Know the Market

Everybody always says that knowing your market is everything. Saying it is one thing, but understanding why it is so important will help you stay ahead of the pack.

Your market includes your customers, your suppliers and your competitors – to name a few. But these three are pivotal characters that define the success of your business.

Obviously, your customers are the ones buying from your business. Getting to know what they like, how much they will spend, what they enjoy and what they need will give you a better understanding of what they will want from you, enabling you to translate your product into something that will sell to your target market.

Throughout your journey developing your business and product or service, make sure you ask your customer what they think at every stage. You should be led by what they will buy, not by what you think they will want without proving to yourself that your basic assumptions are right.

A good place to start to evaluate your customer is by looking at your competitors. What are other people out there doing that is similar to your business? What are they doing well? What do your customers like and dislike about the competition? This will give you the insight needed into how to make your product or service even better on price and quality.

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