Five Ways to Leverage Buyers and Sellers to Identify Growth Opportunities for Your Business

Whether you love them or hate them, reviews are a critical way to grow your business in an effective and positive manner. The importance of feedback cannot be overstated. Receiving notes from your clients, business partners, colleagues, and even friends as the case may be, will help gauge business performance – and keep the gears turning in the right direction.

Below are five ways to leverage buyers and sellers to identify growth opportunities for your business.

Leverage Your Lists

When you are aiming to solicit the feedback and expertise of a list you already own, make sure it’s been updated recently before sending the collateral. If, on the other hand, your list is garnered by one of your business partners or opportunities, cultivate it in such a way that it is accurate and receptive to your form submission.

Create Value

Never underestimate the value of consumer feedback. When you offer an incentive to answering a few questions, participation skyrockets. Everyone wants to feel appreciated and valued – especially loyal customers who have been there since the beginning of the venture. Creating value can be as small as a thank you email or as big as a giveaway. Understanding what will engage your market is one of the key ingredients to growing your business.

Engage Socially

Who doesn’t like participating in a Facebook poll on a Friday afternoon? If you time it right and offer enough benefit for buyers and sellers, they will take the small amount of time necessary to connect with your brand via social networking. Using a Twitter hashtag to ask for feedback is also a popular way to source answers and gauge prospective. You could even share a photo on Instagram or Snapchat with a question or two to reach across multiple platforms for maximum exposure.

It’s estimated that more than 450 million people currently access Facebook groups that have items to buy and sell each month. Consider these your potential new customers. Engaging socially is one item that cannot be overlooked in this day and age.

Ask for Ideas

Look, you may have created the project, but that doesn’t mean you can spearhead it forever without input. Asking for ideas is one way to leverage the customer base you already have engaged – and find more engagement in the process.

Now that we’ve gone over five ways to engage buyers and sellers to identify growth opportunities, it’s time to put them to work for your business. Your contacts and resources may have the time you lack to find ways to help your business succeed. There is a thought among entrepreneurs that business owners are often too busy running the business to actually fix or solve the issues that arise and take it to the next level. Ask for ideas – ask everyone. Throw out what doesn’t work and keep the rest.

Advertise

If you’re not getting what you need from the channels you already have and free advertising isn’t doing all it should, there are other alternatives. Search engine optimization, blogging, and pay-per-click campaigns are resources that can be implemented to engage socially through advertising. The increased visibility and access to information is instantaneous and welcoming for small business owners because it allows for greater growth potential outside of the usual suspects.

Blogging on a site like Medium or asking questions on Reddit are absolutely ways to expand your database and, in return, your customer base.

Regardless of how you choose to proceed, the fact that you’re reading this article is the first major step to receiving the feedback you need to succeed long-term.

Gen George