Although winning customers' trust in your company or product is a long road that requires a lot of time and effort, and it may be difficult to achieve in many cases. However, it should be your main goal since laying the first building blocks of the project. Because if you waited to launch the project, and then search for a suitable plan to win the trust of customers, then you would have been too late and even increased the possibility of your project failing. But how can you gain the confidence of the market and the customers themselves in your project and the products and services it offers?

Market study: your first step to the success of your project

We all know that market study is one of the essential pillars for the success of any project or company because there is no way to succeed without studying the market and customers well. Besides, market research is the first step in the journey of gaining customer trust, and it is also considered the starting point for building a successful marketing idea. The market research and study step is one of the initial project preparation stages that must be carried out as soon as the project idea is crystallized, even before the decision to establish the company is taken. 

By studying the market, the entrepreneur gets to know customers, their nature of life, their needs, the value of their purchases, the markets they are interested in and turn to, and even their way of thinking. By knowing all of these things, you have come a long way in gaining the trust of customers. The next stage is the preparation of a successful marketing plan, targeting the tendencies and interests of potential customers, to provide them with the best services. 

It is worth noting that an error at this point can lead to the collapse of your entire project. Therefore, you cannot rely on anyone to conduct market research or study potential customers, you must assign a specialist to this task, or rely on market study services and other marketing advice and advice provided by professionals on Fiverr at prices starting from $ 5.  

We recommend: Agile Entrepreneurship: How to launch your project quickly and with minimal funding?

Market research is the basis of customer confidence

Study competitors: You will not gain customer confidence unless you know your competitors

There is no doubt that the study of competitors is one of the main stages that must be carried out along with the market study and customer study. Some new entrepreneurs believe that studying competitors is a useless step at the start of a project, and they neglect or postpone it at best. But this is not true at all. Studying competitors is a major part of studying the market itself, and therefore it is an essential element for obtaining customer confidence.

Experts usually believe that the study of competitors cannot be delayed for a few months since the launch of the project, as postponing it for more than that may unimaginably harm the project. Studying competitors is generally useful in getting to know your competitors well, being able to overcome them, and gaining the trust of customers later. Simply, because you cannot confront a company or entity, whatever it is, except by knowing its strengths and weaknesses, and then preparing a good plan to outperform it.

In-depth study of competitors is essential, and it is what makes the difference between the success of a company in bringing customers and the failure of another

(Paul Krugman, Professor of Economics)

Some limit the study of competitors to studying some of the usual superficial matters that are easy to obtain, such as the markets in which the competing companies are active, their profits, the quality of their products, and so on. In the end, it is not enough information.
If others care about what information is available, a good entrepreneur looks for hard-to-get information about his competitors. For example loyal customers to competitors, real annual profits not announced, how to manufacture, produce, and quality, and even the value of the product when manufacturing, and marketing methods. 

You may also be interested in Your Guide to Successfully Marketing a New Product

Conclusion

In conclusion, market research, including studying potential customers and studying competitors well, is one of the most important stages that enables you to win the trust of customers. Gaining market confidence in your products or services can take many years, but the smart company and the shrewd entrepreneur can reduce this period to the lowest possible extent.