Understanding your customer base...

As a small business owner you probably have a good idea of what your customers need and want, but it is important that you continue to expand your understanding, and look for opportunities to better serve your customers or clients and identify expansion opportunities. 

Here are a few ideas from big businesses that you can use to increase your market share: 

• Customer surveys - You can use online survey instruments or better, make calls to some of your customers. Get their feedback on your goods and services. Their insights can help you improve existing processes and/or provide additional goods and services they may want or need. 
• Evaluate your sales - Periodically, evaluate what your best sellers are, and then see where there may be room for improvement or expansion. Maybe you sell ice cream but cookie sales are increasing. Time to think about a cookie sundae offering? 
• Review negative feedback - Put aside your emotions and try to understand the customers frustrations. What worked? What didn't work? How can you avoid this problem in the future? And where necessary....apologize. 
• Gather intelligence information - No you don't have to be a spy, well sort of. Look for your competitors. What services or products do they offer? How competitive is your pricing? How do you exceed what your competitor offers? 
• Directed marketing - Make the most of your advertising dollars. Identify your primary customer market. Who are they from the income level, where they live, where they work? Use this information to identify new potential customers and focus your marketing efforts. 
• Word of mouth advertising - Still the best form of advertising is when someone recommends you to another person, often a friend or co-worker. Encourage word-of-mouth by offering discounts or chasing leads that customers may provide you. 
• Branding Recognition - Brand you business using the same color schemes on business cards, flyers, web pages; use the same motto, and logo. Customers should be able to identify your business with a quick glance. When done properly, brand recognition is like seeing an old friend:-)

Even if you serve a small market, a niche, taking some time to better understand your customers, their needs and wants can open doors of opportunities for your business.