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Your Market

The Biggest Mistake a Business Owner can Make.

Your product is perfect. Your service is A1. And you're really good at what you do. So why aren't you making the profits you expected?

The biggest mistake a business owner can make is to believe that everyone sees their product or service the same way they do. The harsh reality is that although your product might be the best there is, if people don't want to buy it, they won't. That means you don't have customers. And if you don't have customers, you don't have a business.

Marketing your product or service

Many people go into business from the wrong starting point. They believe they have a good product or service, and they assume that there will be a market for it. Remember the old saying:

“Build a better mouse-trap and the world will beat a path to your door.”

This may have once been true for the mouse-trap market, but it does not automatically translate to every other product. In fact, it probably doesn’t even apply to mouse-traps any more.

Can you think of some examples of products or services where this does not apply?

What is Marketing?

Put simply, it is the ability to identify and satisfy customer needs at a profit.

·        You might have the greatest product ever made.

·        You might be able to produce it or sell it really cheaply.

·        You might really like it, personally.

But if nobody wants to buy it, you haven’t got a market.

And if you haven’t got a market, you haven’t got a business.

So how do you find out whether or not you have a market for your product? And if you do, how big is it and how do get the word to those potential customers that you are open for business?

This simple tool might get you started.