The Importance of Discovering Your ‘Why’ of Doing Business, Creating Niche Products & More!
Last week, I held a Facebook Live session in the Clever Masterminds group on the importance of defining a market need. For those of you who are unfamiliar with the term ‘market need’, it is simply the ‘why’ of your doing business (selling products or services).
Defining market needs is about assessing and researching the problem, needs, desires or goals of your target market. Why is defining the market need important? One reason is that you want to have a successful business that will (drum roll please) not close! Hence, selling products or services that matter to your target market is a huge part of doing business.
Do you know that 42 percent of small businesses fail because there is no market need for their products or services? That is a lot of businesses not providing niche products or services that matter to their customers.
However, this percentage would change if more business owners took the time to understand their ‘why’ of doing business in the first place—what is the problem I would like to solve and for whom?
What are the pains of my target audience, so that my team and I can identify ways to create products or services that benefit my customers?
These are just a few critical questions that must be answered up front before any marketing strategy, systems, products or services are developed.
How do I get started by researching the market need?
Well, there are two things you can do to prevent wasting your time browsing the web for practical ways or research methods to get started:
- Watch my Facebook Live video to learn of several online free tools that you can use to begin listening to the conversations of your ideal customer to discover their needs, wants, desires and goals.
- Take advantage of the Clever Jumpstart Your Business 7-Day Email Course, which has daily prompts and strategies to help you identify your market needs of your business (and it includes my handy market research tools guide).