Find out what people want…then give it to them.
That’s marketing in its simplest form. If you don’t offer people something they want, you’re not going to make any money.
But it’s not just enough to offer people something they want. You have to offer it to them on their terms.
I know of a man who wanted to open a breakfast restaurant in a small town. That town already had a popular breakfast spot, but this man figured that there was enough business to go around so he opened up his restaurant. He charged $10 for a breakfast and promptly went out of business.
This man was right about people in that town wanting to eat breakfast. What he didn’t realize was that the popular breakfast place only charged $3-4 for a hearty breakfast. People weren’t willing to pay $10 for a breakfast they could get for $3. If he had of done his market research, he would have realized that.
Market research allows you to find out if your target market wants your product or service and how much they’re willing to pay for it. You’ll save yourself a lot of time and expense by taking this one crucial step before you set up shop.
Once your market has defined the parameters then you can start advertising your product to them.
