Last week I attended Microconf which is a conference for self-funded startups.
I picked up a few things but something I noticed was that successful companies understood their business fundamentals.
That means they:
- knew what their customers wanted
- how to reach their customers
- how to produce a product to help their customers
- how to operate a business that did all of that, profitably
Sure there were some tactics and growth hacks (gag) discussed but those were added on top of fundamentally sound businesses.
This was in stark contrast to other groups who are trying to game or exploit how things work to make a quick buck. These are the businesses that are started and then closed down in a few short years.
Seeing this I asked myself: where in my own business can I start to readdress the fundamentals? Where can I make lasting changes that will weather fad-advice that storms the internet?
What about your business? Where could you use some back-to-basics? Reply and let me know.
One solid fundamental is to learn and understand your customers.
That will let you help them better through your products and services.
If you haven't installed Repeat Customer Insights yet, it can help this understanding.
Its analysis will help you find groups of customers so you can begin to understand their actual behavior.
Eric Davis
Learn which products lead to the customers who spend the most
You can use the First Product Analysis in Repeat Customer Insights to see which products lead to the customers who spend the most. Going beyond best sellers, it looks at the long-term purchasing behavior of your customers.