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| Get Out There and Listen, Listen, Listen |
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It is common knowledge that the key to a successful business is the ability to fill a real or perceived need to a critical mass of people. Without this cornerstone in your business foundation, chances of making your fortune — or even staying afloat — are slim.
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 Another cornerstone to success is a thorough understanding of your chosen industry's playing field. Who are you playing against? Who are you playing with? Who's cheering you on? Where are the goalposts?
Ensuring that these cornerstones are firmly cemented into place does not require in-depth knowledge or miraculous revelations, but a very basic, tried-and-true form of communication: getting out in the field and listening to anyone and everyone who is willing to talk to you. This is probably the single most important business activity for young and veteran companies alike.
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| Listen to Potential
End-Users |
It is never too early to listen to potential end users, for without them, you have no business. Many entrepreneurs are reluctant to reveal their products-in-development because patent protection may not yet be in place. Some entrepreneurs may have a hard time listening to criticism, no matter how constructive it is, and some may be subconsciously afraid to learn that there is no market need for their lifelong dream of producing a better mousetrap.
Whether justified or not, these fears need to be overcome and feedback from future users/purchasers must be obtained. It could save millions of dollars spent on unfocused or misguided R&D. "In today's tight economic climate, new products are rarely given a second chance to get it right," says Steve Rhodes, managing director of Trendlines. "It is never too early to allocate resources for market research." Showing investors that you are in tune with your market's needs and that you are a market-oriented company is also imperative in getting your product past development and into commercial production.
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| Listen to Competitors and Potential Partners |
There is a lot to be gained from talking to competitors and potential partners. At the very least, they've already tackled the issues you are now facing. If approached properly, they may be willing to share their knowledge of the market, talk about trends they see developing, and possibly even discuss their own past mistakes and shortcomings. Approach them carefully, but listen to them intently. Mark Dollinger, president of Trendlines America, who has accompanied many Israeli clients on market trips and business meetings, suggests that you should "quickly, yet clearly, present your company and then let others do the talking. Often, people are very willing to share their experiences and offer their expertise, especially when they perceive that their listener is intent on learning."
It is not always easy to differentiate between potential competitors and partners; in the early stages, this may not be important. Often a specific company is perceived as a competitor, but after a better understanding of its core business and market position — insight that comes only after personal dialogue and productive listening — does it become clear that there are collaborative opportunities that benefit both parties.
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| Trust Your Instincts
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Once information is gathered from listening to outside sources, there is one more source that needs to be listened to attentively before making strategic business or product development decisions — your own instincts. This is that gut feeling that becomes stronger and louder as information from conversations is processed and analyzed. Successful businesspeople may disagree as to what percentage of the time their instincts contribute to their successes, but all readily admit that it is an important factor that should not be overlooked or ignored.
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| Decide and Act
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So what are you waiting for? Decide who your end-users are and determine where they are. If your major markets are abroad, you need to be talking to people abroad. Israel is often the ideal location for beta testing, but if the lion's share of revenues is to come from foreign markets, make sure you're offering them what they want — cultural differences can be critical.
Identify your competitors and potential partners and then pick up the phone, introduce yourself and ask to meet with them. Prepare for the meeting. Understand as much about the company as you can beforehand. Think through your presentation strategy, so you don't give away more than is safe, but also ensure that your product or venture, at least from a marketing view, is thoroughly understood.
 Because getting out there and meeting potential customers, competitors and partners may entail traveling abroad, a concentrated business trip is often the answer. Sometimes attending a tradeshow at which business meetings have been pre-arranged is a very effective and economical way to meet many people in the shortest time possible. "Many of the clients I accompany to tradeshows are amazed at how productive pre-qualified, planned meetings can be, at how much there is to learn at these events and how open the people we meet with are," adds Dollinger.
No matter what form a meeting takes, there is no substitute for getting out there and listening, then listening and listening some more. It is the only way to ensure that the two basic cornerstones of your business — meeting the real or perceived market needs and obtaining a thorough knowledge of your market — are strong enough to support a successful, thriving business.
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The Trendletter team welcomes your comments.
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