Last week I promised to talk about why most businesses fail which is the assumption that as long as a product is good there will always be a market for it. That assumption is wrong because it is not established upon any data. 

It's like trying to sell ice to an Eskimo, it doesn't solve their problems.

Imagine you visited a community without a school and a hotel and immediately you assume you need to build a hotel and a private school in that environment. Your decisions were only based on assumptions and not on any research. The dangers of such an assumption are:

The market may not be large enough to make it profitable even if your product solves its problem. 

The market may not have the financial power to use your product or service. 

The market does not see your product as the right solution to their problems. 

Your solution may be too complex for them. 

For feedback and questions send me an email at [email protected]. Connect with me on Twitter @Osamuyi_H

If you don't tell your story, no one will. Communicating what your brand stands for and doing that with consistency is a great way to stand out from the crowd.

Understanding the psychology of your customers is one way you can be able to reach them at a level that resonates with them. People are moved by many things, as a business owner, understanding the mindset of your customers puts you at an advantage to reach them.

What do customers really want? Of course, we may assume we know the pain points of our customers, but that may be from the point of assumption without enough data to prove the assumption is right.

Every customer wants to get value for their money, what may be value to Mr. A may not be value to Mr. B. Understanding value means to your target audience puts you at an advantage to meet the needs of your customers.

Understanding how to segment your market and using available resources to market to this specific audience.

This episode explains the need to have an audience before designing or starting a business. You can't sell to everyone because everyone is not your ideal client.