Satisfy an unmet customer need

A successful business exists to satisfy needs of its customers.

As the world around them changes, customers ‘ needs also go through a change. Every new technology, new product or service introduced to the market brings a newer set of expectations from some or all customers. Each expectation creates a new need. Customer needs keep evolving.

The needs of customers go through continuous refinement. Change of every type changes the needs of customers. Some of these needs are always unmet. At any moment of time, it is possible to find some gaps in the market which highlight the unmet needs of some customer segments.

Identifying an unmet customer need is the most important part of the business success puzzle. From time to time, successful businesses have correctly identified and satisfied such gaps of unmet customer needs.

* Inconvenience of an ink pen led to the birth of a ball pen.

* Time consuming wall painting created the need for wallpapers for speedy makeover of interiors.

* In the same way, ready-made clothes filled the gap left empty by solution of stitching clothes tailor-made.

* Increasing travel created the need of wheels on luggage bags.

* Mobile battery life limitations created a need for power banks and portable chargers.

* Expectation of internet connectivity by customers created need for Wi-fi at hotels and other public places.

The solution to an unmet customer need provided by us must be really new and different. It must stand out and satisfy some real unmet need. Just offering one more, similar, me-too option to satisfy an existing need provides limited possibilities of growth. Splitting a pie will only give us a small share. Make a new pie.

For big growth, we must find a unique solution which is not available in the market. Offering a new solution to an existing need is a sure shot way to business success. It must provide a newer, better, faster, cheaper or more convenient solution to an existing customer problem.

So, find an unmet customer need in the market. Then in fulfilling that need, don’t copy. Be innovative. Be unique. Unique solutions win big.

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