I often ask a question to those who are about to start a business. This is what you sell to whom? Or what to sell to someone. When consulting big business across Myanmar, it is advisable to follow up on this approach.
What to sell to whom?
The business model is to create a product or service first and then find out which customer segment it will sell best. This method has advantages and disadvantages. When you have limited resources, create a product or service as small as possible to get the job done and find the right customer.
It’s a strategy to make a small profit, then upgrade the product and change the customer segment to get more profit. That, too, works. Another way is for big companies that are leading the market and building a good brand that is gaining ground by launching a new product or service and getting people to follow it. This also works.
What to sell to whom?
It can be said that this business model is easier. It is a situation that can grow in more markets. What the market needs You create and sell what your target customer segment needs. A large percentage of businesses operate on this concept. Upload items that people will like; Get rid of Pain Points that customers will love more. Value Added and so on.
There is a key to the success of this business model. This is to make sure you understand the target customer segment, as the saying goes. In other words, what kind of behavior does your target customer segment have? How are purchasing decisions made? To understand what unique theories are.
Once, when I was talking to a fish farmer, we said, “We fish about once every six months.” Six months after we were born, the fish were about a pound. The number of perishable animals can be estimated by comparing the price per pound of fish with how much you can get per fish, he said. So I asked, ‘Why Six Months?‘ For example, if you keep it for a year, the fish will grow bigger and bigger.
So the entrepreneur explains. The customers we sell on this side are no longer afraid to eat the big fish, like the god fish, like the big fish, like the god fish. Another thing is that in the first six months, when a teenager grows up, he or she will have to deal with the increase in feed cost, but after six months, the animal will spend more on food because it does not grow as much as it used to.
The solution is quite reasonable, and the employer has a good understanding of the behavior of his customer segment. When a fish grows up, it does not dare to eat it, which is a unique behavior of that customer segment. Life as a Branch Manager I always talked about was when I was distributing engine wine. Customers in the area are of the opinion that engine wine that comes in cans is of good quality. At this point, the first thing to think about is how to get rid of the distinctive concept of this customer segment in order to make your own engine oil imported in a can.
Once upon a time, when I was researching the market for bread production and distribution for a small town, I noticed the uniqueness of that area. This means that no matter what kind of bread you eat, it will only taste good if it is spread. For example, if it is sweet, it will be sweeter. The taste of chocolate is very good. The taste of milk is very strong. A gold shop has opened a new store near several garment factories to expand its market. In that area, we have to study the behavior of the customer segment as we have to sell mainly to the garment factory employees.
At that time, the garment workers bought gold and silver as much as they could with their salaries, and the amount was around $50,000. At that time, when the gold nuggets were made available for a small price, starting with small pieces, they were all bought for $30,000. Without knowing the behavior of your target customer segment, the product or service may be too good to be true, but many fail. Once upon a time, a new duck restaurant opened in a rural town. The barbecue at the shop was delicious and quite respectable. However, customers in that city did not usually eat turkey, so the shop was closed and had to move to another city.
Businesses can now adapt to unique behaviors. But marketing can be expensive. If you can apply existing behavior to your business, it will easily emerge in the market and be more profitable. The next time you think about who to sell to, you need to be able to understand and apply the Behaviors of the Targeted Customer Segment. Adequate knowledge can easily overcome serious difficulties.
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