Is growth a priority for you? Without wanting long strategy sessions and re-discussing your initial business idea? Without spending money on “marketing” or advertising and not being really convinced that these will deliver? Are you sure that your business provides a unique product but growth is hard? I have found that the answer to this situation can be deceptively easy;
A deeper understanding of your customer.
I am not saying that you should then spend money on market research.
Instead, ask yourself some basic questions.
Yes, the basic ones!
What kind of customers do you have?
Which product is he buying from you?
What problem is he solving in buying your product?
And why is he buying it from you instead of from your competitor?
Maybe not so much, when answering them from the perspective of you customer. The key is the eyes of the customer; what does he see when he has any kind of contact with your business? Experience shows you could be in for a surprise here.
I’ve seen this at the companies I’ve worked for and very often in the companies I see online or interact with in a different manner; this opportunity. The opportunity to get a closer fit with their customer and in doing so, grow, increase profits.
Companies are often not aware of this gap, between themselves and their customer. Their focus repeatedly turns inward. It’s human. You focus on what you know. And your business is what you know. It’s easier. It’s a trap.
Are your losing customers?
Are you feeling the pressure from your competitors?
Are you finding it hard to break into a new market?
You can change this. You will see quick results by considering the above questions and focussing on the one that is hardest for you to answer.
In my next blog I will talk about the first question, understanding what kind of customer you have.
Are my thoughts helpful to you in your business? Let me know, I would love to hear from you.