May 05, 2014

"Customers speak the truth through their wallets"

From a Mixergy Masterclass with Mike Michalowicz on how to specialize, fire bad customers and systematize your B2B business.
“If you have more than four or five competitors, [your offering is] way too broad,” says Mike. “You can be a heart surgeon or you can be a general practitioner.

...Let your customers decide on your specialty . “I believe people speak the truth through their wallets,” says Mike. “What I care about is the ones who spend and buy from you repeatedly, the ones that generate the most revenue and pay the quickest and show you through their actions that they truly value you.” Once you’ve identified those customers, get inside their heads. “You need to understand their market as best as you can, perhaps even better than they understand their own industry, and then cater to it.”  

Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of data and analysis on private company transactions, valuations and financials in India. Click Here to learn about Venture Intelligence products that help entrepreneurs Reach Out to Investors, Research Competition, Learn from Experienced Entrepreneurs and Interact with Peers. Includes the Free Deal Digest Weekly Newsletter: India's First & Most Exhaustive Transactions Newsletter.