What drives customers to your business? I’ve always thought it was about the business’s character, but the real question is, how appealing is your business to those you serve and those you want to serve? “Appeal” is the key word!
Recently a noticed a flurry of blogs trying to connect with would-be customers through improved technologies, “big data,” branding solutions, and revamping of their marketing initiatives in an effort to engage communities. Nowadays, all of these methods are considered essential tools for improving business attractiveness to prospective customers. We all want more business! How should we go about getting it?
Having conducted market and economic research over the years, one thing I can tell you is each market has its own personality. The statistics used to assess market health and trends are indeed important to align your product and service offerings to markets. However, the key is to combine this push-button quantitative data with qualitative market knowledge.
It has become a necessary practice to dig below the surface where statistics alone cannot go to discover key market attributes. This is particularly true when deciding to expand into a new frontier market. It takes more than mere statistics to provide a well-thought-out strategy.
Here are a few fundamental aspects to consider when enhancing your business’s market appeal:
1. Who’s in your market?
You can find plenty of statistics about who resides in your market. It’s important to understand who lives in your community, how they earn a living, what needs and challenges they’re facing. Again, digging beneath the surface to get a real world perspective is essential for healthy market intelligence.
2. What makes your business stimulating?
Understanding the depth of your market is absolutely vital to how you connect with communities. It’s more than just being visible; it’s how “alluring” your business is to consumers.
Let’s face it; there are plenty of competitors looking for ways to gain market share – your market share! To discourage encroaching competitors who seek to entice valued customers, you must drive relationships deeper. Your business must express value through exhibiting the qualities needed to attract new clients. A vital part of charming your market is to know what is appealing!
3. Do you know your place in the market?
How do residents see you? Are you seen as part of the community, or just another chain store? Being authentic is a business characteristic which is sought by communities worldwide. This is another vital aspect your business should consider when seeking the best ways to connect with your market. Don’t ignore this business trait! It is a pivotal aspect of how people relate to who you are. It really comes down to having a sound market strategy to enhance how the market identifies with your business.
These are just a few of the attributes providing clues to enhancing your market appeal. Remember, each market has its own unique personality. Therefore, it takes an authentic strategy with specific refinements to provide the right combination of personality and market appeal to engage communities.
It never hurts to seek expertise to help guide crucial strategic business decisions. Partnering with a consultant who specializes in market analysis, operational efficiency and expansion risk can be beneficial. It takes more than statistics to generate interest in your business; it takes market appeal!