Brief: Get insights about your competitors, customers, market trends…carry out a thorough market research…

I was browsing stock-free photos on Pixabay when I came across this chestnut fruit picture. My son was behind me viewing the pictures. He called his sister to come and see a fruit that has a mouth and is about to swallow something very big.

David vs Goliath

However, when I looked at the picture deeply and became one of those chestnuts (the smaller one with a big mouth), I imagined the struggle to survive. The big guy has a lot of thorns, yet I am fighting to get a space. Fighting for survival as I am no match. A David versus Goliath-like kind of thing.

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In the market economy today, small businesses want to be the Davids and every other competitor a Goliath. For you to win such a battle, you need to be confident of yourself just like David. The only way you can be this confident is for you to get insights about your competitors, market trends and most of, your customers

One of the key components when starting your business is to carry out a market research. This gives you a competitive advantage since you have an in-depth understanding of your target customers, competitors and market trends.

Know your market before you jump in

Most often, young entrepreneurs in Cameroon jump into a business without knowing what the market has for them. That’s why we have businesses that are not able to stand the test of time. They never had relevant information about the industry, market trends, innovations in the marketplace or strategies used by competitors.

If you plan to start a business or develop a new product or service, then you should never underestimate market research. You should also know that it is not something you have to do just once – before you start. Successful businesses you find out there carry out regular marker research in order to:

• Identify problems faced by consumers – that is customer preferences and pain points
• Understand their target market – consumer buying patterns and demographics
• Understand the market trends in the industry – economic shifts
• Know who your real competitors are and what they are up to
• Know the innovations in the market place
• Come up with effective marketing strategies
• Make informed decisions
• Reach out to prospective clients

A market research is the first thing you should do when you have a business idea or when you plan to start a business. It helps you to blend consumer behavior and economic trends. This helps to improve your business idea.

It is very important to understand your consumers in the beginning. Knowing your consumer base will help reduce risks when your business is just starting. It will help you know the opportunities and limitations you encounter for winning clients.

Knowledge of your market answers the following questions:

• Will there be a demand for your product or service?
• How many people would be interested in it?
• Where are my customers located?
• How many similar product or service are available to consumers
• How much does my potential customers pay for the alternatives

The Cameroon economy is becoming more competitive on a daily basis. For you to survive, you need to be a David. You need to know the concerns and preferences of your customers. This will give you a competitive advantage over the Goliaths.

For yo to be that David, you need to carry out a good market research. This will help you to understand what affects your business, improves your performance and most of all increase customer satisfaction.

At OpenHub Digital, we can make you to be like that small chestnut that survives in spite of the gigantic and thorny presence of fresh-looking one. For us to do that, we

• Carry out surveys
• Use questionnaires
• Work with focus groups and
• Carry out in-depth interviews

If you want to know and get the best method for your business, get in touch with us for advise. We have the expertise and resources for small business administration in Cameroon. Check out some of those who have benefited from our services.

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