A couple of weeks ago I put out a challenge to you to really get to know your target market, who they are, how they think and how they operate. If you know who they are, their likes and dislikes, where they hang out, their buying patterns, location, etc. it can help immeasurably in making your business both more efficient and profitable.
Once you’ve identified who your customers are, you can find out what motivates them to buy your products and/or services. For example, consider if they make decisions based on:
– Work demands
– Family needs
– Budget pressures/family income/business budget
– The portion of their income they spend on the type of products or services you sell
– Future/immediate needs
– Social or emotional needs
– Brand preferences
– Recommendations from other professionals
This week I want to take things one step further and get you thinking about your clients on an even deeper level. I want you to ask yourself this question, once someone has invested in your product or service, what else do they go out and buy?
By identifying this we uncover:
– Potential opportunities for new product development
– Opportunities to package your offering
– Possible pricing strategies
– Hidden potential ‘risks’
– A competitive edge
So go ahead and make the list and find out what else they buy either before, after or in conjunction with your product/service. From your list, identify which of these things you or your business could we be offering to further help your customer.
Next step is to make a make a decision on each, do you bring it in-house or is this perfect opportunity to collaborate with another business?
Remember, word-of-mouth is more influential and trustworthy than any marketing or advertising, so get out there and network with other businesses, engaged with your community and make sure everyone is aware you offer a fantastic product and outstanding service that can be tailored to their individual needs. I’ve completed this exercise once every six months and always uncover new opportunities for myself and my business. I’ve formed some awesome referral partners who I trust will look after my clients the way I do and uncovered different ways to package up my services.
Bear in mind, you don’t need to be a one-stop shop, completing this exercise can open up amazing referral partner opportunities, ways you can collaborate with other businesses and/or joint venture opportunities for your business as well.
I’d love to know how you go with this exercise, so feel free to share you learnings/opportunities with me either by emailing me or on social media.