Small and medium sized business have weekly meetings and ask many questions about sales, distribution, advertisers, investors and many other enquiries of the general mood in the company. However, the one question that never leaves the agenda is what can be done to increase growth. It may seem a simple question, but the answer is so open ended that businesses can feel lost. Many try to innovate so much that they find themselves guessing what the market will do, and plan on staying ahead. The simple and most effective strategy is to, listen, research and react to customers. No one knows how a product could improve more or a service becomes more in-tune with consumers than consumers themselves. To execute the perceived wishes of your customers, you need a process which cuts down on waste and is trimmed in a way that maximizes profits.
Image credit – Takashi Hososhima
Pricing of your businesses services is not something that has a set plan. You need to react to the market demand in order to realise how much you’re needed by customers. Maintaining a capital efficiency is crucial when calculating the scale of your business. The market is very competitive, and customers are only a few clicks away from comparing the best price for their needs. Rather than just focusing on price, you can stick out from your competitors by operating in a manner that offers them real-world benefits. You can offer customers shorter delivery times with lower prices. In doing so, you may initially have to pay more to the delivery business, but in turn, you can increase the price of products and services. Customers are willing to pay a little extra for the convenience of an efficient and fast acquaintance with their goods.
Photo source – Kevin S. O’Brien
Every business wants to stay ahead of the curve and although guessing what the market wants is taking a shot in the dark, reacting to their needs is not. By listening and logging the complaints of customers, you can see exactly what improvements your product or services needs to achieve. For your website you should have a categorical complaint system, so each time a customer is unhappy, their suggestion can be categorized. You can then mark trends and see the pitfalls before you fall into them. You need a quick turnaround in this case to stop the bad press. You can take a course in lean manufacturing, so each stage of the manufacturing process can cut down on waste and immediately work on becoming efficient. The course is entirely online, so you can learn from your place of work and implement the tactics you learn in real-time.
Progress by data
One of the techniques you should focus on when analyzing consumer trends is to identify where your product is selling the most. It could be a particular region, country, or marketplace. By effectively tracking the age, gender and needs of consumers you can convert consumer satisfaction to customer loyalty. Either by a consumer report or by studying the analytics of your website, your business can become more consumer-orientated and begin planning expansions that are required to manage with increased demand.