Entrepreneur, find out market needs and the competitive situation

– Market research is particularly important when starting a new business, but it should also be revisited during various development stages of the company. The LISSU program includes sections on this, so it is worth delving into them, says Tommi Virkama, Director of Startia.

• Create or update your business plan with the LISSU program

Analysis and segmentation

Analysing competitors, for example through a SWOT analysis, highlights competitors’ strengths, weaknesses, opportunities, and threats. It is important to understand the company’s competitors to find points of differentiation. 

It is also worth spending time mapping out different customer profiles and needs. Surveys, interviews and demographic data are important tools for understanding customer needs.

– Family, friends, and close circles are important networks for an entrepreneur, but in surveys and interviews, it is important to look far beyond the target groups to ensure honest and unembellished answers, says Tuija Räihä-Pundars, Business Advisor.

When you recognise your own customer segments and understand their needs and special characteristics, targeting marketing correctly becomes much easier and more likely.

– The customer experience is much better when the customer feels that this service and product is intended specifically for me and considers the needs of a customer like me, Räihä-Pundars adds.

• Selecting and prioritizing the target group(s): It is important to identify which segments are most profitable and focus on them.
• Mapping the customer path for different segments: It is important to understand how to best serve the needs of each segment and what these segments expect from the product or service.