Legal Bits Episode #102 – Market Research
A business can only be as successful as its market. For any entrepreneur, an understanding of the market he or she wishes to occupy is a critical piece to building a thriving business. While the concept seems simple, few businesspeople truly invest in the time necessary to learn their markets and take their business to the next level.
When a woman in Belgium wanted a new table to bring her family to meals, her husband – displeased with the available options on the market – built his own. 25 years later, Belgian furniture company Extremis is developing a presence around the world. As the son of the founder, Thomas Wynants is the head of the United States branch of Extremis, along with Ashlee Anvik, who he met in Chicago. The two traveled the country to both promote Extremis indoor/outdoor furniture and get an understanding of the market they wanted to capture. Thomas is sure their refined understanding of different U.S. markets positively impacts design and business decisions.
We talk about Ashlee’s experience before she met Thomas, and look at how several pieces of her career are back in play. Thomas talks about the reason they lived in a van to sell furniture, and tells about an upgrade along the way. We touch on the practicality of the furniture, and even explore the complications of having a business based on the other side of the world.
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