Try to find patterns or consistencies in your business. For instance, are most of your customers located in the midwest? Do most transactions on your web site happen on Mondays and Thursdays? Do you get more new customers during the summer? Do your customers spend more money when it's raining outside?Making such determinations will help you understand your customers, and should allow you to serve them better. This, in turn, will increase your revenue.
Here's a true story and a great example: In 2004, Wal-mart noticed that before a hurricane devastates an area where one of their stores is located - they would consistently sell out of Pop-Tarts. So now, when a hurricane is approaching, they rush ship more Pop-Tarts and are able to sell 7 times as many.
The moral of the story: Learn Your Customers' Habits.
Brother I don't think knowing the customer is the problem so much as to what tools are available to meet this objective.
ReplyDeletePotential entrepreneurs may have a hunch. Turning that hunch into something measurable is the hurdle. How does one go about conducting marketing research?
Some possible scenarios should be explored to add value to your piece. It's easy to say what needs to be done but to explain how is the real essence......
kayanation
I have been in the mortgage business for 7 years. I am experiencing burnout at this time and I am looking to make a transition because I am just burned out. I have a suggestion as to the question about tracking our customers needs. It's called a database. Are you entering your customers' information into a database? Are you making your clients, clients for life by periodically sending them follow-up cards to say happy birthday or tell them about changes in the market or changes to your product? What is it about poptarts that someone would buy them before a storm, hurricane. . . They are basically MREs-meals Ready to Eat. Kids like them and they are filling. Who are your customers? What do they buy and when do they buy. Something as simple as an excel spread sheet, a calendar and sales tracking information can be helpful.
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