Why do fortune 500 companies make it to that level of prestige? Is it because they have a good product? Is it because of their excellent customer service? Or, maybe they have a superb business system? While all of these may be the right answer, your customer loyalty will come from anticipating their needs and providing the solutions necessary. You can ask any online business owner and they'll tell you, meeting your customers expectations are small peanuts compared to anticipating their needs and responding quickly to them. You must be able to read the minds of your customers so you can figure out what they want and provide the right tools and products to meet their demands. If you don't do it, your competition will. That means lost revenue for you, ouch!

Here are four simple ways to study your customer's needs:

1. Take a close look at your current sales stats.

Pay close attention to the purchases your customers are currently making through your website. You'll want to see who is buying what and how much money customers are spending on each order. You may also want to track which web pages they are spending the most time on and how long they're staying on your site.

2. Keep track of customer's questions, suggestions and comments.

I don't care if customers are communicating with your business by phone, email, or web submission form; keep track of their communications with your company. If they ask for similar products, begin to create those products and provide it to them. If they are making suggestions on how to make your products better, do what you need to do to make them better. If they are leaving you mean comments about how bad your product sucks, fix the problem immediately!

3. Keep hawk eyes on your competition.

It's a must that you keep an eye on your competition. Why do you think professional sport teams watch film on their competition? They do this to study their plays in order to see what they do well and to take advantage of their flaws. You must do the same with your competition! See what kind of products they are providing, discontinuing, raising prices on, putting on sale, etc. This is a good way to see "what's hot" and what their customers are seeking. A good idea would be to join your competitor's newsletter and mailing list as this is a good way to stay educated and up-to-date!

4. Go to trade shows, seminars, organizations, or conventions.

Attend trade shows for your product niche. This is a good way to see what buyers are looking for and what current and future products they are excited about. Go to seminars or workshops that your competition may be holding. Sit and listen to the speaker as they talk about their business. Pay attention to the attendants as they ask questions and listen to the speaker's response. Be sure you take good notes as you may learn a new strategy or technique concerning your product niche. Attend networking meetings held by local and national organizations. You can form joint venture partnerships with your competition and leverage their current buyer's list for your products.

Author's Bio: 

Internet marketing coach Judah Swagerty specializes in teaching entrepreneurs, small business owners, and real people just like you how to successfully start and grow their own profitable ebusinesses on a shoe string budget. To get FREE instant access to the step-by-step strategies, tools, tips, and resources he's used to grow his internet business, visit: http://eBizSuccessU.com