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Understanding Customer Needs
Why understand customers? Because they are all different
Customers differ in many ways… ,[object Object],[object Object],[object Object],[object Object],[object Object]
What a start-up needs to know? ,[object Object],[object Object],[object Object],[object Object],[object Object]
The answer – market research
Primary v Secondary data ,[object Object],[object Object],[object Object],[object Object]
Secondary data – main sources Google A great way of getting quick market research for free Government departments Provide detailed insights on the economy and on many industry sectors Trade associations Most industries have an industry association - they are a great source of market analysis Trade press & magazines Essential reading for an entrepreneur, particularly if he/she has little or no experience of the market Competitor websites & marketing materials Valuable information on marketing activities of competitors Market research reports Mintel and Keynote produce a wide variety of expensive reports that analyse individual markets
Primary data – why? ,[object Object],[object Object],[object Object]
Primary data – main sources ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Quantitative v Qualitative ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Remember The entrepreneur can learn much about customers needs simply by chatting to customers, rather than buying expensive market research
Keep up-to-date with business stories, resources, quizzes and worksheets for your business course.  Click the logo!

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Understanding customer needs

  • 2. Why understand customers? Because they are all different
  • 3.
  • 4.
  • 5. The answer – market research
  • 6.
  • 7. Secondary data – main sources Google A great way of getting quick market research for free Government departments Provide detailed insights on the economy and on many industry sectors Trade associations Most industries have an industry association - they are a great source of market analysis Trade press & magazines Essential reading for an entrepreneur, particularly if he/she has little or no experience of the market Competitor websites & marketing materials Valuable information on marketing activities of competitors Market research reports Mintel and Keynote produce a wide variety of expensive reports that analyse individual markets
  • 8.
  • 9.
  • 10.
  • 11. Remember The entrepreneur can learn much about customers needs simply by chatting to customers, rather than buying expensive market research
  • 12. Keep up-to-date with business stories, resources, quizzes and worksheets for your business course. Click the logo!