targeting

Highest and Best Use, Customer Style

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In real estate development, there’s an expression: “highest and best use” – it refers to something that is permissible (by law), possible (can be executed), financially feasible, and maximally productive. Whether you’re self-employed, or you work for someone else, this is a concept you can apply to your work, and to your selection of customers. Because it’s precisely why targeting is so important.

Often, business opportunities will present themselves. If we don’t have a full pipeline, or revenues are down, or we’re just starting out, it can be tempting to work with any customer who comes in the door. But this can be a bit of a trap. These customers that aren’t “maximally productive” (or prevent us from being maximally productive), may keep us working in our businesses, long after we should be working on our businesses. So while it’s prudent to make sure there’s money coming in to keep the wolf from the door, it’s important to carve out time and space to cultivate the right customers – the ones that will let you make highest and best use of your time, and your business.

I’m Megann Willson, and I’m one of the partners here at PANOPTIKA. PANOPTIKA means “seeing everything” – because we work with our clients to help them see everything they need to consider to make better decisions and grow their businesses. You can find us on Twitter, LinkedIn, Facebook, and please subscribe below to receive our monthly newsletter for more News You Can Use.

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3 ways targeting will help you build a better product

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Last week was jam-packed with events! We had a great time at one of them, watching startups, students, facilitators and generally-interested folks collaborate to come up with new ideas to help a young business grow and flourish. Everything was going swimmingly, until we heard this: 

“The first iteration of our product has had a great response and excellent feedback. With release 2 we hope to find out who our target market is.”

SCREEEEEEEEECH! What’s wrong with this picture? We love to work with growing companies, helping them develop and build their business model and validate their canvas. Getting them to ship their MVP (minimum viable product) instead of adding every possible feature all at once is exciting! Can you imagine our disappointment when we hear words that mean, “We came up with a solution to a problem, or helped a customer do a job that needs doing…but we don’t know who that customer is”?

If you’ve got a product or a prototype, and you haven’t yet validated that there are customers, and who those customers are, you’re investing an awful lot of effort in something that may never fly. Wouldn’t you rather have a product that really does “sell itself”, because it:

  1. Is just what your customer needs?
  2. Has a customer who is already looking for a solution, and is willing to pay?
  3. Adds value in some way that other solutions don’t?

If you’re worried that your latest product or service has gotten off on the wrong foot, and is flying around in search of a customer, we can help you figure out who the customer is, or isn’t, and validate that they want what you’re selling. Moreover, let’s put together your Value Proposition Canvas together, and get your business growing!

We’re Megann and Steve Willson, and we’re the Partners and Founders here at PANOPTIKA. If you need help to find, understand, or keep customers, and you’re a B2B (business-to-business) company, you’re in OUR target market. We’ll help you grow your business and make more money. You can find us on Twitter, on Facebook, or on LinkedIn. With a click of the orange button below this post, you can also subscribe for insights, offers, and ideas to help you see everything you need to know, to make better decisions.

 
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