One of the major keys to entrepreneurial success is to dedicate your drive and focus to finding your customer base and consistently fulfilling their needs. In the current business dynamic of over saturated markets and general economic stagnation, consumer buying power is higher than ever. Customers are becoming increasingly rational with their purchasing decisions and are only interested in products and services that explicitly meet their needs. It’s in your best interest as a business owner to narrow your focus to deliver specific products or services to a highly-targeted audience.
It’s easy for us as entrepreneurs to assume that we know who our customers are and what they want, but we do ourselves a disservice if we don’t separate our personal passions for our businesses from what the market actually asks for. When I founded StickerYou, it was the first website worldwide to offer sticker enthusiasts the ability to customize die-cut stickers. We initially assumed that children and cartoon/anime fans would be our main target audience. While we were correct about that, we soon saw that businesses were ordering StickerYou materials for branding. Rather than stubbornly sticking to our guns, we adjusted our efforts to create a tailored customer experience for the B2B sector along with our original target.
Adapting to our market was the right move, one we were able to make because we were continuously observing market trends and open to new customer bases. It would have been extraordinarily detrimental to our growth and bottom line if we failed to recognize our new audience or chosen to ignore them. Research was the key to discovering this market.
Whether you have been in business for years or just you are starting up, market research is an essential and ongoing process for businesses at any stage. Start by identifying your community and maintaining a positive long-term relationship with them. This gives you the in to collect customer feedback, whether you ask them to chime in online via polls and surveys or chat with them in-store. Other helpful tactics include observing trends in your best- and worst-selling products, studying your competitors and the buying behaviour of their customers, and setting up focus groups with family and friends who fit your target market before launching new ideas.
Giving your business a shot at success means finding a way to thrive in a market overflowing with competitors. It can be tempting to try to cater to every possible customer or miss the ones you didn’t expect. But work smart, not hard, by narrowing your focus to spot the consumers who need what you offer and customizing your products/services and customer experience to keep them coming back to you.
Author bio: StickerYou Founder & President, Andrew Witkin
As the founder of a global e-commerce leader in custom-printed, die-cut products, Andrew Witkin is widely recognized as a leading authority on e-commerce, customization, startups, marketing and the tech economy. Witkin has also served as VP North American Licensing for Nelvana/Corus Entertainment and Director of Marketing for MegaBrands/Mattel.
About Carson Derrow
