A Formula For Success In A Business: Binomial Products - Markets

There are tools that help us collect, organize and interpret key information in carrying out a business idea. Some are market research, SWOT analysis (SWOT English), business plans, among others. A basic formula for a business is the Binomial Product - Market.

Often companies handle different ways of doing business, ways that result in product and market. What I sell and to whom I sell? And the answer basically gives the customer base by identifying Key Success Factors. Those that are necessary to take the lead in their market. The essentials. Identification of features that meet customer needs. Beyond the product-market pairing, could be called binomial satisfaction through necessity.

Examples:

By establishing a typical restaurant meal is not for sale, sells tradition

If you want to sell juices, sells health and freshness.

It's not just sell financial services, is security.

Not just a website is current, useful and free.

This concept aims at focused growth, ie the stress concentration which is stronger.

The importance of this approach is that it will lead to increasing value to your offer with real innovation and customer orientation

Thus, the proper definition of the binomial product-market, allowing a complete product description and categorization of groups of customers that drives our business, we will provide a competitive profile with a single concept.

If we break this strategy puntualizaría as follows:

Locate an existing market identifying its needs (see: Roadmap to develop your own market research)

Identify ways to meet those needs (product or service)

Mechanisms to manage these media offer

Dissemination of the existence of a product proposal with a corresponding attribute to the preferences and consumer needs. I wish you well in introducing this strategy in their business. Quijano Haydeé