The market responsive organization
Build Business Communities
Working with a business community to provide a variety of products and services can increase your visibility in the market. A cluster of businesses promoting a venue as a “go to” location for a variety of products and services can increase customer traffic for individual businesses.
This is why businesses in a particular community should explore the idea of promoting venues where customers can find them.
Farmers markets and departmental stores perform the function of bringing together a variety of products into a specific location to create a one-stop shopping area. Trade fairs too work on the same concept. Promotions and marketing cost can be shared.
These days virtual malls and on-line directories are increasingly playing a similar role of being one-stop virtual venues for customers to find businesses.
Create Warm Contacts
People prefer to do business with people they are familiar with. They need to know your background and your capacity to deliver quality in a timely manner. Being a part of a social community beyond the business environment can further increase your visibility and allow people to get to know you.
Get active in community organizations or specific projects. Beyond the immediate personal fulfilment there is the added benefit of being recognized as a caring individual. This transforms prospective customers in the community into warm contacts making it easier to develop a business relationship.
Identify potential prospects and enquire if they need your services. Spend time researching their needs. You can then invite them for personalized product demonstration sessions.
Social Media and Physical Venues
Reach out and introduce yourself and your offerings to your social media contacts. Work towards converting virtual contacts into physical meetings. Have a familiar venue where prospects can meet you.
Encourage virtual contacts to meet you at your regular physical venue. It gives them an opportunity to place you in the context of a business community.
A business venue acts as a convenient location outside of an office environment. This encourages building of business relations in a relaxed atmosphere. There will also be less opportunity for distraction from office work.
All these actions conducted in systematic and consistent manner creates opportunities for you to understand your market. It also allows you to get feedback on your business offerings and the changing demands of customers.
Market knowledge is an essential ingredient for continual business high growth.
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