Before starting a business project, an entrepreneur is required to conduct market research on the subject of competition and product demand among potential customers. From this moment, regular monitoring of the market begins with the determination of the most favorable conditions for one or another tactics of company development. And sooner or later, every businessman has a question - will the priority be competition or raising the bar in meeting the demands of the target audience?
Since it is not always possible to combine both strategies, due to the lack of sufficient resources, a bet often has to be made with a bias in one of the parties. And, according to entrepreneur Ryan Moran, who is investing in ideas that are useful to society, the main focus for the success of the enterprise should be placed on the client. And the tactics proposed by him will help in this.
Mutual Benefit Concept
It should be based on the principle of mutual benefits in relations with the consumer. There is no question of any charity, since the benefits derived from work for the client will again be sent to maintain and develop the business. As a result, the company with its investors and employees receives its financial return, and customers as part of the company in the form of a product receive the goods they need. This is a completely natural principle of the capitalist model of the economy, which involves the participation of the competitive environment as an important factor, but not worthy of primary attention.
Create a product in demand
Perhaps the main component of the success of any businessman is the ability to create offers that people will want to spend their money on. But how to do that? To date, a whole layer of marketing technologies has been developed that allows us to assess consumer needs in a particular segment, to formulate its problems and tasks that he would like to solve. A new product should either help in solving problems, or offer something fundamentally new, which the consumer does not yet need, but when this product appears, he may be interested in it.
In any case, one should be prepared for the unknown in terms of the reaction of the target consumer. With all the benefits and effectiveness of market research tools, they cannot give 100 percent knowledge and understanding of the true customer requests that will appear in relation to a product before it appears. Only tests of conceptual product models can give a more or less objective answer to the question about the company's prospects.
Company Mission Definition
It will be a big mistake to devote an excessive amount of time and resources to developing a product that can meet the highest requirements of the target audience. The right approach will be that in which the first place is not marketing with its focus on profit, but the creation of real value for the consumer. It is possible that at the first stages the company will offer far from ideal product, but if the client, in principle, feels concern for him from the side of the manufacturer, then in the future there will be no problems with business income.
What to consider in the competition?
Of course, you should not completely discard factors related to market competition.The product can be arbitrarily good and useful, but if the competitor has a similar offer with a low price tag, then the company will obviously lose. Another thing is that when you rely on original products, creativity in the development of its properties and characteristics, competitive advantages will arise by themselves. But the immediate interests of the consumer in terms of the real benefits of the product should come to the fore.
