In most business plans, a description of potential customers and how they make purchasing decisions, receives much less attention than operational details such as financing, sourcing and technology. In the end, customers determine the success or failure of an enterprise.
It is important to understand the customers’ demands, what affects their purchase decisions, what can be done to differentiate the offering from that of competitors and how to convince them that the value offer is genuine. Acknowledging and understanding the needs of the future customers is a crucial and important step in launching a business.
