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 […]
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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.
