Start-ups an entrepreneurial venture has now become one of the most talked subject worldwide. What do an entrepreneur looks while forming his/her own operations for his/her start up? The most summarised answer is that either an entrepreneurial start up is a Pain reducer (which generally solves a particular problem at a mass level) or it is a Gain creator (which provides additional benefits to the audience). The journey of all the start-ups begins because there is a need to achieve a certain level of goal.
Goals are the stated set of objectives that one would like to achieve in the specific duration. When we talk about the goals of a customer, how we as an entrepreneur could help a customer achieve his/her goals? Before that, let us understand the type of goals.
· Functional Goals — Physical efforts required to achieve daily routine goals.
· Personal Goals — Stated goals for oneself
· Social Goals — For the society as a whole
The major question here is that what do customers want?
Most of the entrepreneurs have this misconception that customers want their products. To be precise they don’t, in the end a customer would want his/her goals to be achieved. The work of an entrepreneur is to make sure that the customer achieves his functional, personal, social goals. But, they only targets functional aspects of a customer, which most of the times doesn’t work. If you can’t trigger inner aspects of a customer how could you make him/her achieve his/her goals? If we go a bit in depth in the psychological context, we can divide the word Trigger in two parts:
Internal Trigger: Facebook, Instagram and few other social media platforms which we use like anything.
External Trigger: To keep a check on job notifications, we use LINKED In but, not quite often.
Internal cues play a very crucial role in decisions making process for customers. It could help customers achieve their desired needs and goals. Blue Whale game for example, what are they doing? They are just triggering internal motions of the people. Personal and Social goals should not be undermine, they should also be given utmost priority.
Jobs to be done
An entrepreneur should personify himself/herself as a customer. Think about a day in a life of a customer (a depth analyses what activities a customer perform throughout the day).
For this let us understand the concept of Jobs to be done
Key job to be done
How are customers getting the job done?
What pains do customers face, while getting the job done?
Jobs-to-be- done is the understanding of the mediums and mechanism through which a customer is getting his/her problem solved. The above table would help you to figure out and differentiate the segments in which you as an entrepreneur could classify who are your target customers.
Example — McDonalds wanted to boost up the selling of their milkshakes. For this they hired researchers from Stanford University. The researchers with a thorough day observation came out with an interesting finding. Most of their milkshakes were sold in early morning time and followed by noon. They divided their customers in two segments:
Segment 1 (Customers in the early morning time (7:30 Am to 8 Am)): This segment basically comprises of people leaving for work early morning. They primarily consume milkshake as, while driving to their work places their one hand generally remains free, for this they need some sort of filling, in this scenario they found the milkshake could suffice. Other substitutes like begel, banana didn’t work.
So, to serve this particular segment more productively they transformed the shape of milkshake jars, which indeed turned out to be a successful strategy. As these newly formed jars could suffice working people more effectively.
Segment 2 (Customers in the noon time (1:00 PM to 2:00 PM)): This segment basically comprises of Mothers with their children. These Mothers wanted something nutritious and less sweet drinking item for their children. For them the milkshakes were a better option. To serve this segment quite productively McDonald specifically designed new jars for them.
So, for each segment McDonald performed Jobs to be done concept in a different manner. This helped them in understanding their target market in a well-organized way.
Some key rules for targeting more customers
· Productive use of technology
· Productive use of available resources.
· Targeting the market in which there are fewer alternatives.
To conclude, the shelf life of a start –up or a company increases when they let customers achieve their goals.