This is the third marketing tip in a series based on
Marketing Tip 3 – Understand The Customers In Your Market And Find Unexploited Opportunities
If you need to find new customers for your business, you need to take a good hard look at your prospective clients and understand:
- What are the common problems?
- How how do those products impact on their business (B2B) or personal lives (B2C)?
- How willing are they to pay to have the problems taken away?
- How much are they prepared to pay?
- What products and services can you provide as solutions to the problems?
- How you can communicate effectively? How can you reach them with a believable message they will pay attention to?
Learn From Your Buying But Don’t Assume Your Potential Customers Think Like You
While I believe that you should learn from your own buying patterns, motivations and issues, one of the worst things you can do is to assume that your customers are just like you.
You are an expert in your product or service. What seems easy and obvious to you, may seem very complicated or daunting to a potential customer.
It is scary when you don’t know enough to even know what you don’t know.
Customers fear they might be ripped-off.
You know you are committed to doing a great job, they don’t.
What Is Stopping Potential Customers From Buying?
People worry about buying help that makes them even worse off.
To help reassure these prospects you should look for ways that you can take on the risk of the transaction. If there are product or service problems, you should bear the cost rather than your customer.
You have the knowledge, they don’t.
I recommend that you look at how other businesses use a risk reversal strategy and see how they guarantee customer satisfaction. Try to learn from your own emotions when you see a money back guarantee or a free trial offer. Doesn’t it make you more willing to buy?
Other Customer Research Questions
Other questions and answers you should understand include:
- What type of people or businesses are your typical customers?
- Where do they live and where do they go regularly?
- What do they pay attention to? This will guide you to the marketing media where your customers are most likely to see and hear your message.
Research Your Competitors To Guide You To Easier Opportunities For Growth
Look at your local competitors because your potential customers will always have a choice.
- What do they offer? Is it better, worse or the same as you?
- How do your competitor’s prices compare with yours?
- Do they specialise in particular services or types of customers?
- How does their geographical coverage compare to yours?
Your aim during your market research is to find out exactly what it is that your customers want but also to find the easy opportunities for growth in the areas where there is less competition or where your weaker competitors are based.
Marketing To Acquire New Customers
Once you’ve identified who you will target and where they are you can move into your two main marketing strategies:
- Helping target customers to find you when they are looking for the service you offer.
- Creating the need or desire for your service if people aren’t actively looking.
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