After the first module on Business model designs, our entrepreneurs tackled Market Analysis and Customer Development. The course illustrated the importance of understanding customers and competitors when starting a business. The module was taught by Threads co-founder Tania Habimana.
“Before even starting to market a product to potential customers, it’s important to take the time to carve out the ideal consumer profile for your products” says Tania. By defining your ideal customer, you can begin to notice patterns that may prove useful in your marketing strategy. Thus enabling participants to translate their product into something that will sell to the target market.
After looking at competitors, it was time for the entrepreneurs to consider their respective potential market segment. Once the size and potential were estimated, participants engagement in thinking about which part of the market they wanted to focus on.
Stayed tuned for next week’s module on Competition and positioning.