entrepreneur-593378

Identifying Customer Needs: The Basis of Profitable Business

Launching a business is like going on an exciting yet challenging journey. Knowing what customers actually want is crucial, whether you’re opening a brand-new store or launching a hip new venture. Any business’s ability to satisfy customers and fulfill their needs is what determines its success. Let’s examine some key aspects of consumer behavior and how firms might satisfy them:

Improving Happiness and Comfort:

The finest things are those that provide comfort and happiness to others. A company that knows what makes its clients happy may produce products that they will truly like and enjoy.

  • Example: A world of delight and imagination is brought to clients by Disney, a company well-known for its wonderful entertainment, which reassures them via beautiful encounters. Global coffee chain Starbucks improves comfort by providing a variety of comfortable drink options and a warm, inviting atmosphere. Technology behemoth Apple makes people’s lives easier with slick, intuitive products that fit into their daily routines. Traveling might seem more like home with the help of Airbnb, a pioneer in the sharing economy, which provides a cozy and tailored housing experience. A large music library and customized playlists created by Spotify, a music streaming service, allow users to choose music that suits their tastes and creates a calming and pleasing listening experience.

Relieving Pain and Providing Help:

It’s fantastic when a company can help solve a problem or improve a difficult situation! People will strongly like a product or service that may make something hard easier, and they may even become loyal customers.

  • Example: Both the well-known meditation apps Headspace and Calm offer users peaceful experiences and guided sessions to help them efficiently manage stress and anxiety and promote mental health. Nike, a well-known brand for sports apparel, not only supports mental health but also physical activity by encouraging a positive outlook through its famous “Just Do It” concept. Leading sports clothing company Lululemon appeals to consumers who lead active, healthy lifestyles by incorporating mindfulness into their designs.

Saving Time:

Time is a precious resource in our busy environment. Companies that are able to save their clients’ time are really awesome. People love simplicity and quickness!

  • Example: Google‘s effective search engine has significantly reduced user time, revolutionizing the way we obtain information. Google expedites the process of conducting research and retrieving data by providing fast access to a wide range of information. Amazon is a leader in online shopping, providing a one-stop shop for a vast array of goods. Amazon saves customers time and effort by offering delivery services that are dependable and swift, replacing the need for conventional shopping. Uber has completely changed the way people travel by offering a quick and easy substitute for traditional taxis. Users may quickly request a trip using an easy-to-use smartphone interface, doing away with the waiting time associated with conventional transportation services. FedEx is a well-known international courier delivery business that offers dependable and quick shipping options.

Boosting Financial Security:

Money is a necessity for all people. Companies that offer financial savings or income generation opportunities are going to be popular. Showing how a product or service makes money for people is an excellent way to win over customers.

  • Example: Visa, a multinational payments technology firm, makes safe and easy financial transactions possible, enabling people to easily make purchases both online and offline. PayPal, a well-known online payment provider, enables customers to send money, conduct secure transactions, and do business online with ease. Renowned investment management firm Vanguard focuses on exchange-traded funds (ETFs) and mutual funds. Vanguard, which prioritizes affordable investing solutions, helps its clients achieve financial stability and long-term asset creation by offering diverse and well-planned investment portfolios. Square is a payment and point-of-sale solutions provider that is revolutionizing financial transactions, especially for small companies.

Maintaining Our Health:

Maintaining our health is crucial. Companies that provide goods and services to promote health are in high demand. Customers love companies that are concerned about their well-being.

  • Example: Fitbit is a well-known company in the health and wellness space, with a focus on wearable fitness gear. Whole Foods, a prestigious brand of grocery stores, emphasizes health and wellbeing in all of its product offerings. Peloton is redefining fitness via the integration of technology with workout gear. Well-known for its treadmills and stationary bikes, Peloton provides a distinctive workout experience with live and recorded sessions that can be accessed from home.

Conclusion

Understanding these important things can help businesses plan how to make customers happy. Doing surveys, asking customers for their thoughts, and keeping an eye on what’s popular are great ways to make sure a business gives people what they want.

In the end, a successful business is all about being kind and understanding. By knowing what makes customers happy, a business can grow and become super successful.

 

