Understanding Your Market For Success
posted in SCORE 87 Post by Tom Hellmen
For any small business to succeed, achieving product/market fit is among the most important goals. But verifying that your product meets a strong market need and can stand up to competitors is not an exact science, nor does it typically happen in one grand a-ha moment. Likewise, building momentum in a market requires patience and comes with no guarantees as customers’ needs, regulatory landscapes, and competitive pressures change over time.
Consider that your business will only succeed if it adds real value for your customers. In this case, value means that your customers perceive your products or services as being worth the price you charge for them. Start by understanding your target market’s need and then whether you offer a better solution than your competition.
Here are some actions you can take to increase your success in accomplishing a successful product/market fit:
Do your homework to understand your customers’ current needs and anticipate what they will need in the future.
Research your target demographic by spending time with prospective customers, read industry blogs and print publications, attend industry tradeshows and webinars, and seek out a professional in your industry who might serve as a mentor to you as you evaluate your products and services.
Focus on one primary and critical value proposition.
It’s impossible to be all things to all customers. By focusing on what’s most important to your target customers, analyzing significant trends in your industry, and identifying where competitors are falling short in solving customers’ problems, you will maximize the value you provide to your customers.
Listen. Learn. Adapt.
Have a business plan, but be open to change as you listen to feedback and ideas from your customers. Learn from what they’re telling you about how you can improve your products or services. Finally, be prepared to adapt your systems and processes to make your business more viable and sustainable.
Good planning and research will pay off in costs avoided and a far better marketing strategy and tactics that will resound in your customer’s minds. It is critically important that the benefits of your products or services be presented in the language the customer understands.
To learn more about developing a marketing plan for your small business contact SCORE “Mentors to America’s Small Business”. SCORE is a nonprofit organization serving Flagler County which provides free, confidential business mentoring and training workshops to small business owners.
Please Call our office at 386.255.6889 for more information on our workshops or to schedule a free counseling appointment.