TC: WHAT DO YOUR CUSTOMERS THINK?

  IS YOUR PRODUCT OR SERVICE IN DEMAND?

Knowing if your product or service is in demand is essential when first starting a business. It is equally important to answer that question as your business grows. This verification process is something that should be completed in all businesses every 12 to 18 months. 

Let’s start with those of you that are thinking or are in the process of starting a new business. Just because you “believe” that your target market wants this great product/service that you will be offering is not a good enough basis to spend time and money on a venture. Without a target market that is willing to pay cash for your product/service you will not survive. That does not mean that your idea is a bad one, it just may need a little tweaking.

Change is the only constant in our business lives. The product/service you are currently marketing may need to be changed or tweaked in order to continue attracting new customers and keep the current ones.

Achieving success and continuing a positive growth in a small business means that you have to get out of your comfort zone. The only way to achieve this is by putting your “boots on the ground”. For a new business, proof of concept is achieved by visiting with at least 20 potential customers, sharing your story and asking them if they would buy such a product/service. What they like and don’t like about it? Find 20 new people to talk to about your offering.

An existing business should follow the same process as above, but add 20 calls on existing customers and ask them how you can improve your service/product. Calls should be made in person when possible.

Your challenge this week is to set aside a time to complete this task over the next two weeks. This is one  of the foundation building blocks for a successful company, so “get out of your comfort zone”.

“Your most unhappy customers are your greatest source of learning.”

                                                                             -Bill Gates