“Your most unhappy customers are your greatest source of learning.” – Bill Gates.
Business owners need to realize the importance of going out and meet people. An important step of creating a startup is to understand what the market needs, not what you think it needs.
1. UNDERSTANDING THE MARKET’S PROBLEM
What better way to understand the market than to go out and meet them personally. Communicate with your market and try to understand their own perspective of your product. You will be surprised by the wealth amount of new information you will discover from the conversations, these are crucial to your product development.
Be in it for the long haul. Do not send out marketers to do all the job for you, you’d be ashamed. You need to get involved in the process as well. Marketers are only trained to familiarize your product to a certain degree of understanding. You know your product best, which makes you the more suitable candidate to lead the development process.
You are the best person to ask the questions to try understand completely the problems that might arise from the consumers relate to your product. The follow-up questions can also be as crucial.
2. Re-develop your product
Using the information provided by the market, this is your best source of information to redevelop your product. Believe it or not, your market is the most trustworthy place to understand your product.
Your consumers know what they want, and this transcends to what is needed in your product. In addition, customers are crucial to help you understand the wear and tear of your products. So, this is the best time for you to fully understand the long term issues that may arise from usage.
3. Pricing strategies
It’s always a good idea to develop your product bottom-top. Setting the price for your product is best determined this way.
Once you get your market audience to understand your product, ask them what would be the preferred price they’d pay for it. This is a great way to know how sensitive your market would to pricing such product.
Pay attention to the feedbacks of the preferred price they suggest. This gives you an idea how much customers are willing to pay for your product. If they suggest a low price, it gives an indication that the problem your product resolves is not worth paying much. If the suggestion is at high price, it tells you how serious the problem is and that customers are willing to pay much to resolve it.
Through the conversations you have with your targeted market, you will have a stronger understanding of the consumers and how much would they be willing to pay for it.
4. GET FEEDBACK FOR FUTURE MARKETING
Another important thing to highlight here is how much information you can learn by just getting to know your consumers and their problems.
The comment, testimonials and feedback from consumers can be relayed to your marketing team so they can develop better understanding of the targeted market. As a result, your marketing strategies become more effective since your business becomes emotionally connected and aware of the consumers’ problems.
5. Final Two Cent
Running a business is far from only working from your desk, analyzing countless data and information. It needs a step further – get to know the people you are selling to. Understand their problems, their concerns in short & long term, tell them how you intend to solve at the given price. Communicate. Communicate. Communicate.