The One Key to Business Success! - And three simple ways to do it

I get questions from entrepreneurs daily asking for the one key (the one single thing they can do) to ensure the success of their business.  And, I usually find it kind of off putting as there is (in reality) no single thing that can ensure your business’s success – truly.  It takes a large combination of things to really guarantee success – from hard work to luck.

But, if I were to single out one of the most important keys to any businesses success – it would be to simply - KNOW YOUR CUSTOMERS!

Here an example of why:

While sitting in the doctors office this morning, I came across an old issue of Entrepreneur Magazine (December 2008 Issue).  While pursuing this back issue – I came across an article that really proves this point - Knowing your target market (your customers).

While the article (titled “THE POWER Of PRELECTION” by N.T.L.) itself is not all that important – the article did profile Simone Brown and how she was able to reach and influence here target market.  From the article, “She knows her target market goes to seminars, joins professional organizations, watches particular TV shows and listens to specific radio shows.”

What amazed me was how much she knew about her customers and potential customers.  Knowing this information really helped her build her business and can do the same for yours (she did get profiled in Entrepreneur Magazine!)

With this type of information in hand, not only will you know how to get your message in front of your customers (what media or channels to use) but what message to put out there that will not only grasp and engage your customers but make them take action as well.

This is a very strong first hand account on why you must know everything you can about your customers – if you don’t know and understand your market and players – then you will only fumble around in the dark – either hoping something will work or be pushed into arenas that may or may not work by marketing professionals who are more concerned about building their business than yours.

Three quick ways to get to know your customers:

1) Talk with them – either in person or online.  If you don’t already have customers get out and find potential customers and talk with them.

2) Do a formal marketing study.  If you don’t have the funds or know-how to do this yourself – there are free resources like Small Business Development Centers (SBDCs) or SCORE (Score.org) that can help you do the research at no cost to you but your time.

3) Watch your competition.  If they are having success by using a particular media or channel or a specific message – then maybe you should be using that as well.

Remember this – if customers don’t know about your business and what you offer – they will never be your customers.  No Customers equals No Business!

The best advice is to get out there and start talking to current or potential customers.  Not only will you find out information about them that you can use to build your small business but you can really find out good information regarding how your business and products are perceived in the market by these same customers.  Important information if you want to survive and grow in today’s economy.