Struggling to find the next billion dollar idea? Listen to your customers

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Ms. Wolff is the medical genius behind the first ever home use device to treat ED— and it is disrupting a multi-billion dollar industry.

Another term for listening to your customers is “market research.” Oftentimes utilized as a strategy when forging your first company or creating your first product, market research refers to the process of researching your target market and identifying their “unmet needs.” notes that market research should include in-person investigation through the use of focus groups, interviews, taking diligent note of customer and client reviews, or even just reading the newspaper.

A more obvious way to do this is to share a customer support email or phone number boldly on your site - but keep in mind that customers are less likely to be candid about what they’re really feeling regarding your product or service if they’re stating it to your directly. Instead, seek out feedback on social media. By searching the name of your company or product on Twitter, it’s likely that you will find feedback, comments, or complaints that were tweeted by one of your customers.

 

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