Industry analysis or listening to the voice of the customer?

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New businesses often have questions about market, competitor and customer reaction, but most need a thorough analysis of the industry and customer preferences to reduce the risk of failure, especially with a limited budget.
Industry analysis can reveal important information, such as legal restrictions or language barriers, that will affect the success or failure of the business.
Examples such as the name of the OSRAM company in Poland or that of PMS loudspeakers in English-speaking markets illustrate how failure to take into account cultural differences and linguistic errors latvia email list can negatively affect a company's reputation.
When making strategic business decisions, it is critical to develop an effective business model that focuses on creating a unique value proposition for customers.
It is necessary to listen to the voice of customers and constantly monitor their satisfaction in order to keep the customer at the center of attention and adapt the company's business model to their needs and expectations.
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Every day, thousands of companies launch new products and innovations on the global market. Each time, they ask themselves similar questions: how will their product or service be received on the market, what measures will competitors take, how will consumers react?

There are some products that are so ingenious that they quickly gain popularity and recognition among consumers, quickly generating profits (for example, disposable razors). However, as far as we have observed, this is a very rare occurrence. Most of the time, the path from idea to first profits is very arduous.

According to statistics from the Central Statistical Office (CSO), 30% of Polish companies fail within their first year of operation. The conclusion is simple: it is worth focusing on a thorough analysis of the sector and customer needs in order to maximise the risk of failure from the outset and, therefore, of misallocation of resources, not only financial.

The budding entrepreneur often has a limited budget. He prefers simple and inexpensive solutions. He wants to research the market and identify consumer preferences, but he does not always know which type of analysis to use, how to gauge his customers' attitudes, how to attract partners and, finally, which activities he should carry out himself and which he should outsource to a specialized company.