Talking to customers

While you can gather some information on customer needs from online research, nothing beats talking directly to prospective customers. This should be one of the earliest market development activities a new venture undertakes, and it should never end.

The fundamental requirement for winning customers is to talk to them on an ongoing basis, and to continuously refine every aspect of your market development model until you have perfected the formula for unleashing the market’s potential.

The rise of social media offers a powerful new option for companies to understand customers and their needs. Paying attention to, and participating in, the ongoing conversations online about your market and product category enables you to get the pulse of your target customers quickly.