Learn How to detect market fit ???
Every business, whether large or small, corporate or entrepreneurial in structure, evolves through a process. In particular, there is one classic business growth model proposed by academics Neil C. Churchill and Virginia L. Lewis in a 1983 Harvard Business Review study. Their five stages of business growth are existence, survival, success, take-off, and resource maturity.
It all starts with existence and a basic test to determine and establish a suitable market for your product or service. When any new business starts up, they are really in early phase 1 mode.
They are doing whatever it takes to build awareness and grow their customer base! The owner can be an individual who opens a small local business (such as a bakery, restaurant, car repair shop, etc.).
The owner can be a team of people with shared knowledge and experience in their field who feel they have a better idea or mousetrap to reshape the market (such as technology services, architectural design, etc.).
The ownership team may even be a finance group with an operations manager who opens, operates, and manages the day-to-day start-up business with employees (such as specialty manufacturing, order fulfillment, shipping logistics, etc.).
Regardless of the product or service, the #1 priority is identifying and growing your target customer base to best evaluate market fit. No business of any size can function without a customer base.
This is a constant sprint to validate a new product or service offering by finding customers!
What are the different customer needs for the product or service?
Does it match the owner's market projections for the adoption of the product or service?
If not, why? Are adjustments necessary to grow the customer base more quickly or to secure early customers who may order more products or services if the adjustments can be made? Are there other market factors emerging that were not missed in the first projections? Do customers lean more toward small businesses or larger corporate customers who can drive higher volumes if initial satisfaction with the product or service is achieved? There are a lot of variables!
The importance of market adaptation is constant. It starts before a new business opens its doors, and it never goes away. In many ways, it is a fundamental requirement to determine if or when a start-up business is even capable of moving to the next stage of growth.
If the market fit is solid, consistent, and develops into a growing and diverse customer base in the first weeks and months of operation, it will literally allow the potential success of a new business to survive and even thrive for years to come!
Thank you so much for reading share your thoughts in the comment section : )
Warm regards,
@Winy
Greetings @winy
It is important to let you know that the improper use of information taken from the internet can be considered as plagiarism, therefore, we encourage users to share original content or otherwise show their own analysis of a text properly cited in order to give added value.
Here is the source of the information used in your publication
https://www.forbes.com/sites/jeffbevis/2021/08/02/how-to-determine-market-fit/?sh=e3a383931603
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@steemcurator01, @monz122, @deepak94
@monz122 - how did you not spot this was a plagiarized post? It is almost an exact copy of the source article @adeljose found.
I'm very sorry for these mistakes, we will make sure this does not happen again @monz122. You should definitely verify every post. I have already warned you many times that you are doing a lot of mistakes during verification. Even misrepresenting my club as well and I have pointed it out to you privately but you never care about it. If you can't check properly then don't verify, that's what a lot of people are there for.
Thankyou so much for finding it sir. This mistake happened because of slow internet connection of mine. I will be careful from next time and I totally accept it was my mistake.
Thank you @adeljose all of us head center notice here. Verifying the post without checking it also encourages the user and the curator team also deviates from its path.Therefore it is necessary to verify the post in a good way. I hope @winy you will not make this mistake again.
Regards
@monz122(Moderator)
Steem India - @steemindaa
Greetings @monz122,
Thank you so much for your support : )
Good explanation about how to attract users in any business.
Customers satisfaction play a big role to get success in any Business. So before start any business we must know basic details rearding customer wish,which services they expecting,quality services ,pricing and more before start a business.Its helps a lot for getting success in this field.
Very informative post from you. Take care.
Greetings @lavanyalakshman,
You are absolutely right brother,
Thank you so much for visiting and commenting : )