Oct 1, An important step in writing a successful and useful business plan is analyzing your customers. Without knowing who your customers are, you can't effectively market your products or services, nor are you likely to find anyone willing to invest in your business. Here is how to analyze your customers for your business plan.
When you research prospects, your goal is not just to understand the statistical profile of a group, but also to appreciate the subtle nuances of an individual buyer and his or her thought process. To help you get started, here is a list of five easy ways to learn more about your prospects.
If you have had success with a technique, or something is left out, please share your feedback in the comments section below. Use Google Alerts, Mention or Talkwalker Alerts Are you leveraging the wealth of information available online to gather more information about customers, prospective buyers and purchasing patterns?
If not, you should. I used to just say go to www. Both of these Google alert alternatives do a much better job of monitoring social media networks and obscure blogs. If your prospect is a publicly traded company or a small business active in their local community, you will quickly learn about their new initiatives, interests and activities.
If you are trying to monitor the behavior of tech buyers, for example, a Google Alert will let you know whenever new research is published. Make sure to send a note of congratulations, if for example, you see an existing customer or prospect wins an award.
Interview current customers This may seem obvious, but when was the last time you talked to your customers at any length? Interviewing customers will not only give you insight into their decision-making process, it will also be a great opportunity to gather content for a case study.
Offering to prepare and promote a joint case study can be a win-win for both you and your customer. In addition to talking to customers one-on-one, you can also consider surveying prospects or conducting focus groups. The subject of a future blog post for sure.
Your goal is to identify common interests, information sources and challenges. Remember that especially for professional services firms and nonprofits, each client or customer may be unique.
It can be tempting to project the opinions and behaviors of a favorite nonprofit client onto every other nonprofit -- and go very astray. Ask yourself questions such as: What are the patterns of visitor behavior? Where do they come from? What keywords did they use to find you?
Where do they go while on the site? How long do they stay? What content formats are most popular? Do these patterns tell you anything about where your customers are in their buying process, or what content is most effective at the different stages of their buying process?
Use this information to improve your website and landing pages to attract others interested in the same services, products or change issues. Use your competitors Not only do your customers have access to more information than ever before, but so do you!
One way to get great insights into your buyers is to study the research or case studies that your competitors have published. Reviewing their case studies might help you better understand your prospect, as well as why they may have chosen your competitor over you in the past.
Leverage professional social networks Use the major professional networks like LinkedIn and Quoraand try to find other, industry-specific networks where your prospects might be.
These networks are a great opportunity for listening and engaging. They will help you better understand the daily challenges or successes your prospects have and in many cases, give you the opportunity to ask questions of that community and get real, thoughtful responses.Knowing your customers is an essential part of business planning.
The more you know about your customers, the more you know about where to find others just like them, how to reach them with media or other marketing communications, and what kinds of messages, offers, and incentives move them toward.
The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services satisfy these needs.
In general terms, potential customers are the people in the market segment you plan to target. Say you sell jet skis; anyone under the age of 16 and over the age of 60 or so is unlikely to be a.
Your growth strategy entails more than just demonstrating how your revenue will grow. The growth strategy section of your business plan is about proving to others that you have a plan for bringing your product to new customers and new markets, and perhaps even introducing new products.
Your potential customers. In general terms, potential customers are the people in the market segment you plan to target.
Say you sell jet skis; anyone under the age of 16 and over the age of 60 or.
One of the most critical sections of your business plan is your market analysis. Find out just what information you need to know about your potential customers.