Knowing Your Market

28th September 2017

I was recently working with one of my clients, and having reached a stage where we had got the key controls and base in place, we were starting to look at how we would grow the business.

Now this is a pretty secure business, which has been bringing in a lot of new business through word of mouth, and there is also a lot of repeat business from long established customers so there were a number of things to consider.

First, if he grows the business significantly or too quickly can he deal with it and ensure he continues to provide a high quality service, and high standards of work. He has recently taken on a new team member, so for the time being he is confident that he still has spare capacity so that is OK (but he will need to watch this, and we have already put plans in motion for taking on a new employee next year).

Secondly, who are his target markets? This is a vital consideration to take into account, because if he is not clear on who he wishes to get increased business from, he runs the risk of getting his “How” wrong. In other words if he uses the wrong marketing strategies, he will miss his intended market. So analysis of his ideal customers is essential so he makes the right decisions as to what marketing he will do initially.

Thirdly he needs to know his numbers. How many leads is he already getting, what are his conversion rates for the different leads he gets, and what is his average sale to each type of customer? This will not only help him to ensure he is targeting the right markets, but it will also help him to set increased numbers in each of these areas, thereby securing the growth he requires.

---

Comments are closed.