Research Is the Foundation of Success
The 15 principles that have proven to be so successful for us in business are interrelated, and all necessitate extensive dialogue with potential customers. This is the case whether the process involves creating an appropriate name and image for your business, determining what business you are truly in, creating your customer purchasing benefit (CPB), adding value, determining the motivating benefits, communicating your message, creating a risk reversal, or thinking creatively in order to stand out from your competitors.
The CPB is the demand and supply equivalent of the unique selling proposition (USP) that was applicable in the times of supply and demand. The difference is that the CPB puts the benefit emphasis on the customer, whereas the USP is all about the seller, who is now essentially irrelevant in the current demand/supply economy.
The level of effectiveness achieved in each of these critical communication areas depends on the quality of information you can obtain from your potential customer; essentially, your success rides on how well you do your homework. Supply in almost every category of product or service exceeds demand nowadays, making it so that every potential customer has multiple choices—no matter the product or service they desire. It is, therefore, essential to understand your current clients', your competitor's clients', and potential future clients' needs, expectations, and perceptions. The companies that ...