Understand your target market

Any product or service that will endure in the marketplace must have been packaged to serve the needs of a well defined target segment of the market. That is why an understanding of consumer habits, preferences and disappointments is invaluable.

In any sector or market that budding or existing entrepreneurs seek to operate, a painstaking study of the characteristics of that market; its strengths, weaknesses, and challenges from the perspectives of producers, distribution chain and consumers is necessary. Do not jettison such insightful study on the strength of any overbearing entrepreneurial confidence.

Experience has shown severally that the understanding of the market that is necessary at the beginning of an enterprise is usually foregone for varied reasons and later sought when the business starts faltering. Some entrepreneurs claim to be experts on their own and feel that further definitive insight into their markets is a waste of time and resources. But this is like putting the cart before the horse.

‘Look before you leap’ is an age old saying that is very apt in the evolution of enterprises. Do not seek to run when you are supposed to be grounded in taking sure steps. For such initial flight that is not backed up by insight and knowledge may cause a subsequent slowdown or crawl in the history of a business.

Market insight is fundamental. Top global companies have excelled with it. Start with it, live with it and the growth of your business will remain sustainable and predictable.

Have an exciting and productive week.