HOW TO FIND OUT EXACTLY WHAT YOUR CUSTOMERS WANT AS AN ENTREPRENEUR

As an entrepreneur, knowing the basic needs of your customers is a very vital aspect of growing your business. Every entrepreneur can achieve this solely by carrying out market researches.

Read: Reasons Why Your Business Need A Good Marketing Plan

According to the American marketing association, market research is the systematic gathering,recording and analysing of data about problems related to the marketing of goods and services.

Market research involves conducting researches to support marketing activities and statistical interpretation of data into information. The information is in turn used to plan marketing activities, gauge the nature of the products and marketing environment and also obtain information from suppliers.

Before venturing into any business, new entrepreneurs are advised to carry out thorough market research on the product/products they want to bring into the market. Doing this will help determine the need the product will meet in the market place and also help them know tricks and tactics that need implementing to ensure business growth, success and possibly expansion.

Now let me speak to your mind

Based on experience, the mind of Any business minded entrepreneur that want to succeed in business is usually filled with questions like;

• Who are  my customers and potential customers?

• What kind of people are they.

• Where do they live.

• Can they buy my products or services.

• Am I offering the kind of goods and services they want at the best place, at the right time and in the right quantity.

• Is my price consistent with what buyers view as the products value.

• Will my promotional programme work.

• What will my customers and potential customers think of my business.

• How will my business compare with my competitors.

Those are healthy entrepreneurial questions and the answers lies on the entrepreneurs.

You might seem surprised when i say the answers to those question lies with the entrepreneur. I said so because answers to those quantitative questions are gotten when you as a business minded person with a serious mind

• Talk to your potential customers in order to find out what products and services they need.

• Know what your customers think of your competitors.

• Read newspapers,blog articles, magazines,trade journals for informations and ideas on new products and services.

• Study your competitors to find out the quality of their products, what price they sell,how they distribute their products and what price they sell their product.

Conclusion

Entrepreneurial path is not always rosy one, but the rewards are always amazing and worthwhile. To become a successful business CEO, you need to put many things in place and knowing what your customers want is one of those important things.

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