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    May 28, 10:35 am

    The necessity of knowing your market

    Just because you like widgets doesn’t mean everyone else will. This is the lesson being learned in Japan, The Wall Street Journal article Japan’s iPad Frenzy Signals a Sea of Change points out how the country’s technical, feature-rich products aren’t so popular outside of Japan. The article also points out how the majority of consumers want simple, intuitive products.

    This really is a change for the Japanese. In the 1970’s, “Made in Japan” appeared on almost every gadget that had an on and off switch. But now that trend has shifted and the words “Made in China” are seen everywhere. Even in places like Japan, products originating in the US have firm footholds. It’s an example of what happens when companies don’t fully understand their customer base.

    Doing business requires creating and/or delivering a product or service that meets customer needs (duh). New companies understand that … Long-standing companies can lose sight of that.

    Remember the Chevy Nova? It didn’t sell so well in Mexico (where “No Va” means “It doesn’t go”). And anyone who tries to sell luggage in Japan will have a tough time – because in that culture people rent luggage when they need it, they don’t own it.

    knowledge_management.jpgWhen was the last time you “stepped outside” your organization and viewed it objectively, with “fresh” eyes? When was the last time you did a market survey to find out what your customers really want? After all, technology is supposed to double every 12-to-18 months … wouldn’t it make sense that if you haven’t checked on your customer’s wants, needs, and desires in the last two years, there might be a difference between where they’re at (as well as where they’re going) and what you are currently delivering?

    This is even more vital in global businesses. It’s one thing to alter marketing strategies for different regions in your own country, but when you consider market needs in totally different cultures, where value systems may be totally dissimilar to yours, it’s imperative to know your market and dig deeper before acting.

    Seriously – when was the last time you did a market survey?

     

    Filed in Business, Leadership, Selling, Advertising, Customer Service, Workplace

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