Business investment is not only made through spending an X amount of dollars, but also through idea generation, time and many other resources. To generate a well growing business you have to analyze who is your target audience. In addition, you have to understand where your customer is located geographically, whether the audience you perceive has an online presence and etc. For any small and medium business it is important to start out from the area of origin. It means that business should be capturing the audience surrounding its area of being. For example, your business is located in the area A of the city X, therefore you have to be starting out from your local area A and spreading/capturing the attention of customers in your current area. It is important to be diverse and capture customers from different audiences, especially if you are B2B. You have to be diverse in the customer profile to make sure you cover many different customers which eventually will help you build you customer portfolio. Building customer portfolio is extremely important as is will help you get more attention from the same group as you’ll have the needed experience and the needed products to offer.
Here are several tips on how to increase the visibility and the amount of potential customers:
1. Meet and create as many valuable professional business connections as possible in your local area, it means that at the beginning you’ll have to attend several tradeshows / exhibitions and networking events to make sure people know you. Your main goal is to drive your business and your business name in the forefront of everyone’s’ mind in the industry you are working or in the area you want to acquire.
2. Spend some resources on advertising and marketing. The main idea of marketing is to market your business and deliver your name to the customers mind when he is in need of the similar product or service that you can provide. You should be allocating and spending a reasonable amount of money on the company’s advertising. Tip: if you are investing in a specific form of advertising and marketing and you don’t see the return - drop it and move on to the next strategy. The idea behind this is you don’t want to be stacked with something that doesn’t work and continue to spend money on it.
3. Be tactical. Your goal is to find out what your competition does and how they spend their money. If they are investing in something it might be that it works for them and brings the result. However, be careful as what might be good for them might not be exactly what you are looking for; although, knowing what you competition does is very important as it gives you more ideas.
4. If you receive complaints make sure you document them and satisfy them. Every customer has to be satisfied! In addition, you should be noticing complaints and working on them to perfect your service and eliminate the problem.
5. Give back to the community you live or do your business in. Everything starts from the roots. You have to give back to the community that you are in. It is a great chance to be active and a good chance to be noticed by the locals and local business.
Good luck and we hope our tips will help you build a healthy and prospective business.