Onwards and upwards Part 1 – Natalie
What does your client base look like and where does your business come from?
Here at My Mustard, we are forever asking our clients questions:
“Who is your target market?”
“Where does the majority of your business come from?”
“Which part of the business is most profitable to you?”
“What’s your average order value?”
“What’s the lifetime value of a customer?”
“Any particular industries?
“What do you understand about demographics?”
In these challenging times, knowing the answers to these questions is even more vital and we use the same philosophy on our own business.
Two of our main markets – bricks & mortar retail and training – have been hit hard and two of the traditional lead generators – networking, speaking gigs – have changed dramatically. So carefully analysing the input and output of every networking gig, social platform, email newsletter, introducer relationship and ad campaign has been an interesting project.
We have revisited and redefined which industries/size of organisation attract our services more than others and even though we had a good idea, seeing it on a very colourful pie chart allowed us to visualise the exact makeup of our current business base.
Finding the time to really dig into this information has been invaluable and really clarified how we need to shape how we move the business forward into 2021 and ensure that we are channelling our efforts in the right direction.
The business world is tough at the moment, we all need access to all the intel we can get hold of, to best educate the decision-making process. Put the time aside to sit down, grab a glass of wine and go through the last 12-18 months to analyse your business.
It will be worth it, I promise.