22 Dec Let’s Roll: Living Growth in 2018 (Part 1 of 2)
As we celebrate the start of 2018, I believe it is important to ask ourselves some tough questions about our businesses. Take the time to position your team for success by understanding your market and customers. Can you answer the following crucial questions?
Do you know your current customers as well as you should?
While acquisition of new customers is important, retention of your existing customers is essential. There is good reason why savvy marketers from every industry are committing significant resources to managing the customer experience.
However, you can’t expect to successfully retain customers if you don’t know them. Have you made the effort to understand their needs and pain points? Do you know how they feel about their experience with your products and services? Do you know how they want to communicate with your organization – where, what, how often? Staying close to your existing customers and anticipating their needs and preferences is an efficient way to sustain and grow your business.
Who are the best prospects to help you grow your business?
In addition to taking good care of your current customer base, every business needs to grow by attracting new customers. Who are the best prospects to help you grow? Do they look like your current customer base or are there new segments of customers who represent growth potential for your business?
Segmenting your market is an excellent way to identify and prioritize your target market. Understanding who your prospects are, their needs and the areas where they are underserved by your industry will allow you to grow. Customer journey mapping is another way to look how prospects navigate your industry and how you can provide solutions to meet their needs.
Who are your influencers? How can they impact your business?
While many businesses spend time focusing on customers and prospects, many miss the opportunity that comes with engaging influencers in the purchase process. For example, in the healthcare space, customers often look to others (such as healthcare professionals or trusted family and friends) to help them make purchase decisions. Do you know who the influencers are in your market? Do you provide these valuable influencers with information and material they need to help potential customers buy your product or service?
At Axiom Marketing, we help clients ask and answer these important questions every day. In Part 2, we’ll talk about innovation as a cultural practice, and its impact on business growth.