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GIVE CUSTOMERS WHAT THEY WANT

Guest post by: Ilya Bodner

Article Overview: Finding out what customers want, and then setting out to meet their needs, provided it can be done at a profit, is what helps prevail in the marketplace. Demonstrating to customers how a product or service can satisfy their wants and desires will strengthen the holding glue between the customer and your business. The wise business owner is always aware of customer wants. Many businesses make the mistake of assuming that a customer’s number one priority is low price. But before price even becomes a factor, the customer wants other things. The customer is looking for ways to improve their quality of life, their productivity, to become more profitable, or to increase their competitive advantage. Meeting one or all of these fundamental wants will add value and move the customer forward.

GIVE CUSTOMERS WHAT THEY WANT

Finding out what customers want, and then setting out to meet their needs, provided it can be done at a profit, is what helps prevail in the marketplace. Demonstrating to customers how a product or service can satisfy their wants and desires will strengthen the holding glue between the customer and your business.

The wise business owner is always aware of customer wants. Many businesses make the mistake of assuming that a customer's number one priority is low price. But before price even becomes a factor, the customer wants other things. The customer is looking for ways to improve their quality of life, their productivity, to become more profitable, or to increase their competitive advantage. Meeting one or all of these fundamental wants will add value and move the customer forward. Getting what the customer wants does not necessarily mean going out and changing your product or service. In most cases, adding value is about the delivery, the way the facts are presented and carried out.

THE EVER-CHANGING MARKET

Research from Harvard University highlights the fact that customers' needs are changing faster today than ever before. This definitely impacts small business expansion. Constant adjustment in supply must be made in order to meet the demand of the times. A small business owner should always be seeking out new opportunities in the marketplace and preparing for small business expansion.

The adjustment does not always mean changing existing practices. Has your small business reached out to a new demographic lately? Many small businesses are discovering that by reaching out to new markets, they are able to expand their business to new horizons. When Tiffani Kim noticed the customers of her spa bringing in their husbands and boyfriends, she started reaching out to the male market, which now constitutes 30% of her small business. Kim T. Gordon of Entrepreneur Magazine stresses not to forget minority markets, such as the growing Latino market. "The Latino market is an entrepreneur's dream," she claims. "With economic clout expected to reach a whopping $926 billion by the end of 2007, the Latino market's buying power will soon outstrip that of all other ethnic groups in the United States."

One market that many small business owners ignore is the public sector. The federal government, local and municipal governments, colleges and universities, school districts, nonprofit organizations and public utilities are great opportunities for small businesses. The federal government's civilian agencies alone buy a range of products in more than 4,000 different categories. Furthermore, small businesses often have an edge in competing for procurement dollars because of government regulation designed to promote fair competition. The public sector is often required to give a certain amount of business to small, women- and minority-owned businesses.

The marketplace is a treasure hunt. The small business owner should constantly be searching for creative ways to reach out to new markets and customers.

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Article Tags: boyfriends, business expansion, competitive advantage, customers needs, desires, entrepreneur magazine, glue, harvard university, kim t gordon, mistake, nbsp, new horizons, new opportunities, priority, productivity, quality of life, small business owner, small businesses, spa, tiffani kim



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