Does Your Business Really Need to Do This EVERY Month?

It can sometimes be hard to keep track of all the new trends and customer wants in some industries, but some have a little more time between changes. In this video, Matt reacts to how often (if at all) you should be asking your customers questions about what they want as new trends come in.

There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you! 

Video Transcript: 

Business Advice Video:

A lot of businesses do and where they get stuck is that they build product, they launch a product, the product works, they get product market fit, they’re building a volume, they’re building their team, within a year a product is not as good. It’s because the market has changed. You have competitors who have started doing similar things and now your customers have higher expectations. What you wanna constantly be doing is create a cycle where you can figure out what the product gaps are. The right to do this is to host a monthly basis, a roundtable with your customers to figure out what can we be doing better, what should we stop-start-continue, what would make this program a 10 out of 10 that you would never leave. Asking questions such as that to understand what are your customers’ expectations now versus what they were 6 months ago. Cause the market is always changing.

Matt:

Okay, I think the market is changing at some speed for all businesses, but it’s not the same speed for all businesses. I’m not sure what product she’s in. Hormozi I think, if she’s who I think she is, she’s the wife of Alex Hormozi who also does a lot of entrepreneurial stuff. And maybe they are in fast-growing fast-changing markets like ecommerce. Ecommerce is changing all the time and if you’re not adapting and staying in front of those changes, you can definitely find yourself going from I used to make a lot of money at this too now I’m not making any money I’m losing money and you didn’t really do anything different, and it hasn’t even been that long. But other markets I think don’t change nearly as quickly. So maybe a monthly customer meeting wouldn’t make sense but the general idea of continuously serving your customers to find out what they want, what would be helpful, what they would wanna pay for, what they don’t wanna pay for, what they value the most that does have value. And you do wanna be continuously aware of how that can be changing. It may not be every month for most businesses, once a quarter or once every six months might be often enough to find out what’s new and what’s different in the field you’re in. But never doing it is not a good idea because sooner or later it will change and competition will come in and they will fill the gaps that you’re not filling. And you will find yourself losing more customers than you’re gaining. So the idea is valid, whether or not its as urgent as she’s implying I think depends on what business you’re in.