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Market research and customer feedback could be the ticket to scaling your businesses beyond the $1 million mark. Without gathering insights from the market and listening to customer feedback, you are effectively running your business on guesswork, which is very costly. Researching the market gives your business and vision an informed direction to steer towards, and developing solutions based on customer feedback builds trust and loyalty. Once you have researched and utilized feedback, use your intuition to create a strategic, but flexible, business plan, so you can test, learn and iterate your way to success. With the right business strategy, you can tap into your unique strengths and flourish as a powerful and influential leader in the business world.
This week's challenge: Speak with 10 potential customers and ask them open-ended questions about their pain points and frustrations. Use #sugarcoatedfeedback to share your surprising insights with SheLeadsMedia on Instagram!
Show notes:
💲 Women in businesses have a difficult time scaling past the $1 million mark - only 4.2% of all women-owned firms have revenues over a million dollars or more: in order to achieve a million dollars, you must understand your customers. 01:11
📊 Market research is about gathering information to make informed decisions: when we start talking to customers, the journey never ends because customer preferences are always changing. 04:44
👂 Your customers are your best critics and allies: there's no better way to earn trust among your customers than by listening to them. 08:26
🎁 If we take feedback and don't do anything with it, it's like a wrapped gift that's never opened: when market research and customer feedback join forces, magic happens. 10:43
👔 Harness the power of community and relationships for market research and use your data: put strategic plans in place and move forward with certainty, but leave room for flexibility. 13:05
❣️ Sometimes we're afraid to be vulnerable, try a new idea or change direction: Adrienne challenges you to go out there this week and ask 10 customers open-ended questions. 16:26
Links:
Connect with Adrienne: www.sheleadsmedia.com
Listen to podcasts for women by women on the She Leads Podcast Network: www.sheleadspodcasts.com
