The market is constantly evolving. Every other day new trends or competitors appear, putting your business at risk. As an entrepreneur, if you want to maintain your competitive advantage, there is no miracle solution: You need to understand what your customers want. Indeed, your customers are your biggest asset in the market. Not only do they create success, but if you can get in sync with their needs and expectations, they can also give you the competitive edge you need. There’s only one problem when it comes to your customers. More often than not, customers remain at the level of impersonal data in your databank. You know how much they spend. You know their age and gender, as well as their location. But it doesn’t tell you what they want.
There’s no way around: Study the market
Ideally, you should conduct regular market research activities to identify trends and opportunities in the making. Besides, it’s the best tool you’ve got to figure out what your competitors are doing and react before it’s too late. Unfortunately, high-quality research can take several months, which is often why businesses tend to skip market surveys altogether. You can, however, speed up the process by working with focus groups that can target a specific target audience.
Ultimately, you should ask
Businesses rarely take advantage of their community. You could create a public Q&As just as on The Fabulous to get to know what your customers are thinking. More importantly, the Q&As can give you a brand new insight into people’s needs, expectations, and lifestyles. You can use online sites as models to tackle some of your business-related topics. Don’t be afraid to broaden your horizons by learning more about your customers’ routines and everyday challenges to understand how you can build better products and services. Additionally, keeping your community together within a public forum enables you to give back control to your customers. As they interact and connect, you can gain insights into their lives.
You can learn and improve from their feedback
How do you best get honest feedback from your customers? Product reviews can be helpful, but they don’t beat the benefit of one-to-one interactions. Trade shows, commercial exhibitions, conferences, and open-door events are a fantastic place to approach your customers – get your merch ready for the day! Ultimately, meeting people and answering their questions or discovering their thoughts about your business can be a helpful experience. Not everything you’ll get to hear will be positive, but criticism is the only way to improve and stay relevant in the market.
Put yourself in their shoes
Why would people buy from you or anyone else? There is only so much data analysis you can do. If you find to get to the bottom of it, you need to behave like your customers. Approaching businesses – yours and your competitors’ – as a potential buyer can help you to identify weaknesses and opportunities. Additionally, it gives you a fresh eye to compare brands.
Should your products be cheaper? Should you promise less as part of your services? Should you provide follow-up information and support? The answer to these questions can set you apart from your competitors. However, only your customers are habilitated to offer an honest and helpful response. In short, it’s time to move away from the data analysis and engage with real people to understand what they want and how you can build a stronger market presence.