Week-2 Masterclass - Market Opportunity - Saurabh Chaubey - Customer Persona
Summary
TLDRThe transcript emphasizes the importance of creating a detailed customer persona for startups, especially in the IT industry, to visualize their target market effectively. It uses the example of a rescaling startup to illustrate how to identify a customer's age, work experience, goals, pain points, and purchasing decisions. The speaker advises startups to engage in customer discovery and execution rather than solely focusing on the idea, as the latter only plays a small part in the success of a business.
Takeaways
- 📄 **Importance of Market Segmentation**: Understanding your market segment is crucial, especially for startups to visualize who they will sell their product to.
- 👤 **Creating a Persona**: A detailed customer persona helps in visualizing the exact target customer, similar to personal ads or job postings that specify ideal candidates.
- 💡 **Visualization in Business**: Just like in personal ads or job requirements, businesses need to visualize their ideal customer to tailor their offerings effectively.
- 🌐 **IT Industry Example**: The IT industry, especially during the pandemic, has seen a surge in companies offering reskilling solutions, emphasizing the need for continuous learning.
- 🔍 **Identifying Customer Qualities**: When creating a customer persona, it's important to identify qualities like age, experience, and educational background that align with the product's target audience.
- 🚀 **Career Growth and Satisfaction**: The target customer, often an IT professional, seeks career growth and job satisfaction, which drives their interest in reskilling.
- 📈 **Understanding Pain Points**: Knowing the customer's pain points, such as financial constraints or lack of time, is essential for product design and marketing strategies.
- 📅 **Scheduling Considerations**: Scheduling classes or offerings around the customer's availability, like weekends or late nights, is crucial for customer engagement.
- 💼 **Purchasing Decisions**: Understanding how the target customer makes purchasing decisions, including their willingness to pay and preferred payment methods, is key for product pricing and sales strategies.
- 🗣️ **Word-of-Mouth and Social Media**: Leveraging recommendations and social media presence can help in reaching the first wave of customers and expanding the customer base.
- 📊 **Customer Discovery**: Engaging in customer discovery through discussions and identifying a perfect fit for the product is a critical step in refining the business strategy.
Q & A
Why is creating a customer persona important for a startup?
-Creating a customer persona is crucial for startups as it helps visualize the ideal customer, enabling the business to tailor its product and marketing strategies effectively.
What is the purpose of visualizing a customer in terms of a persona?
-Visualizing a customer as a persona helps businesses to understand and focus on the specific needs, preferences, and behaviors of their target market, which is essential for product development and sales.
How does the example of a matrimonial ad relate to creating a customer persona?
-The matrimonial ad example illustrates the concept of defining specific criteria for a target individual, similar to how a business defines the characteristics of its ideal customer through a customer persona.
What is the significance of identifying customer goals and pain points in a persona?
-Identifying customer goals and pain points is significant as it allows businesses to address specific needs and challenges, thereby creating a product or service that resonates with the customer's desires and solves their problems.
Why is it beneficial for a startup to understand the purchasing decisions of its customers?
-Understanding purchasing decisions helps startups to price their products appropriately, choose the right marketing channels, and develop strategies that align with how their customers make choices.
How does the IT industry's shift towards continuous learning impact customer personas for reskilling startups?
-The IT industry's shift towards continuous learning means that customer personas for reskilling startups must reflect the need for up-to-date skills and the desire for career growth, which influences the type of courses and learning formats offered.
What is the role of customer feedback in shaping a customer persona?
-Customer feedback plays a vital role in shaping a customer persona by providing insights into real-life experiences, preferences, and expectations, which can be used to refine and validate the persona.
Why is it important for a startup to know if their target customers can pay for their product in a single term or prefer EMIs?
-Knowing the payment preferences of target customers is important for startups to structure their pricing and payment plans, ensuring that they are accessible and appealing to the intended audience.
How can a startup use social media to reach its target customers based on their customer persona?
-A startup can use social media platforms where its target customers are active to advertise and promote its products, leveraging the persona's identified preferences and habits to tailor the content and reach effectively.
