Ever been to a networking event and listened to entrepreneurs talk about how their initial ideas were brought to fruition? Most successful entrepreneurs will tell you that they simply let the market tell them what it needed. Listening to the needs of their customers gave them the confidence they needed to take radical measures their competitors weren’t taking. So, how can you find out what your market needs?
3 Resources to Help You Find Out What Your Market Needs
1. Pay Attention to Reviews
Do you know what your customers find valuable? What frustrates them? What are some things they wish were better… different? When customers publish reviews about your products and/or services, read them. The insight will help you improve your customers’ experiences all across the board.
2. Conduct Customer Experience Survey
Thinking about making drastic changes to your products and/or services that you think your target market will love? Remember the New Coke Fiasco of 1985? Didn’t go over so well, did it? As a matter of fact, the market was so dissatisfied that thousands went out and stocked up on the Old Cokes.
So, think about conducting a survey first. Changes you may think your market needs may in no way be what it wants.
3. Create Your Own YouTube Channel
Just about every brand has information that’s valuable to its market. For example, “inventRight teaches people how to license their ideas”, according to Stephen Key of Entrepreneur. The company started its own YouTube Channel, where reps upload short, informative videos on various subjects related to licensing.
This helps them engage audience with video, versus just text. Many followers go so far as to request video content on other topics as well.
How to Find Out What Your Market Needs
So, what’s the best way to find out what your market needs (and wants)? Simple listen to your customers, clients and target audience. They know what they need already. Just give them the arena to share with you.
You can also learn by finding out what the market is saying about your competition. A Competitor Analysis from The EntreMarketing Group will help you accomplish. Order you Competitor Analysis from The EntreMarketing Group today!