Q: I have a promising part-time business, and I’d like to expand it to full time. I need to identify possible new customers and the competitors I might face in a larger market. Once I have that information, how do I use it with my limited funds? ACE advises: Since you already have customers, they […]
Q: I have a promising part-time business, and I'd like to expand it to full time. I need to identify possible new customers and the competitors I might face in a larger market. Once I have that information, how do I use it with my limited funds?
ACE advises: Since you already have customers, they can be your richest source of insights into potential customers and competitors.
- Build a database of your customers. Ask them for basic descriptive information such as age, income, education, where they live; what made them choose your product; what other companies they considered, i.e., the competition.
- Research the marketplace. Use ads, websites, personal visits and interviews to do a comparison of your business against your competitors on the factors most important to your customers/prospects. Those factors can include price, selection, location, service, reliability, reputation, advertising, etc.
- Maintain a website. It doesn't have to be expensive but it does need to provide information prospects are looking for and it must be easy to navigate.
- Be sure to ask visitors for their email information; this can be a valuable marketing tool. Use email to reach your customers with special offers, new products, and product use information.
