When starting a business, the success is in the value added which ultimately make profit. The desire is there to succeed in that business but how can that be made possible ?
One of the major if not the most important secret to business success is
FOLLOWING YOUR MARKET.
Am going to explain that now just follow me gradually.
Identifying your niche in the business world and understanding what the market needs from you are two key things to bear in mind.
While you are developing a product, don’t develop a product based on your needs, develop a product based on the users need. This is where market researching comes into play.
A deep market research will go along way contributing to the success of the business. Now a market research should include the following but not limited to.
1. Picking a good niche
2. Understanding your customers
3. Knowing your competitors
4. Understanding your product(s)
1.PICKING A GOOD NICHE
Picking a good niche is one of the deal makers when setting up your business, a good niche means a niche that doesn’t have too much competition but yet it’s really sort after, its also a niche that has a relatively minimal risk allowable.
Picking a good niche is one of the foundation strategies for business success. For example, a fashion niche and a news telling niche may have the same level of competition but their level of risk may be different. These are the things to look out for among others.
2. UNDERSTANDING YOUR CUSTOMERS
Customers are a very complex factor to understand, because human needs are insatiable, their choices tends to differ from time to time. One of the strategies entrepreneurs carry out is that they do a survey on their product from which they can tell how the users perceive their product to be.
A deep study of your customers will give you an idea of what to expect at certain areas of your business.
3. KNOWING YOUR COMPETITORS
When building up your business or trying to set up one, one of the first things to do is to identify your competitors, especially those ahead of you. Learn what they do and how they do what they do.
Try and acquire lessons from them and identify some of the challenges they face and some other gaps they cannot fill in the market then you fill those gaps thereby resulting in the uniqueness of your business.
You can meet more of your competitors in conferences,meetings and so on.
4.UNDERSTANDING YOUR PRODUCT
When launching a product into the market, one of the basic things to do is to fully understand what your product or service is all about.
You are meant to know the pros and cons, you are meant to give the user a feeling of satisfaction that your product or service is the best and this can only happen as a result of indepth knowledge of the product