There’s no growth tool more effective than good market research. Customers are the lifeblood of nearly every business, and knowing how they perceive your company and your industry as a whole can provide invaluable data.
A bike shop might experience customer disappointment because they don’t sell bike pumps, don’t offer repairs, or don’t offer payment plan options. All of these suddenly become potential new products or services that generate more sales and expand your business model. A struggling restaurant might find that the public is hesitant to try it because they think it’s too formal and expensive. This information should give the restaurant the impetus they need to design marketing that appeals to an audience they’re missing out on.
The aforementioned market research is a great way to find out what your customers expect from your industry. However, that doesn’t necessarily mean you have to always give them exactly what they expect. Sometimes, an unexpected extra perk or offer can help you stand out from your competitors. For example, having a small cafe on the premises of your car wash might bring in additional revenue while customers wait. However, new services don’t necessarily have to be added to existing services. You may find that with the tools at your disposal, you can enter adjacent markets at the same time. For example, a taxi rank with drivers of large vehicles could offer a delivery service carrying heavy luggage for customers who don’t have the means to transport it themselves.
Any new service should be well promoted. This is especially true if it’s an offer that customers wouldn’t normally expect from a company like yours. Often the safest option is to simply expand the services or products you already offer. Think of an optical store that offers sunglasses in the summer, or a running shoe store that also offers shorts and t-shirts.
This is another growth driver for small businesses that benefit greatly from upfront market research. In fact, unless there are obvious issues with your sales funnel, it is almost essential to ask for public input.
We’ve all had the experience where buying a product wasn’t as easy as we thought it would be. This can happen on your website, in-store, or over the phone. The problem for business owners is that this can stop customers from completing a purchase altogether, or even worse, leading them to go to a competitor.
Owners who haven’t yet considered their sales funnel are wise to ask as many outsiders as possible what they thought of the buying process. If there are too many buttons to click, forms to fill out, pages to visit, advisors to consult, or other obstacles, there’s room to streamline the process.
You should do everything possible to make it as easy as possible for customers to spend their money with your business.