What advice does the speaker give regarding discussing startup ideas with others?
-The speaker advises not to worry about idea theft and to discuss startup ideas openly with others, as execution is more critical to success than the idea itself, and feedback can help refine the product and strategy.
What is the significance of customer discovery in the context of building a customer persona?
-Customer discovery is significant as it involves researching and identifying the target market's characteristics, which are then used to create an accurate and detailed customer persona that guides business strategy.
Outlines
🚀 Identifying Your Customer Persona
The paragraph emphasizes the importance of creating a detailed customer persona for businesses, particularly startups. It compares this process to matchmaking ads or job descriptions that specify ideal candidate characteristics. The speaker uses the IT industry as an example, highlighting how startups offering reskilling solutions can identify their target customer. A persona named Mr. Assis Kumar is created to represent a 26-year-old IT professional with five years of experience, seeking career growth and job satisfaction. The speaker advises startups to understand their customers' goals, pain points, and preferences to tailor their products and services effectively.
📈 Crafting a Product Based on Customer Insights
This paragraph delves into the practical aspects of using customer personas to design products. It discusses the need to understand the customer's availability, decision-making process, and willingness to pay. The speaker suggests that product offerings should align with the customer's schedule, such as offering classes on weekends or late nights. Additionally, it's important to consider how customers make purchasing decisions, whether through recommendations or social media influence. The speaker stresses the importance of price points and payment options that match the customer's budget and preferences. The paragraph concludes with advice on discussing ideas openly to gain insights into customer needs and to perform customer discovery to identify the target market effectively.
Mindmap
Keywords
💡Market Segment
💡Persona
💡Startup
💡IT Industry
💡Reskilling
💡Career Growth
💡Pain Points
💡Purchasing Decisions
💡Customer Discovery
💡Execution
Highlights
Importance of creating a customer persona for startups to visualize their target market segment.
Comparison of customer persona to personal ads and job postings for clarity on target demographics.
The IT industry's role as a significant employer and the rise of reskilling solutions during the pandemic.
The shift from traditional programming languages to continuous learning for career growth in IT.
Identifying the target customer for reskilling startups through a detailed customer persona example.
The profile of 'Mr. Assis Kumar', a 26-year-old IT professional with five years of experience, as a customer persona.
Reasoning behind choosing a customer with five years of experience and a bachelor's degree in engineering.
Understanding the career growth stagnation and salary dissatisfaction as key pain points for IT professionals.
The need for reskilling to enhance salary and job opportunities identified as a primary goal for the customer persona.
Challenges faced by IT professionals in pursuing higher education due to financial constraints and job commitments.
Strategies for product design based on customer's time availability and preferences for weekend or late-night classes.
The influence of colleagues' recommendations on purchasing decisions for new courses.
Importance of identifying early adopters and using them to attract subsequent customers through social media.
The significance of understanding customer's willingness to pay and preferred payment methods for product pricing.
Advice on discussing startup ideas openly to gain insights into customer goals, pain points, and purchasing decisions.
Emphasis on execution over the idea itself, highlighting that idea is only 5% of a startup's success.
The process of customer discovery to identify the target market and validate the product offering.
