Strategies in Business 1: Know Your Market

in Project HOPE2 years ago

The major purpose of engaging in business is to make profit which can either by in cash or kind. However, there are some strategies to put in place for business to succeed. Like we may have already known, business principally involves buying and selling of good or services (which includes providing solutions to life's problems). Here, we'll look at a very important factor in the success of business and that is "having the knowledge of your market and targeted customers".

Image from Pixabay

A particular research was conducted by Forbes and it was revealed that most businesses that fail failed at the first-fifth year of establishment. Which means that sustenance is almost as important as setting up the business in the first place. Having a viable business is not where it stops but there is a need of proper marketing, so as to sustain the business.

Targeting an audience

It is worthy to note that customers are the reasons you are still in business. Having that in mind, you need a viable plan of not just getting new customers but retaining the old ones. First of all, understand that there are products that are location-based. For example, if you want to start up a generator repairing shop, it will be very unwise to set it up in a location that normally has 24/7 uninterrupted electricity. The reason is simple, people will not use their generator and there will be nothing to service.

When choosing a business, you should be able to answer the "where" question correctly. The success or failure of any business largely depends on the location it is sited.

In similar way, there are people-based business. Even though you have sited your business in the correct location, you may not target everyone so you won't end up expending your energy and losing all. For example, there is no wisdom in convening a naturally fair person to buy a bleaching cream, or trying to sell a pair of crutches to someone that does not have any challenge with his limbs.

As a business person, you need to be able to identify a particular need in your potential customer and then move to provide solutions to it. E-commerce platforms are now experiencing boom unlike the last century. This is because of the solution of ease and availability they have provided to people to trade from the comfort of their homes.

Image from Pixabay

The rule of sustainability of customers is very simple: As long as you are constantly adding the necessary value at the time it is needed, then you will not have difficulty retaining your customers. One thing to note is; one customer you satisfy can bring in other customers and may be the major breakthrough you need in business. The opposite of it may also happen if you dissatisfy a customer. This is why you need to treat every of your contacts as a potential customer and you won't have difficulty gaining and retaining customers.

Thanks for reading

Peace on y'all

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@samminator market research is very important thing in the business. no business can survive without doing market research.

Exactly buddy. Market survey is very crucial to the success of any business. You need to know what the people want and how they want it

Survival isn't easy in the market, but knowledge is the master of things. When you know the market, who to meet there and how to make you own path, it will get a bit easier. Knowing the market is an essential strategy to put in place for business survival.
Resteemed

I agree with you here buddy. Getting to know the market is a necessary step to succeed in business.
Thanks for the resteem

I can relate this that you comment, of finding a good niche and knowing the market, to whom it goes directed what you offer with your business with what we do in this platform. We are sectorized, organized by communities and at the same time by thematic order. Without a doubt I can't go to a yoga community to talk about technology... I don't think anyone would see me, or if they did it would be to give me negative votes he he he

I like the analogy of "yoga community and technology" you gave. Thanks a lot for coming around buddy

Hello! I find your post valuable for the wafrica community! Thanks for the great post! We encourage and support quality contents and projects from the West African region.
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When the appropriate market is targeted, every other thing will fall in place. Nice post

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