Who Knows what Consumers Want
Date: 11 April 2016 Share on Twitter Share on Facebook
Often, the trick to being a successful entrepreneur is understanding what consumers want and successfully meeting their needs. But how do you get into the mind of your potential consumer and how do you understand what they desire? Assuming you don’t have a crystal ball, here are some tips that will help you to better gauge what consumers want and need.
Take regular surveys
Experts advocate conducting regular surveys to gain a much better knowledge of what consumers want and to get a greater understanding of their changing needs. As noted by the research, a staggering 90 percent of entrepreneurs get it wrong, and they have little or no sense of what the consumer values about their product or service. Once you know this much, you’ve got a greatly enhanced chance of being able to satisfy your consumer.
Target the non-consumer
It might not seem like the most obvious approach, but targeting the non-consumer can actually be a pretty good way of finding out what consumers might want in the future. Sometimes people just don’t buy because there isn’t an affordable option available, or the current product just isn’t practical for them, which gives you a golden opportunity to offer a viable solution. One shining example of this is the Indian company Godrej and Boyce. As Innosight.com reports, this household appliance manufacturer wanted a way to enhance its business, so it took the unusual approach of targeting the 80 plus percent of householders in India, who didn’t have electricity, but still needed an innovative way of keeping food cool. This led to the creation of a whole new product that was perfect for households in rural India and which met a real need.
Make use of social media
Social media has helped to break down the barriers between the consumer and the entrepreneur. It’s never been easier to understand what consumers want than taking a visit to Facebook or Twitter. By reading through common consumer gripes, you can gain some useful knowledge of what your future customer is looking for from a product – and you’ll learn an awful lot about what they don’t want as well. Use hashtags to create focused searches and utilize Twitter and Facebook feeds as fodder for getting into the consumer’s mind. If enough people want the same thing, that could be the beginnings of a sustainable business idea. For a more comprehensive understanding review this list of useful social media metrics tools.
Know Your Strengths
Another important factor in delivering what consumers want is to learn to play to your strengths. For instance, you might be an expert app developer; if your expertise lies in app development, you are ideally placed to know a few shortcuts that could make the consumer’s life easier or you might have an idea of how to make the end product more affordable or user friendly. With your understanding of this area, you’d be well placed to find a way of offering consumers added value or bringing a unique approach. This is just an example, use your personal knowledge to see how you can apply it to your business.
By using your strengths along with the expertise from your chosen area, engaging with consumers through social media, regularly surveying customers in order to cater for their changing needs and taking innovative approaches to your enterprise, you can find ways of delivering what consumers want while establishing a solid business that will have the potential to last well into the future.
Using some digital technologies can drive better results in terms of understanding consumer behavior. For instance, the reporting section of virtual data room can help accessing consumer’s behavior, providing detailed statistics.