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Knowing Your Market Is a Key Success Factor

Getting your business up and running and ready for the future takes time and planning. However, understanding your market is a key success factor in allowing you to rise to the top. No matter what business you’re in, what product you sell, what service you provide, you must know your market inside and out in order to grow.

You have to spend time researching what your customers are looking for and make sure that the product or service you supply meets those needs. Another key success factor is being able to adjust your marketing plan and sometimes the product or service itself to have it ranked higher on customer demand.

Another key success factor is customer service. In almost every study and survey conducted 99% of respondents said customer service was important to their decision-making. Many traditional retailers, in recent years, have recognized the importance of good customer service. They have focused on providing this need to their customers.

Customers Not Easily Satisfied

Customers however, have not fully embraced their efforts. This is true for both online and brick and mortar stores. Only 16% of shoppers at traditional stores were extremely satisfied with customer service. A key success factor for customers is in finding helpful sales people. This is true in traditional stores as they look for someone who knows about the products they are selling.

A key success factor for online stores is also customer service in regards to delivery and finding someone on the phone to answer questions. A majority of customers also cite the security of their information which makes that a key success factor to online business success. Online customers who want to know their personal information and their financial information is kept in strict confidence and is free from hackers.

Traditional customers are also interested in security, but their prime concern is their safety in parking lots and in possible hazards within the store. Another key success factor for traditional stores is accurate pricing as customers do not appreciate finding a higher price at the register than they found on the shelf.

The good news for retailers is that customers believe they are trying to improve customer service. Traditional retailers as 40% of those surveyed believe they are trying to improve customer service while 38% but if they are less committed now than there were years ago. The news is better for online stores as 71% believe their customer service efforts are higher now than just a few years ago. The customers’ perception of their attempts at improving service is a key success factor for their future.