![7/11/2018 Building business by knowing your market - Jarle Thorsen
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Building business by
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posted Jun 20, 2018, 3:25 AM by Jarle Thorsen [ updated Jun 20, 2018, 3:26
AM ]
At the heart of a business concept is the service. How will the
customer benefit from using your product? When hearing a
business pitch, investors look foremost for the solution the
product or service presents. Thus, to enthrall both investors and
customers, entrepreneurs must know how to frame their product
or service to meet the needs of their target market.
Image source: vcita.com
Due diligence is a critical element of refining a business concept.
The best way for entrepreneurs to understand how their product
can satisfy a customer’s needs is to look past the basics. It is
easy to know why customers would use a specific product or
service: these include an assortment of problems ranging from
accomplishing a challenging task faster to reducing costs of
operations.
Learning the how’s and why’s behind the need, however, requires
going the extra mile. This involves learning more about the
complicating factors behind the problem and framing the solution
to suit them and their values. A customer, for instance, may
require both a cheap and environment-friendly solution. Knowing
the precise needs of the customers provides context when
explaining the features of the product or service based on how
well they can meet the needs of their clients.
These details are critical in the formation of brand identity. By
learning about the target audience, an entrepreneur can tailor
their business’ brand identity to the audience.
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- 1. 7/11/2018 Building business by knowing your market - Jarle Thorsen https://sites.google.com/site/jarlethorsenus/blog/building-business-by-knowing-your-market 1/2 Jarle Thorsen Home About Blog Building business by knowing your market Investment 101: Essential parts of an investment pitch Pitch Ideas Successfully With These Presentation Techniques Contact Sitemap Social Links About.me Flickr Behance.net Blog > Building business by knowing your market posted Jun 20, 2018, 3:25 AM by Jarle Thorsen [ updated Jun 20, 2018, 3:26 AM ] At the heart of a business concept is the service. How will the customer benefit from using your product? When hearing a business pitch, investors look foremost for the solution the product or service presents. Thus, to enthrall both investors and customers, entrepreneurs must know how to frame their product or service to meet the needs of their target market. Image source: vcita.com Due diligence is a critical element of refining a business concept. The best way for entrepreneurs to understand how their product can satisfy a customer’s needs is to look past the basics. It is easy to know why customers would use a specific product or service: these include an assortment of problems ranging from accomplishing a challenging task faster to reducing costs of operations. Learning the how’s and why’s behind the need, however, requires going the extra mile. This involves learning more about the complicating factors behind the problem and framing the solution to suit them and their values. A customer, for instance, may require both a cheap and environment-friendly solution. Knowing the precise needs of the customers provides context when explaining the features of the product or service based on how well they can meet the needs of their clients. These details are critical in the formation of brand identity. By learning about the target audience, an entrepreneur can tailor their business’ brand identity to the audience. Search this site
- 2. 7/11/2018 Building business by knowing your market - Jarle Thorsen https://sites.google.com/site/jarlethorsenus/blog/building-business-by-knowing-your-market 2/2 Image source: prudentbusiness.com Unaico founder Jarle Thorsen urges prospective entrepreneurs to explain the core concepts of their businesses to clients and investors. Visit this blog for more updates on getting businesses off the drawing board. Sign in | Recent Site Activity | Report Abuse | Print Page | Powered By Google Sites Comments You do not have permission to add comments.