Market Needs
The market needs help to compare your business and its product or service with the competition in regards to customer experience. Allowing your business to strategically cater to the customers’ market needs. From the customers’ perspective, you need to have answered, what problem does your business solve? What does your business offer that the customer can’t get anywhere else?
Market Trends
It is important to be able to recognize when a change can or will affect your business. Knowing the needs of the market and understanding trends will help you always be aware of industry adjustments.
Your product or service needs to help change the way customers are solving the problem that your product or service addresses.
Trends to think about include:
- Demographic
- Political/regulatory
- Economic
- Socio-cultural
- Technological
Elijah is a business and growth advisor. He writes about business, marketing, sales, development, branding, technology, and how to develop effective business strategies.
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Cite this article:
Dr. Elijah Clark (April 23, 2022). Knowing your market needs and trends [Web log post]. Retrieved from https://elijahclark.com/knowing-your-market-needs-and-trends/
Dr. Elijah Clark (April 23, 2022). Knowing your market needs and trends [Web log post]. Retrieved from https://elijahclark.com/knowing-your-market-needs-and-trends/