For a business to prosper it is very important for the traders to know their customers. You can’t simple force your product on the world. You need to carefully analyze the people, their needs, their wants, and what they can afford. You cannot predict specific price levels, but the aim is to identify the trend and ride on it. There are a number of techniques used to determine the general demand supply trends through technical analysis of the market prices. Instead of jumping onto the trend right away, you have to let the trend establish itself in the market first. You have to let the trend settle down, and not get too excited by the initial profits. Sometimes the market prices move in the opposite direction, in that case the traders have to exit until the trend reestablishes itself again.
Every product needs a trend to create desire. If no trend is identified, you can’t really earn profits or sell the product at a higher price. After the trend is established, the ‘following’ part comes into play. That involves product diversification. People are usually very skeptical about new things, so they wait for the trend to take a shift, before they follow it too. Survey your list. Do a proper research and mark your target market. What are the problems with currents products in the market? Identify what keeps them up at night and what they wake up thinking about in the morning. Provide a simple solution for their problems. Make things special, something folks will tell others about, make it easy for them to do so. Stay close to the customers, knowing their likes and dislikes, reacting efficiently to their buying demands, economic situations and lifestyle changes.
Your business success in the longer term would depend on how satisfied your current customers are, while consistently increasing you’re the number of new customers.
What else do you have to keep a track of other than the latest trends and universal market needs? Know your numbers! How many sales you made per, the revenue earned per sale, monthly and annual revenue, etc. You have to keep your statistics really clear and sorted out. Otherwise you would mess up your whole business. You need to your audience, but before that, you need to know yourself. That is how you will impress them.
“For maximum profits, identify and market universal needs, wants and trends.
Creating desire, satisfying needs and wants and replacing problems with creative innovations are the essence of the profit generation.”
Hope for the best, prepare for the worst and don’t be surprised by anything in between.