——————————————————————————xxx———————————————————————————————-

About The Author: K M Hasan Ripon
K M Hasan Ripon is a distinguished figure and a leading career mentor in Bangladesh, recognized for his expertise as an entrepreneurial ecosystem builder and employability specialist. He currently holds key positions, serving as the Executive Director of Bangladesh Skill Development Institute (BSDI), Managing Director of Global Entrepreneurship Network Bangladesh, Executive Director of Daffodil Education Network, and Vice President of Start and Improve Your Business Foundation of Bangladesh.
With a wealth of experience, he has consulted for over 100 national and international organizations, providing training for executive development in areas such as communication, leadership, customer service, team building, negotiation, and problem-solving. Hasan Ripon’s extensive reach includes visits to 64 districts in Bangladesh and travels to 40 countries as a speaker and workshop facilitator. He has inspired over 100,000 youth and graduating students in 100+ public and private universities and polytechnics in Bangladesh, as well as more than 20 international universities.
Hasan Ripon is widely recognized on social networks, with a fan following exceeding 3 million as a skills activist and inspirational speaker. His previous roles include serving as a Short Term Consultant at World Bank, Consultant for Industry 4.0 (HTS) at a2i, ICT Division (Government agencies), Master Trainer & Industry Assessor (CBT&A) at ILO, Convener of the National Board of CYFI Bangladesh, and a Fellow of the Royal Society of Arts (FRSA). He also previously served as the Local President of JCI Bangladesh (Dhaka Central).
Screenshot_20231123_112830_Chrome

Ten All-Time Great Advices for Succes

Achieving success is a journey without a set direction and rules. It is a mixture of personal goals, strong commitment, smart work methods, and the social network that helps us get in peace in mind. Even if the future is still unknown, we can learn from people who have accomplished incredible things. These ten general guidelines will help you succeed in life, based on observations and study.

1. Have faith in your creator:

Sustaining prayer and faith can offer a solid basis for achievement. Following the rules established by our creator almighty Allah will help you make decisions and take activities that will give you clear direction and clarity.

2. Exercise for Health:

There is a proverb “health is wealth” is accurate in all respects. A strong mental and physical foundation is essential for long-term success. Include regular exercise in your daily routine to maintain mental and physical fitness and build resilience in the face of difficulty.

3. To Gain knowledge, Read Books:

Explore the world of books to broaden your viewpoint. Reading is a powerful tool for broadening your thinking and providing the intellectual nutrition needed for development. Select books that will enrich, educate, and stimulate your mind.

4. Save Money Towards Strength and Self-Assurance:

Financial stability is a prerequisite for success. Start saving, no matter the amount you can. Creating a saving habit, even if it’s only one taka daily, improves one’s strength and financial discipline.

5. Develop and Sharpen Skills:

Having practical skills is crucial. Don’t rely solely on what other people know. Acquiring and improving your skills keeps you valuable to your field and protects your career from threat.

6. Keep Trying:

Our fear of failure often holds us back. Remember, nothing comes without action. Take calculated risks, accept challenges, and be open to learning from both failures and successes.

7. Don’t Waste Time, It’s Precious:

Time is a valuable resource that shouldn’t be wasted. It’s simple to become disoriented in today’s digitally connected society. Adopt discipline, pay attention to time-wasting cautions, and spend your time wisely on things that will help you achieve your objectives.

8. Create a To-Do List:

To help you stay organized, make a to-do list. This to-do list helps you prioritize tasks, and lets you monitor your progress—all of which help you stay on track to meet your goals.

9. Always be with Positive People:

Your perspective can be greatly impacted by positive people. Be in the company of people who inspire, motivate, and support your goals. Positive people creates an environment that is favorable to development and achievement.

10. Spirit of Entrepreneurship:

No matter what you do for a living now, think about launching your own company. Even your small business have the potential to grow into significant businesses that help those around you. Develop an entrepreneurial mindset and set out to make chances for both you and other people.

Conclusion

Even if getting success is a dynamic and individual path, you can start your efforts off strong by following to some general guidelines. Keep in mind that success includes more than just your personal achievements; it also involves helping others around you. Remember these rules as you go on the journey.

——————————————————————————————xxx—————————————————————————————-

About The Author: K M Hasan Ripon
K M Hasan Ripon is a distinguished figure and a leading career mentor in Bangladesh, recognized for his expertise as an entrepreneurial ecosystem builder and employability specialist. He currently holds key positions, serving as the Executive Director of Bangladesh Skill Development Institute (BSDI), Managing Director of Global Entrepreneurship Network Bangladesh, Executive Director of Daffodil Education Network, and Vice President of Start and Improve Your Business Foundation of Bangladesh.
With a wealth of experience, he has consulted for over 100 national and international organizations, providing training for executive development in areas such as communication, leadership, customer service, team building, negotiation, and problem-solving. Hasan Ripon’s extensive reach includes visits to 64 districts in Bangladesh and travels to 40 countries as a speaker and workshop facilitator. He has inspired over 100,000 youth and graduating students in 100+ public and private universities and polytechnics in Bangladesh, as well as more than 20 international universities.
Hasan Ripon is widely recognized on social networks, with a fan following exceeding 3 million as a skills activist and inspirational speaker. His previous roles include serving as a Short Term Consultant at World Bank, Consultant for Industry 4.0 (HTS) at a2i, ICT Division (Government agencies), Master Trainer & Industry Assessor (CBT&A) at ILO, Convener of the National Board of CYFI Bangladesh, and a Fellow of the Royal Society of Arts (FRSA). He also previously served as the Local President of JCI Bangladesh (Dhaka Central).