There is no one-size-fits-all formula when it comes to serving customers. A product that one group might prefer might not be preferred among another group. I was just thinking about the importance of identifying the needs of different groups of customers this morning and selling them the right value proposition.
There is this story in sales where three salesmen are asked to sell a comb to Buddhist monks. The first salesman comes back saying he could not sell any. The second salesman manages to sell one. The third salesman, however, manages to sell a thousand.
The first salesman approached the task with the assumption that monks, who typically shave their heads, would have no use for a comb. He couldn’t convince any of them to buy one. The second salesman decided to change his strategy. He approached a monk and suggested that having a comb could help him keep his beard neat. The monk appreciated the suggestion and bought one comb.
The third salesman took a completely different approach. He went to the head monk and explained that while monks themselves might not need combs, offering a comb as a token of appreciation to devotees could be a meaningful gesture. This idea resonated with the head monk, who then purchased a thousand combs to give to visitors as a token of blessing.
What got me thinking about this was an interaction I had this morning when someone tried to sell me a service. I realized that they may not have fully considered things from my perspective and therefore did not properly articulate the value proposition of that service to me. I jestingly told them that I needed more inducements to sign up, but they did not respond effectively. This made me reflect on how often we fail to understand the customer’s perspective and consequently fail to close the sale due to not selling them the right value proposition.
To truly succeed, especially in deep tech, it’s essential to deeply understand the distinct needs and preferences across your potential customer base. It’s not enough to broadly target industries like oil & gas and agriculture without understanding the specific challenges and requirements within those sectors. The most successful teams I’ve seen are those that can execute quickly from pre-product to commercial product by having a robust grasp on market segmentation and addressing those specific needs.
When you look back in history, many iconic American deep tech companies were able to grow quickly and sustainably by being able to segment the market in depth (not just breadth) and execute against that understanding. This approach allowed them to deliver tailored value propositions that resonated deeply with each customer segment, driving both growth and customer satisfaction.
Understanding your customers’ distinct needs and tailoring your approach to meet those needs is not just a good strategy; it’s essential for long-term success. Whether you’re selling combs to monks or high-tech solutions to diverse industries, recognizing and addressing the unique perspectives of your customers can make all the difference.
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