Unlocking Your Business Potential

Analyse the competition

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You must do more than benchmarking to maximise your business. You need to offer something that will entice your customers to purchase from you. Your competitors may have alternatives to the product you sell. This is your Competitive Advantage. You won’t be successful unless you have a competitive advantage that is both significant and sustainable for a certain segment of consumers.

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This is why it’s important to analyse your competition in order to identify the strengths and weaknesses of your business relative to other companies or similar substitutes. You can learn a lot from your competitors to help you improve your performance. Consider help from a Cheltenham Business Coach like www.randall-payne.co.uk/services/business-advisory/business-coaching

Your target market can be found by researching it

You should also ensure that you are familiar with your target audience . You must know your target market’s demographics, their wants, needs and likes. You also need to be able to locate your target market, both geographically and in terms of how to reach them.

Psychographic differences such as values, lifestyles and peer groups are more important in driving purchase intent. Finally, behavioural variables influence customer choice. For example, you might face a market in which 80% of the consumption is from only 20% of customers, like owners of large dogs, who purchase most of the dog foods sold in the country.

Marketing campaigns that are tailored to appeal to your specific target market, based on a deep understanding of their needs and wants, will generate better results in terms of attracting customers. They will also increase the average order value per customer.

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Customer service standards should be improved

Once you’ve mastered the basics, now is the time to focus on delivering a superior product and service. The key to maximising your business is selling the right product at the right time and place. In marketing, you must recognise that a long-term relationship is needed with customers. You cannot try to trick a customer to make a purchase they don’t want to. In today’s digital age, poor quality products are not unknown for long, and your bad reputation spreads far and wide.

To reach your full business potential, you will also need to provide superior customer service. Your reputation will suffer if your customer service is unprofessional, slow and/or not helpful. You need to ensure that your customer service is high in order to retain and attract customers, and to develop a good reputation. This means being professional, yet friendly and willing to go above and beyond.