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Are you thinking of going into business and wondering what product will be a hit? Or are you already in business and finding your competitors a big nuisance? The solution to both problems is simple; understand your market and streamline your products to meet the market needs. Doesn’t that sound easy enough? Let’s break it down: The market need: It’s a bit odd that when one person gets emboldened to open a small provision shop on the street, onlookers just have to hold their breath and wait for the next one to open, sometimes right beside the pioneer, selling the exact same things. Many people shy away from opening a specialty shop; frozen foods, or a green grocer’s shop, for example. What they refuse to see is how they will own the entire market and not just the portion they end up fighting tooth and nail to gather if they followed the wind and opened a regular provisions shop. Even a lone electrical shop within an estate has a monopoly. Walk around, ask people what they wish they had and latch on to the need. Some highbrow estates just need recharge cards! Others need an afternoon relaxation spot. Some others need decadent ice cream and cakes! How your product meets the need: Please do not put up adverts about a business you are not fully ready to operate. It is very offensive for someone to walk into your shop and say, ‘Do you make photocopies? I saw your sign outside.’ And you go, ‘Yes, but now there is no light.’ Then you start getting upset when the person says you ought to have a generator by now. You are a photographer and you have not yet realised you should learn how to edit pictures by yourself, come on! What kind of pictures are you going to be printing out? Don’t be the one that makes people say, ‘Oh him? No thanks, I’ll just drive to the other side of town and get my job done there.’ Ensure your product meets the need adequately. Do not plan to give substandard service just because you are the only barber for miles around. Remember, before you came, they were cutting their hair; your unique selling proposition is first that they will now be able to get quality service easier than before. Identifying competition; existing or impending: A lady rented some stalls in front of a house. There were 3 stalls and she took 2. The last stall stayed empty for a year, and then the landlady’s daughter started selling one product there, wines. The lady had a provision store and had been selling wines and other things. Within months, the landlady’s daughter had started selling everything the tenant was selling. The amazing thing was that the very day the girl opened up shop, the lady had said, ‘These people have come to steal my customers.’ Oddly she was not bothered because she knew her people skills were far better than the landlady’s daughter’s, and for that alone her existing customers would be loyal. A sign of proactivity is being able to recognise not just existing, but future customers. Whenever you go into a business, as pioneer or follower, ensure you raise the bar so that it is harder for newcomers to set up and take you out. Business is a war in some ways. The easiest and most cost effective way, is Customer Service. How to flourish despite existing competition: Surprisingly, a child can teach you this. Have you noticed how when the first child is born he’s all hoity-toity and can’t be bothered by anyone he’s not familiar with? Then baby number two comes and the first born who has always walked past you like you were the Invisible Man is suddenly calling your name and being oh-so-nice to you! That is a marketing strategy, tried and tested. Many pioneer business owners do not realise the worth of their customers until their customer base is threatened by the competition. First, ensure you always provide good customer service. Secondly, always seek ways to improve the product. Telecoms companies have got that down to a T. No sooner is a phone or software out than the updated versions and newer models are hitting the stores. Seek out ways to improve your product; faster service, home deliveries, home servicing club membership discounts, referral bonuses, you name it. The referral marketing business is growing because they make their customers feel like a part of the business and so they look forward to the profiting of the business. In what ways can you connect more to your customers and improve your products?

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This article was first published on 6th February 2013 and updated on February 12th, 2013 at 10:48 am

pagboga

Chojare Pamela Agboga is a Legal Practitioner, Writer, Editor, Chartered Secretary and Administrator. She is currently working on her first novel 'Weekends are for Loving' as well as a devotional for women.