The Most Important Thing Your Business Needs To Do To Survive
Jason Waugh is the Founder & Director of The Circus Lab, a unique environment where customers can experiment and train in a variety of circus arts including trampoline, aerial silks, trapeze, aerial hoop, hand-to-hand, dance, and acrobatics.
As the Coronavirus pandemic began impacting and shuttering brick-and-mortar businesses like Jason’s, he quickly realized the need to pivot and adapt to survive. Since his customers were no longer going to be able attend classes in-person, Jason took the entire Circus Lab experience virtual.
And in doing so, he’s relied heavily on an important, key strategy: listening.
Jason has listened to his customers to help determine their wants and needs from Circus Lab. It might sound like common sense to listen to your customers so you can give them what they really want, but as business owners trying to do a multitude of things to move our businesses forward, we can get lost in the weeds and forget this simple and effective strategy.
And because listening to all your customers sounds overwhelming, Jason advises to focus your attention on your “core” customers—the 20 percent. Your core 20 percent of customers are those who’ve been with you the longest and those who are the most loyal and eager to tell you what they want.
Listening to your customers and servicing them accordingly is going to benefit your business in several ways. You’re more likely to retain your existing customers, and you’ll be more likely to attract more customers within your target demographic.
Your customers are more than just your source of revenue, they are your source for market research, analysis and product fit. Listen to them, provide them with the service and products they’re asking for, and everyone will benefit.
For more interviews with entrepreneurs and business owners that are learning, adapting and even thriving during COVID-19, check out Entrepreneurs Vs Coronavirus, a new podcast sponsored by Clearbridge.
Click below to listen to Jason and The Circus Lab’s story and interview on the podcast with Clearbridge founder & CEO, Ryan Kononoff.