THE LIMITING IMPACT OF BUSINESS MARKET IGNORANCE

Ignorance of business market: 

Every business has a product or service to promote. Following this line of reasoning, it follows that each product or service must be taken to the market where they are relevant. Taking your product to the wrong market is a fundamental step to business failure.

Study the people who need your products and or services. Look for ways you can use your services or products to help them solve their problems. Nobody will give you their hard earned money except it help to solve a major problems in their lives. When your product or services can satisfy your targeted market in a unique way, you will become in displaceable. It is then that you can hope to be in business.

Now, you may begin to imagine how you will be able to understand your market since every body is drawn by so many marketing strategies, and desires. Well, let this not be a problem to you. You can only get to understand your targeted market through participatory interaction. Do not think you can understand your market by sitting in your office reading some mutilated multi paragraphed research documents by some so called expert. Do not think that you can sit in your office and imagine that certain products will sell. You have to engage your market in a friendly conversation to discover their needs and how to meet that need in a unique way.

You are not in business to sell what you want, but what your customer wants to buy, and your customer will not stick out their money to buy what is not useful to them.

Failure to come to terms with this fundamental truth is a major cause of tragedy that many businesses are experiencing today. Some big companies feel because they are big and highly specialized, they can muzzle up some product or services that appeals to them and sell it to the public, even if it added no value to those who are buying it. Consequently, because they fail to put their customers into consideration while they were designing their products, they soon discover that they can not make a enough profit to stay in business. Since the existence of any business depends largely on the patronage of customers, these businesses are bound to fail when customers seize their patronage.

To succeed in business, you need to cure your self of the disease called 'Business Market Ignorance'.