Understanding Your "Who": The Key to Exponential Business Growth

(Quick partial chapter 1 summary from: LEVERS - The Framework for Building Repeatability into your Business)

In the realm of business, many people get caught up in the hows and whats of their operation. They spend hours devising the perfect strategy or refining their product or service. While these are undoubtedly important, many overlook a critical aspect of any successful business strategy – the 'Who'. Understanding your 'Who' is like opening a treasure chest of insights that lead you towards your potential and total addressable market.

The Journey Towards Identifying Your 'Who'

When done right, defining your 'Who' at an early stage company can initially feel like stepping out of your comfort zone because you need to be so specific and narrow in your definition. You might perceive it as limiting your potential or constraining your options. However, this is merely an illusion. Your 'Who' isn't where your business ends; it's where it begins.

Your 'Who' should be defined so specifically that it feels like you're narrowing down your scope. The idea is not to limit your potential, but to create a laser-sharp focus. It’s all about understanding your potential customers on such an intimate level that, in theory, every conversation you have with them results in a sale. That's the power of deeply understanding your 'Who'.

How 'Who' Impacts Your Business

Once you've identified your 'Who', it will directly inform your product roadmap and financial model in a theoretically predictable way (of course you still need to prove, with data, that you are right). By honing in on the key attributes of your perfect customer, you can create a product that they'll not only want but need. Furthermore, by understanding who you're selling to, you can project your business's financial trajectory more accurately because it will dictate the direction of your sales and marketing strategies.

A common pitfall in business is a lack of specificity in understanding 'Who'. It can lead to an initial spike in interest and sales, only to plateau and stagnate. By understanding your 'Who', you can avoid this trap and ensure a steady, consistent growth trajectory.

Growing and Adapting Your 'Who'

As your business grows, your understanding of your 'Who' should also evolve. You may find that as your product develops and changes, so does your ideal customer. It's essential to recognize this and adapt your 'Who' accordingly.

However, it's important to remember that expanding your 'Who' isn't about jumping ship. It's about careful, studied growth. It's about understanding the different attributes of your customer, learning from them, and applying those insights to your business model.

Remember, defining your 'Who' is not a limiting step; it's a focusing step. It’s a strategic move that brings you closer to a deeper understanding of your customers, enabling you to build a business that truly resonates with them.

Conclusion

In conclusion, the journey to understand your 'Who' is a crucial part of any successful business strategy. It provides you with a clear direction, informs your business decisions, and gives your business the focus it needs to truly grow. It’s time to ask: Do you know your 'Who'?

Understanding your 'Who' isn't limiting your business; it's giving it the direction it needs to grow exponentially. So start today. Define your 'Who'. Understand them. Learn from them. And watch as your business scales to new heights.

cc: Trevor Boehm Cody Simms