not doing enough, right? To actually figure out if that works for you or not. So that's really important. And the second thing is not just being consistent in terms of work, but doing the needle-moving stuff, like doing what's important. So many people I've seen, uh, who do huge hustling like this, they sit on their laptop like 24/7, but they don't go anywhere. It's really because they feel like they're doing it, but if they look at their own end of the reports, like what I have got done today, Uh, you know, they don't have any answer. They're just binge watching YouTube, feeling anxious about somebody else who had better success than them, and all of that, you know, kind of stuff, right? You see what I'm saying? Like, that's one of the main things you should really try to avoid when you're actually trying to, you know, build a business. Be conscious and stop active procrastination. You know, this needs to be done by today, but you don't— you delay that for some, you know, another interview, another podcast, maybe like this, right? So you don't confuse yourself. Go back to work and fix the things you need to get done, prioritize them well, and knock them up, right? And yeah, I mean, that's optimistic enough. Like, if you are, you know, fair enough, and if you have, you know, bigger ears and smaller mouth, you should win the game, right? Because it's really about, again, consistency and tracking what you're working on and really trying to add value to the marketplace. Because when you're genuinely trying to add value and get results, the market will make you bigger, right? The market will make you win, right? Because market is always watching, right? So I hope this, uh, quick short, uh, podcast episode was adding any value to your life. If you have any suggestions, any comments, uh, make sure to comment down and, you know, reply to me on Facebook, Instagram, and whatnot. And make sure to subscribe to the podcast, and we'll see you on the next episode. This is me, signing off for today's podcast. Peace.