How To Double Your Small Business Ideas Sales, Profits and Free Time
To be wildly successful in the dynamic business environment, so many critical success factors must come into play – knowing the market in which you operate, implementing effective strategies that drive sales, increase profits, grow business and tracking and measuring performance for improvements
This mini step by step guide will discuss this skill – it will help you understand the market in which you operate, and help you to identify the needs and motivations of shoppers, the nature of their shopping, their shopping experience and touch points encountered along their way, their navigation path while planning, and finally their shopping and making product selections.
So can you answer any of the following questions?
- How is your market developing?
- How does your performance compare to your competitors around the world?
- What is your product and service perception against your competition?
- What is the optimum positioning for your products and services?
- How do you increase loyalty and sales across all channels?
Continuously Track and Study Your Markets
- Track consumer buying behavior in your industry as this gives you crucial insights into their buying frequency, their channel preferences and loyalty, as well as full market size.
- Evaluate what factors are influencing consumer behaviour across every touch point where consumers are experiencing the kind of products you offer.
- With this understanding, pinpoint how to optimize your products and marketing strategies to achieve greater sales.
- Find out what is being sold, where, when and at what price? Was the buying done online or offline? And where can you optimize your point of sale experience from a brand and product point of view?
- Track everything you need to understand how the type of products you offer are really performing in the retail and consumer goods markets
- Find out what products are selling, when, where and for how much
- Have a detailed understanding of your global and local market trends, from a macro view, right down to product level.
Research Online and Offline Outlets, on a Regular Basis
- Identify your actual and targeted customer segments.
- Analyse the untapped potential in each.
- Find out about the needs of the different segments?
- Find out what their values, attitudes, and price expectations are.
- Find out what the most effective communication channels to engage them are?
- Identify the key drivers of satisfaction and delight for each of your shopper segments.
- Evaluate every touch point that shoppers have with your products and services.
- Benchmark actual experience against shopper expectations to identify where action can be taken to maximize loyalty
Customer Experience and Loyalty
- Be aware of what your customers are experiencing so you can identify and rectify potential problem areas before you lose customer trust.
- Have an understanding of the full picture to help you maintain and increase customer loyalty.
- Analyse whether you are in tune with your target audiences’ values, what channels they are using and the experience they are receiving, and what specific factors drive their loyalty.
To do this explore the following key areas:
- Customer segmentation – Start with the big picture, look at the major consumer segments, and identify your potential customer base and whether your products and services are in tune with key segments and their personal values.
- Customer experience planning – For each segment, examine their behaviour across online, mobile and physical retail space.
- Add a comprehensive review of the experience points that they have with your products and services, across all channels. From these insights, devise a comprehensive user experience strategy.
- Customer loyalty and satisfaction – Finally, track your customers’ current satisfaction including insight on the key factors that drive their loyalty and early warning on customer churn, to help with your retention strategy. This approach will provide you with a complete understanding of your customer base.
- Start by looking at the broad consumer base, alongside your current customers.
- Examine the key segments, revealing their core values and attitudes and whether your brand and product positioning are in line with these. This reveals not just how well you are aligned with your existing consumers’ ideals, but also whether there are other consumer segments that you should be targeting too.
- Identify where your new and existing customers are based.
Customer Experience Planning
Analyse how your consumers are behaving across all channels and look at what’s driving their decisions:
- Take your target segments, examine their behaviour, attitudes and preferences for online, mobile and physical retail.
- Continuously track how and where these audiences engage with content, across TV, radio, print, online and digital media.
- Combine your understanding from these areas to produce real insights into what matters most to them across each channel.
- Assess the experience that consumers receive at every point of contact with the type of products or services you offer, across every channel.
- Benchmark this against the broad market or specific competitors. Use this to pinpoint how customers feel about your product or service and similar ones at each point, and where revenue is being lost.
Customer loyalty and satisfaction
- Develop an ongoing tracking of your customers’ satisfaction, with the ability to focus on satisfaction with specific events or services.
- Match the findings to your key performance indicators, and identify the factors that matter most to your customers, in creating loyalty. This will give you early warning on customer churn, to help you focus your retention strategy.
- Measure loyalty based on actual shopper behaviour.
To Your Success.
Amma Radek has helped hundreds of small businesses succeed. We would be delighted to be part of your support network.