How to Uncover a Hidden Goldmine in Your Business
How to Uncover a Hidden Goldmine in Your Business
Why is all of this important? Here are four reasons:
1. If you know more about your clients (past and current), you will have a better idea about where and how to find more people like them.
2. You may also discover a trend that you were unaware of previously. Like the fact that most of your clients are mostly men, that they are all mothers of small children, or that many of them are from the same area. When you know more about your clients, you can create products and services that match what they really want.
3. When you know the most frequent ways that clients find your business, you can increase your marketing efforts in those areas.
4. When prospective clients ask you what kind of clients you serve, you will be able to answer clearly with confidence.
So what do you need to discover about your clients? Here are some questions to ask yourself to get you started. You may not be able to answer all of them. See if you can come up with more you do know.
BUSINESS TO CONSUMER
- Are they mainly men or women, or both?
- What age range are they?
- Where do they live? The same city as you? A nearby city? Another country?
- How much do they buy from you on average?
- What is their nationality?
- Are they single, married, or divorced?
- Do they have children?
- What is their profession/business?
- What clubs do they belong to?
- What types of books and magazines do they like to read?
- Is there anything else they have in common?
- How do they find out about your company?
BUSINESS TO BUSINESS
- What size is their company?
- How much do they buy from you?
- What is their geographic location?
- What type of industry are they in?
- How do they find out about your company?
- What is the function of your contact at the company?
OK, now you have the numbers, how do you use them to figure out the percentages that can help your business? You don’t have to be a math whiz to do these calculations. Depending on how many past and current clients you have, you can use paper and pen or an excel spreadsheet.
Start by writing down the number of clients for each category like: gender, age range, etc. Then take the number in each category and divide it by the total number of clients and you have the percentage of that category. The great news is that once you have set this up, you can simply add new clients to the mix as you go.
Take a good look at the information you find and sort it from the highest to lowest percentage in each category. This will tell you which groups to focus on more and which groups need less attention. It’s also a chance to re-evaluate who you would ideally like to serve with your business.
Also, look for themes and see if any patterns emerge. You may be surprised at what you find. When you have better knowledge about your clients, you can make better decisions for your business.
Curious to find out who your clients really are? Set aside a few hours to analyze your clients and find out more about them as well as what you may have been missing. Take the valuable information you find, create a plan, and put it into action. Happy hunting!
(c) Stephanie Ward 2006
WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE?
You can, as long as you include this information with it: Life & Business Coach Stephanie Ward helps business owners set their profits on fire! Grab your free monthly profit tips plus a bonus report at: http://www.fireflycoaching.com.
How to Uncover a Hidden Goldmine in Your Business - To learn more about this author, visit Stephanie Ward's Website.
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What do you know about your clients? What kind of information can you identify about your clients without having to ask them? Knowing more about your clients is a fabulous way to grow your business. Keep reading to find out how.
Why is all of this important? Here are four reasons:
1. If you know more about your clients (past and current), you will have a better idea about where and how to find more people like them.
2. You may also discover a trend that you were unaware of previously. Like the fact that most of your clients are mostly men, that they are all mothers of small children, or that many of them are from the same area. When you know more about your clients, you can create products and services that match what they really want.
3. When you know the most frequent ways that clients find your business, you can increase your marketing efforts in those areas.
4. When prospective clients ask you what kind of clients you serve, you will be able to answer clearly with confidence.
So what do you need to discover about your clients? Here are some questions to ask yourself to get you started. You may not be able to answer all of them. See if you can come up with more you do know.
BUSINESS TO CONSUMER
- Are they mainly men or women, or both?
- What age range are they?
- Where do they live? The same city as you? A nearby city? Another country?
- How much do they buy from you on average?
- What is their nationality?
- Are they single, married, or divorced?
- Do they have children?
- What is their profession/business?
- What clubs do they belong to?
- What types of books and magazines do they like to read?
- Is there anything else they have in common?
- How do they find out about your company?
BUSINESS TO BUSINESS
- What size is their company?
- How much do they buy from you?
- What is their geographic location?
- What type of industry are they in?
- How do they find out about your company?
- What is the function of your contact at the company?
OK, now you have the numbers, how do you use them to figure out the percentages that can help your business? You don’t have to be a math whiz to do these calculations. Depending on how many past and current clients you have, you can use paper and pen or an excel spreadsheet.
Start by writing down the number of clients for each category like: gender, age range, etc. Then take the number in each category and divide it by the total number of clients and you have the percentage of that category. The great news is that once you have set this up, you can simply add new clients to the mix as you go.
Take a good look at the information you find and sort it from the highest to lowest percentage in each category. This will tell you which groups to focus on more and which groups need less attention. It’s also a chance to re-evaluate who you would ideally like to serve with your business.
Also, look for themes and see if any patterns emerge. You may be surprised at what you find. When you have better knowledge about your clients, you can make better decisions for your business.
Curious to find out who your clients really are? Set aside a few hours to analyze your clients and find out more about them as well as what you may have been missing. Take the valuable information you find, create a plan, and put it into action. Happy hunting!
(c) Stephanie Ward 2006
WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR WEB SITE?
You can, as long as you include this information with it: Life & Business Coach Stephanie Ward helps business owners set their profits on fire! Grab your free monthly profit tips plus a bonus report at: http://www.fireflycoaching.com.
How to Uncover a Hidden Goldmine in Your Business - To learn more about this author, visit Stephanie Ward's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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