Transcripts
[Music]
now the another important thing come up
it's not only uh enough to just have on
paper what is my market segment I need
to create a Persona what whom exactly
I'm looking at and this is very
important for somebody who's just
starting a business who's just starting
in a startup because you need to
visualize whom you are going to sell
your product and this is just same like
you might have you must have seen this
kind of Metrion ad in newspapers right
and you can see that somebody uh who's a
27 year old NBA female working in MNC
she is looking for 28 to 32 year old guy
well qualified leaving in a nuclear
family willing to relocate right and C
doesn't want interference of the Y so C
is giving a picture whom see wants to
meet that's what you that's what you
need to visualize who will be your
customer and the similarly way you can
see also job openings also when company
give a requirement for CEO a post
position like that they give exact
qualification experience level age
limits basically to visualize who is
going to be the the candidate for that
similar way you need to identify your
customer Persona who is going to be your
customer so now here I have taken
example for
example lot of this is during this
pandemic uh the IT industry is of course
one of the India's largest employment
giving industry but uh with all of them
now there's a train there's new company
great learning um unacademy uh udmi and
know many and more are coming up those
who are providing rescaling Solutions so
basically nowadays like when we were
doing engineering C C++ Java was like
something was more than enough to learn
uh to have a good career great career
but nowaday every know every two or
three months new technologies are coming
up and you have to learn you have dat to
get the job switch so the these are the
startups who are cing to this rescaling
environment now for all those it
reskilling uh
startups how they have to do the
customer Persona so what is an example
what how they actually I did the
Consulting with one of such startup and
I helped them to identify their customer
so when you are launching such rescaling
company who you are going to Target it
right and with every quality you have to
identify why it's that so like for
example uh I identified for this
rescaling startup I identifi that Mr
assis Kumar he is my
customer and what is his age 26 he's
working for five years in IT industry he
only has a bachelor in engineering now
why I have chosen this qualities because
uh when a fresher starts in an industry
for first two three years of his uh
carrier he's already busy learning the
new things he even not through the
basics of ID industry so the first two
three years he is you know just trying
to cope up with the the industry what
he's offering basically but then there
comes a point in his career after five
years where he feels that he's now stuck
he's not growing his salary is not
growing at a speed at which he wants so
then what he needs he needs to Res skill
he has to learn new skills to increase
his salary to get better opportunities
and you need to identify what is the the
basic basically what this customer is
saying so you have to talk to some of
them you have to know what they want in
their life about your product so like uh
the this kind of it employee what they
want they he's saying that I want to
fast grow my career and I want to do
some exciting this is the two things uh
of course this generation want uh quick
money want to progress high in the
career and also they want the work to be
satisfying so initially for the skills
which you start with can notot be the
skills which will give you satisfaction
for your whole career so that's how you
have to this now this guy what his I
need to identify what are his goal and
what are his pain points also so his
goals is he want to highrise in salary
he wants more satisfying work but what
is the pain point he's having he do he's
not able to go for a full-time MBA or
mte maybe May many reasons Financial
constraints he needs to support support
his family he can't leave job so he
can't go for a PG and then also on a
week days he can't get time he can't get
the time because he's already busy with
the job so now everything every
information will play a role when I will
design a product for my customers
because I know that he's not able to get
time on weekdays I will keep my classes
on weekends or maybe on late night if
they are I get a enough customer on that
thing also
now also I need to analyze what are the
purchasing decision uh what how he makes
the decisions right so the people who
like to do try new courses based on
their colleagues recommendation so that
they they will be the first wave of my
customers I would love I would like to
get some set of customer on board maybe
op directly to them and then I would
through them I want to get my next set
of customer
I want people who are active on social
media if he's uh spending time on social
media I can give advertisement on
Facebook insta and all and I can get him
aware about my product offering and he
is willing to pay certain sum of money
and I I need to know how much he wants
to pay accordingly I can create if if he
if most of my customer wants to only pay
40,000 a year on rescaling and I'm
giving them a product like two lakh uh
it's going to be it's going to to fail
so I have to you know and then I need to
know that how they are going to pay can
they pay in a sing in a single term or
they would prefer to use emis these are
the all the purchasing decision and
that's how I create a customer personal
so that I can visualize who is my
customer and in fact what my practical
advice would be uh whenever you have
your you know idea in your mind talk to
people don't worry about that the idea
will be anyone will steal the idea
that's the idea is only 5% of plays role
of success of an startup 95% of success
comes from your
execution so discuss the idea with
people and try to understand that what
are their goals what are their paino
what are their purchasing decisions who
will be the right fit for your product
then out of those discussion maybe 20 or
30 or 50 people you will discuss you
will find a person who is a perfect fit
for your product who is exactly fits
into your price range your product
offering your values then now find out
how many of them are there like him or
her that is the customer Discovery
that's what we do the customer Discovery
out of the many lot of
[Music]
people
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