Over the years, I have encountered many organizations that approach things in a way that isn’t exactly profitable. This is especially true for startups. The road to success is traveled alongside your customers.
Understanding your customers will help you grow as you wish, according to the true potential of your business. Below, we will present the three most common business mistakes which, if avoided, can bring you success.
Companies do not consult their consumers
Sometimes companies fail to stay on the market because they create products they think consumers want, rather than those consumers actually want. The product is what the creators assume would be right for the consumer, without conducting prior research. To avoid this fatal mistake for the company, you simply need to conduct market research beforehand. Through research, you can find information such as consumer needs, their willingness to buy a certain product, distribution methods, their suggestions, etc. If you launch a product that consumers do not want, you risk being pushed out of the market by the target audience itself.
Companies do not use consumers for testing
There are many easy ways to test the product, website, packaging, etc., with the help of customers, so launching one of them without feedback from them is inexcusable. Do not try to assume what is best for them; show them what you have in mind and they will tell you if you are on the right track or not, helping you make the right decision. For testing, qualitative research is recommended, followed by quantitative research to validate the data obtained.
Companies operate for years without asking for market feedback
It is sad to see companies working for years on a product, perfecting it, and after all this time, finding out they went in the wrong direction. The value of products is determined by market needs and how well the products fit those needs. Every product needs rigorous feedback from the target audience to reach its full potential.
MKOR Consulting offers you the possibility to conduct studies with your customers through satisfaction surveys. This way, you can get in touch with your audience to find out their needs, suggestions for your company, and their willingness to purchase your products. All you have to do is start the conversation.
