As entrepreneurs in Danbury, CT, knowledge of accessing and utilizing effective customer/market feedback is vital for your business's continuous improvement and growth.

Direct Customer Feedback: Usually, the best way to get information about your customer's satisfaction and their use of your product or service is to talk to them directly. This "primary" market information can be the most helpful since it is very "timely" and also "unfiltered," therefore providing you with very relevant data, good or bad! Whether you get this by directly speaking to your customers / clients or whether you use marketing tools like online surveys or social media feedback to obtain it, you must ensure you are not getting "biased" information, especially if the feedback is negative or product/service faults are identified. Since you are recognized as the business owner or employee, you may bias the customer since [especially if they know you, such as your favorite uncle!]; they may be reluctant to provide any negative feedback. You can help adjust for this bias by making it persistently clear that you want all the feedback or by using a third-party interviewer or survey. To continuously improve your business, always try to get timely and unbiased feedback on your product or service quality.

Available Market Feedback: Another way to get feedback on your product, the market, the customer base, or the economic conditions is through "secondary" market research. This can be your practical exploration of online information about your "target customers, " their market space, or economic situation. The Internet and the emerging AI potential have vast stores of free information on your customers. With some diligence, you may even find comprehensive reports from third parties or academic and government centers that help you understand your current customer situation and where it is going – all important information to have as you grow and expand your product line or services.

Competitive Intelligence:  It is always important to know who your competitors are and what they are doing. In mentoring new clients, it is always a warning light when they say, "We don't have many competitors in my area"! Closely following your competitors is a great way to compare your offering, get insight into trends, and find pricing and positioning comparisons useful to your business plans.

SCORE's Role: This is where SCORE, a nonprofit association dedicated to helping small businesses, becomes an invaluable ally. With their vast experience, SCORE mentors can guide you in establishing effective customer and market feedback strategies. They offer free, personalized advice tailored to the unique needs of your business, ensuring you find effective growth paths.

Call to Action: Assessing customer feedback and reactions is an important business activity that should happen regularly. Reach out to SCORE for free, expert guidance in growing your business. Our mentors, equipped with a wealth of knowledge and experience, are here to help you provide a framework for business growth based on customer / market conditions. Contact us at www.score.org or reach out locally at 203-794-1404 for unparalleled, confidential, and free mentorship. Let's work together towards consistent business growth.

Conclusion: Whether you are just developing your product or service or actively in business looking to reach the next level, effective listening to customers and market conditions is a crucial business activity in our complex market environment. With the support of SCORE mentors, you can develop proper business strategies and actions.

This article was written by Hugh Tansey, SCORE Mentor, and Western CT Chapter Secretary.