Are you walking right by a gold mine every day without even recognizing it? Don’t say it couldn’t happen, because it does happen – even to very smart and very experienced business owners.
If you saw something that could be of value to your business – an opportunity, an unmet need, a chance to save money, a way to efficiently focus on the most profitable sector of your market, or to turn an unpromising market into a major source of profit – you’d be very likely to recognize it, and if you did recognize it, you would almost certainly act on it.
But what if it was something that you didn’t see at all? What if there was a major opportunity within easy reach – but nothing at all to indicate that it even existed? After all, the best veins of gold are buried in the ground – not out where everyone can see them.
So how do you find those solid gold opportunities that are right beneath your feet? One of the best ways is simply to ask questions – the right
questions, that is. Surveys for customer satisfaction (such as those conducted by Compechek) are not just good ways to detect unseen problems and resolve them – they are also excellent ways of discovering those unseen opportunities.
What are we talking about? It could be as simple as this scenario:
Your customer satisfaction survey includes the question, “Are there any products or services that you would like to see us offer?”
When the survey results come in, it turns out that a significant number of customers are asking for the same product or service – mentioning that nobody in your area offers it.
That is your cue. You don’t jump in without looking, of course, but you take a close look, and move quickly if it turns out to be a sound, profitable idea. If you’re the first to offer it, and if you’re the best, you’ve got a very good chance of locking those customers in.
And not just the ones who responded to your survey. For every one of those, there are probably many more (dozens, hundreds, even thousands) of your and your competitors’ customers who have been thinking the same thing. If you get there first, they’re yours for the taking!
Is it really that simple? Sometimes it is, and sometimes it takes a little more work to get to those hidden gold mines. But either way, the same tools that you use to measure customer satisfaction will also give you very good insight into those untapped sources of profit for your business.
If you would like to know more about how the ASK LISTEN RETAIN System or how it can help create customer retention and loyalty, please contact us.