6 how much money they have youll be more successful

Info icon This preview shows pages 4–7. Sign up to view the full content.

6. How much money they have You'll be more successful if you can match what you're offering to what you know your customer can afford. Premium, higher priced products are unlikely to be successful if most of your customers are on a limited budget - unless you can identify new customers with the spending power to match. 7. What makes them feel good about buying If you know what makes them tick, you can serve them in the way they prefer. 8. What they expect of you For example, if your customers expect reliable delivery and you don't disappoint them, you stand to gain repeat business.
Image of page 4

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

9. What they think about you If your customers enjoy dealing with you, they're likely to buy more. And you can only tackle problems that customers have if you know what they are. 10. What they think about your competitors If you know how your customers view your competition, you stand a much better chance of staying ahead of your rivals. Obtaining Information on Your Customers Once you have identified what you need to know about your customers you can start gathering the information together. There is a huge amount of market information available that you can tap into. Much of that information is available free of charge and is readily available. For example, your customer records will tell you which customers have purchased from you, what they purchased, when they placed their orders and how much and how often they buy. If your current data doesn't provide you with the information you need, it is often worth asking customers directly. You can do this in face- to-face or telephone interviews, online surveys or in group discussions. Other sources of free customer information include: business contacts local business reference libraries your local authority, Business Link or Chamber of Commerce the internet UK Trade & Industry for information on export markets Their order history Records of contacts with your business - phone calls, meetings and so on Direct feedback - if you ask them, customers will usually tell you what they want Changes in individual customers' order patterns Changes in the overall success of specific products or services Feedback about your existing range - what it does and doesn't do Enquiries about possible new products or services Feedback from your customers about things they buy from other businesses
Image of page 5
Changes in the goods and services your competitors are selling Feedback and referrals from other, non-competitive suppliers If you can't find the information you require from these free sources, you might decide to buy the information you require. There is a huge amount of commercially published information that you can purchase direct from market information publishers. Alternatively, you might decide to employ a market research agency or freelance researcher to get the information you need. It can be more cost- effective to use the services of a professional, although you will need to ensure you draw up a clear brief and budget.
Image of page 6

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern