According to Steve Tobak in an article for Entrepreneur Magazine called What Makes Great Entrepreneurs Tick, entrepreneurs are sponges for information. They take in and assimilate large amounts of data and then create a product/service or solution based on the research. Simply stated, they do their homework.
Whether you are deciding on a new product launch, determining which customer segments are most receptive to your mobile banking promotion or gauging the profitability of your next big idea – it all starts with research. Understanding relevant data makes innovation possible, and certainly boosts your credibility with the C-Suite. Using that data to evaluate risks and prompt action is the next step. Remember, entrepreneurs are risk takers who know the seven most expensive words in business are: “We have always done it that way!”
Action Steps for the Marketing Entrepreneur:
1. Identify the top three consumer segments in your market (which usually comprises 50-60% of your customer/member base). Learn all you can about their financial behaviors and preferences.
2. Determine one unmet financial need within each customer segment you identified.
3. Design one innovative solution for each unmet customer need.
