Where is your customer…

While you may a unique product or service, the key to your business growth is if you are able to locate prospective customers and convert them into your paying customers. This identification of prospective customers is the critical activity of a marketing department. They can use advertisement, articles sharing, case studies distribution, direct marketing methods to identify them and pass it to sales for conversion. Your business plan has the basis of acquiring customers which could be a small percentage of these prospective customers. The better your marketing department is able to zero in, the more chances that your business will succeed and grow. Existing customers are also an important catalyst to spread your marketing reach.

Customers drive your business…

Unlike the view that the Entrepreneur drives a business, it is actually the customers who drive a business much more. They have a need to be satisfied or create a need based on a availbility of a product  or service. They decide a price at which they are comfortable buying. They research the market to find out about your competitors and drive your price point and also the features they need for a product or service. They finally take a risk of buying, using the product or service and then indirectly start promoting it to others. The Smart Entrepreneur just identifies with all these and positions his business accordingly and then the business happens. Never underestimate the power the customers have on your business and no customer is permanant and lack of competition is only a windowm of oppurtunity which may go away.

Purchasing or Selling ?

When I had a opportunity to speak to a group of sales professionals, I held  a brainstorming discussion to discuss if selling is more difficult than purchasing. They easily concluded that purchasing is much more risky, complex and a difficult process. This is why a sales professional has to first understand the factors which his prospective customer has for his purchase and try to position his product and services to reduce the risk of buying from you. If a customer is buying a service, he is looking for vendors where he feels comfortable and can trust, If a customer is buying a product, he is more focused on the product’s life and maintainability. Using truth and trust as a base for selling always has a higher chance and ensures a loyal customer.


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