Many small businesses do not have the funds, expertise or time to implement market research. However, without this they cannot track changes, trends and the buying behaviours of their existing or potential customers.
Most small businesses are also predominantly inwardly focused and usually miss important shifts in their target market’s behaviour and also changing opportunities in the market because they don’t utilise even the most basic market research methods.
There are three important things you should be doing to ensure you look outward from your business to connect with and listen to your customers’ insights, the competitor’s movements and, most importantly, market changes. Try one of these this week:
First: Call a meeting with all your staff that interact face-to-face or telephonically with your customers. Remember that these employees are your ear to the ground and ask them to share with you what the customers are currently saying and doing so that you can leverage this for your gain.
Second: Get out and meet with your customers by travelling with your sales team, getting behind the counter again yourself and personally phoning some of your most loyal clients to thank them for their business and, at the same time, as them what they like about doing business with you, what they don’t like and what they’d like to see you change in order to make doing business with you easier.
Third: Share information with your staff whether it is good, bad or indifferent. Often small business owners withhold information not realizing that it hinders the ability of staff to work harder and smarter for the benefit of the business. In order for your staff to respond quickly and efficiently you need to arm them with the information, tools and proposed action plan to be able to raise the bar and capture new business.
These are three simple steps you can do this week. They cost no money and take very little time, so select at least one to open the lines of communication and put it into action today.