Secret Key Drivers for Entrepreneurs – Know Your Market and Understand Your Customer

In our fast-moving world focused on the here and now, it is crucial as an entrepreneur not just to keep the pace but also to allow yourself and your company to have an eye on the future.
Whether you are a start-up or your company is longer on the market place, the goal is to nurture your business by creating top business ideas in order to grow and prosper. To win in business it is imperative to know the market and understand your customer needs.
There is a clear interdependence between the market and the customers. Your target customers will always determine the market you are working in.
In order to know the market, an entrepreneur has to understand his customers first. Here are some basic questions to help you analyze your customers’ profile and conceiving the market your business focuses on:
A� Who is my customer? (Example: seniors or children, business women or business owners, Business-to-Business or Business-to-Consumer etc.)
A� How can they find my company? (Example: online via webpage, magazines, affiliates, ads on TV, local area or going global etc.)
A� Who else is out there? Who is the competition? Where are they located? What is the difference to your company, service, product? What can you learn from them and what can they learn from your business? Why are they pulling business away from you?
A� Why do customers prefer my products & services while others are buying from the competition?
A� Where is the market going? Where is your market going? Is the economy growing, stalling out or holding steady?
A� What amount of money do your customers have to spend on your product?
Continuous market research and study of customer behavior is crucial in business. This knowledge will determine the future of your company. You will precisely follow and even foresee the consumer’s next steps and thus his buying habits, giving you the chance to make better decisions and react faster in a rapidly changing business arena. Paying close attention pays off. The market and the customers leave clues!
Some companies spend millions of dollars on market research each year, to ensure that their product / service meets the needs of the ever-changing consumer. The scary thing though is the fact that even with all of that information provided, many companies still struggle.
“Business is not just doing deals; business is having great products, doing great engineering, and providing tremendous service to customers. Finally, business is a cobweb of human relationships.”~ Ross Perot
Understanding the consumer is not an easy task. Yet, all entrepreneurs need these valuable information in order to stay alive and succeed. Depending on your specific business or product/ service, as well as your marketing budget, hiring a marketing research company to supply you with all the necessary data is a solid decision.

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