Know your customers

When it comes to a new company forming, everything points towards a realistic and well thought out business plan. However, there is another factor that should have more attention and that is the knowledge of the clientele.

This is because all your services and products offered need to be placed into context with who and where there is a need in the market for them. After all, those who need and can purchase the products or services that you offer are our potential customers. Without these customers (market) your business literally can not exist: it is they who will give life and movement to your company; they who with their purchases will give you the financial support to pay rent, salaries, expenses and something extra which will be your utility (gain).

For these reasons you must be careful and respect your customers to continue purchasing products or services. It is also very important to know who they are, where they are, what they do, why they need these services or products, etc., because without this knowledge you cannot be efficient in your processes and marketing plans.

Now, you will wonder how you will get to know your clients if you`ve not yet start your company. The truth is, that it is a little difficult, but if you want to succeed in your new business, you`ll will have to investigate and try to know your market before starting your business. For example, if you wanted to start a bakery, you would want to know what the expected consumption would be and who the potential customers are. Therefore, visit all the supermarkets in the area, talk to employees, owners, and customers about their thoughts on the produce, the quality, prices and sales volume.

You may not always get the required information, but by applying a little common sense, you could project the possible sales during the year. Also, market research and checking out the competition can serve to create a list of prospects.

Another tool you can use is information and statistics regarding market trends for your business. These can be found on the Internet, the census in libraries, publications at chambers of commerce, and especially in publications of associations and journals in the industry you choose.

If you found this blog helpful you can read more interesting and insightful articles within our business blog.