“It was the best of times, it was the worst of times.”  Although these words were penned in the 19th century to describe 18th-century France, they could just as easily describe our current economic and social situation in the US.  As the experiences of affluent Americans and those of their less-advantaged counterparts become more and more divergent, it’s increasingly important for you to know what your customer base and target market look like.

What do we mean?  The characterization of current events in the US is increasingly different, depending upon your situation–in other words, the “view” increasingly depends upon “where you sit.”

From one perspective, foreclosures, precarious markets, rising gas prices, and escalating food costs are the dominant features.  These are the people who are losing their houses, struggling to make ends meet, making hard choices between feeding their families and paying their electric bills.

But then there seems to be an “other America,” one in which many are feeling only a mild pinch from increasing prices, profiting and even prospering in the midst of the economic downturn.  They’re the folks who are looking for opportunity, following Baron Rothschild’s admonition to “buy when there’s blood in the streets.”

How can this be?  How can the experiences of these two groups of Americans differ so dramatically?

Because the “gap” between those two groups has risen dramatically since the 1970s and has now reached a level not seen since the late 19th century.

What does this mean for you?  Many things, potentially.

Most of all, it means you need to understand who your customers are.

• What level of products can they afford–are you producing items that lie outside their reach, or are you “under-pricing” items that an affluent market can afford easily (and might be more likely to buy at a higher price, if they take price as a marker for quality)?
• Where does the  pain of your customers lie, what problem can you solve for them?  Are they part of the middle class that’s feeling the effects of rising prices, or are they part of the more affluent segment that is looking for investment opportunity?
• How can you find opportunity in the midst of this recession?

You don’t need a crystal ball to answer these questions, you just need a good survey system in place to gather information on your customers and your prospects.

It isn’t rocket science–the information you need is basic and it can be collected easily.  Knowing what kind of products or services your customers are producing, how their businesses are doing, whether their income levels are rising or falling, whether they think your products are meeting their needs, whether the changing economic realities have changed their needs–these are the things you need to know.

Now more than ever, it’s critically important to know your market, your prospects, and your customers.  Making surveys one of the cornerstone systems of your business can help ensure that you not only survive the recession but also prosper from it.

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