By John Russell, RussellStrategyGroup.com
Whether you are B to B or B to C, knowing your true customer base is more critical than ever. Companies tend to forget that customer needs and tastes are always evolving. If you don’t believe me, then look back at all the great companies from yesterday that are no longer relevant or in business. Shocking!
Consider the following questions about your customers and buyers:
- Who were they originally?
- Who are they now?
- Have you carried out a customer survey or focus group?
- And how will their needs and likes evolve in 2027?
Do you believe you sell a service/product that your ideal customers still need, and already know they need? Yes/No
What is the (projected) average transaction value of a new customer? $
What percent of your business would you like to have from them on a per-year basis? %
What percentage of your customers do you anticipate will purchase from you more than once a year? %
What percentage of the current market share (in your sector) do you believe you control? %
What percentage of your 2027 market share do you believe you will control? %
Rate your performance in the following areas: Poor Average Exceeds
Your sales conversion in the following areas: Poor Average Exceeds
Converting quotes or proposals into sales 1 2 3 4 5
Converting online activity into sales 1 2 3 4 5
What percentage of the following categories do you realistically believe that you can acquire?
% Countywide % Statewide % Regionally % Nationally
How does your current pricing compare against your competitors?
How will your anticipated pricing compare against your competitors?
Above average Below average Consistent with market competition
What statistics (facts) do you have to support your assumptions?
These questions are all part of the comprehensive business planning process we take our clients through.
30/30: Over the last thirty years of taking clients through this three-month process, 30% were pulled off a path toward market irrelevance — the path that ultimately leads companies to extinction.
To learn more about our proven process, and to have an initial complimentary assessment, email us at john@russellconsultinggroup.com