Being a market-orientated businessPosted by Nicole CoyneOn October 28, 2020

What does it mean to be a market-orientated business owner? Simply put, a business owner that is in tune with their market’s demands, and builds their products and services around that specific demand. This may be an improvement on a current product or service or something completely new. Sadly being sensitive to the demands of your market seems to be forgotten by many business owners. Why?

We can lose sight of being market-orientated for a couple of reasons. Firstly, we often get too close and fall in love with our product or service. In our eyes “they”, that is the products and services can do no wrong. They are perfect as is. We refuse to listen to customer’s feedback regarding the products and/or services and we take it personally. We often take the side of the product and happily lose a customer, just because they spoke ill of our business.

Secondly, we make decisions on behalf of our customers. We assume what their wants and needs are without even asking them and listening to their feedback. Often we aren’t even in the same target audience as our customers, but yet we seem to know what’s best for them.

I speak to business owners all the time and one of the questions I ask them is, what kind of market research have you done for your business? Often the answer is “none”.

So, how do you know what your market needs?

Yes, there is an element of “gut” feel and “knowing” but without concrete feedback and proof, we can can get it horribly wrong.

As a business owner,  I know that one of your goals is to make money. So, if you don’t listen to your customers and clarify exactly what they need, how are you going to entice them to purchase from you, and how are you going to grow your business?

Depending on the size of your business you can engage in a variety of market research tools. On-line surveys, focus groups, even hiring an expert market researcher. You can spend thousands of dollars on research or conduct an informal feedback survey, which in comparison costs a few hundred dollars. The point is, to always engage in some form of research, not to do nothing and hope for the best.

1) Have I asked my target audience?

2) My product/service idea, has it been developed from customer feedback or through what I think people need?

3) How often am I talking to my customers?

4) How often am I listening to my customers, without an agenda?

5) Do I take their feedback seriously, or do I dismiss it?

6) If I implemented some of the customer’s feedback suggestions, what would the outcome be?

Take the time to engage with your customers. Listen to their concerns and compliments. Figure out their wants, needs and desires, and you may be surprised as to what comes out. With this priceless intel, you can then make educated decisions. Isn’t that what you want so that you can grow your business?