Why do entrepreneurs need to focus on customer needs rather than newer products?

An entrepreneur should focus on what the customer wants and should be able to solve customer problems rather than, rather than focusing on making new products. The products will never going to stay forever, however, the customer needs will persist and thus it will help business to expand and grow.

Enhanced customer benefits matter much more than making a new and improvised version of an existing product. The priority should be to provide Customer more benefits than making more products. 

A narrow focus on improving on the products will give chances to competitors to enter the market and offer enhanced customer benefits in more innovative and interesting way.

So why do many entrepreneurs fails to understand this concept?

This issue begins with the idea stage of the entrepreneur's journey because for many entrepreneurs the source of an idea is not associated with customer interactions rather it is based on interactions with various trending technologies and  products in the marketplace. Therefore they come up with the ideas that are product- oriented instead of having customer-oriented ideas. Thus the end result is that they have solutions that are not clearly associated with the customer defined problems. The ideas that entrepreneur generates thus are not fitted into the customer solutions to the problems and this why many entrepreneurs are unsuccessful in achieving that position in the market which they dreamed of. Many los angeles seo experts say that great technology need not necessarily translate into great products. 

One of the reasons for this product-oriented thinking could be Marginal Thinking Trap because most entrepreneurs face major financial pressure in their early years and they get trap into what is called the marginal thinking trap.

What is Marginal Thinking trap?

For every investment decision, there are two options. One is the full cost of making something from scratch and other is to leverage what already exists, thus leading to only additional or marginal cost. In general, the second option is preferred and chosen. 

Experts say that though this might seem sound decision in short term but for long term basis, it can actually have adverse effects on your business as it might hide the cost of not investing in a better option.

This trap can be very real of entrepreneurs that are just getting their position in the marketplace. For example, if a newer technology arrives in the market that has promised to enhance the customer benefits the entrepreneur has to decide between investing full cost in the new technology or working on existing product that just incurs the marginal cost. So it is easy to predict that the entrepreneur will go for the second option, thus causing the entrepreneur to fall into the trap. This will benefit others and give them the chance to bring the new technology in the market encroach on all the entrepreneurs’ customers.

Therefore being a true entrepreneur you should not ignore or disregard anything that has better option to serve your customers because, in the end, it is all about nurtured customer relationships and enhanced customer benefits and not about products. Working with seo company los angeles would help you in creating a better marketing strategy and also provide you insights into what your customers actually need.

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