By Telford Aduda
Knowing and understanding your targeted customers is not enough, Knowing their needs is the overarching rule of becoming exceptional as an entrepreneur and business person.
Successful entrepreneurs know exactly the wants and wishes of individuals that they do business with. They have analyzed the size of the market or the number of potential customers that fit the target profile. But further still, they know their customers’ names, ages, genders, incomes, home and internet addresses, professions, education, associations, and marital status, number of children, hobbies, their tastes and interests.
Before embarking on any venture, you must conduct a market research into the need for your business to exist in the first place. If nobody wants what you want to sell, there is no need for you starting that business. You can tailor this market knowledge to target particular customers with specific types of products or services. You must be able to know which need the people in that particular location wants to fulfill. Most people will only buy goods or services that will help them satisfy a particular need.
According to Maslow (1943), people are motivated to achieve certain needs. When one need is fulfilled a person seeks to fulfill the next one, and so on and this is the reality of things in the world today. Maslow categorized the needs in five very important stages that you must be aware of as a business person.
The stages are:
i. Biological and Physiological needs (air, food, drink, shelter, warmth, sex, sleep)
ii. Safety needs (protection from elements, security, order, law, stability, freedom from fear)
iii. Love and belonging needs (friendship, intimacy, affection and love, – from work group, family, friends, romantic relationships)
iv. Esteem needs (achievement, mastery, independence, status, dominance, prestige, self-respect, and respect from others)
v. Self-Actualization needs (realizing personal potential, self-fulfillment, seeking personal growth and peak experiences)
Having this knowledge is important when starting any kind of business, because you do not want to begin a business only to realize later that nobody is using your product. For example, it will be next to impossible to sell vehicles in an area where people are suffering from shortage of water. It is more prudent to sell to them water than vehicles, in this way you will make a lot of profit.