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Identifying your customers is an important part of a business startup. Don’t spend time, energy, and cash developing a product if no one is going to buy it. Large corporations spend big bucks researching customer needs and wants before manufacturing a new product or starting a new service.
Ford Motor Company makes many different styles and models of cars. If Ford designs a car that nobody wants to be seen in, they take their losses and move on to a new design. You are not quite that fortunate. If you put out a product or service that nobody wants, you have nothing else to fall back on, and you're out of business.
Some things you need to know about customers include:
- If they are interested in your product or service and why
- If they already use a similar product or service
- How much they would pay for the product or service
- What are the demographics of your customers
- How big the audience for your business really is
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