According to Lou Wolter Ph.D., obsession with sales can blind a business. “Not that cost, price, and profit aren’t important,” he said, “but they’re not the sole basis for the business decisions of a market-driven venture.” Wolter encouraged business owners to orient their energies and resources toward satisfying consumer needs and desires over the long term — not just for today. “A successful market-driven strategy yields long-term profitability,” he said in a self-published paper.

Besides mission statements, market-driven companies have strategic plans. These plans help them anticipate events in the long term rather than react. They include an analysis that considers the strengths, weaknesses, opportunities, and threats a business faces. The SWOT analysis empowers the business with knowledge and control.

Today’s small businesses have opportunities for gauging customer satisfaction. Moreover, they can evaluate where their products stand against competitors and keep a pulse on the market. These efforts are key pieces of SWOT analysis and intrinsic to long-term planning.

• Websites and Social media: The COVID pandemic demonstrated the importance of having a website and social media presence to reach and hear from customers. Blogs with a comment section can tell business owners how customers are interacting with their products and what improvements customers would like to see. Websites such as Yelp and TripAdvisor offer insight into customer satisfaction.
• Market research reports: Businesses can obtain statistics about the size of their market or potential markets by purchasing data from data-mining companies or reading free publications such as those found at UNM BBER. Considering a new location? Check with the local department of transportation for data about the number of cars that drive by and when.
• Company data: The behavior of any company’s customers can be found within its own sales data. The frequency with which customers replace their products can sometimes be found by analyzing purchasing habits. Surveys can augment what is already in a company’s database.

These are just a few broad opportunities for learning about markets and customers.

The business development organization WESST offers guidance and free workshops. Additionally, they help business owners research their market, evaluate their strengths, weaknesses, opportunities, and threats, and plan for the future. Follow the links to find WESST workshops and consulting.