When businesses have an understanding of distinct customer needs, they also have the ability to be successful. The problem is that sometimes configuring this understanding isn’t so easy. It’s natural for a business to want to reach as many people as they can, and maybe seeking a specific target market feels limiting, but knowing exactly where your business comes from will allow your business to strive amongst competitors.
So, how should you get started?
1. Recap your goals: Take some time to reflect on your business’s goals, as well as the products or services you offer. Consider what your products or services can do for customers, what problems the products or services solve, and all of the ways customers can benefit from your business.
Don’t forget to decipher how you differ from other businesses within your industry. Pinpoint exactly how and why you stand out.
2. Research: Now that you’ve solidified what your business can do for potential customers and the ways that you stand out, do some research on what has already been done within your industry. How did competitors gain their target market? What do potential customers look for in your industry? If the information that you find doesn’t necessarily give you the answers you’re looking for, you can always put together a survey or a focus group. These two options do have a cost, but both can be extremely beneficial in pinpointing information.
3. Form a Customer Outline: Coming up with a customer profile is the most vital part of the target market process. This profile you develop is exactly who you will be selling to, so this step shouldn’t be taken lightly. Start with demographics: age, gender, location, ethnicity, marital status, income, etc. Once you understand who your customer is, it’ll be that much easier to find and speak directly to them.
4. Who Do They Trust?: Once your example customer is formed, you’ll need to think about where it is that they get their information. Which websites do they visit the most? What are they reading? Which social networks are they most connected to? Knowing where your audience gathers their information will tell you exactly how your message should be delivered.
5. Keep Watch and Grow: It’s exciting that you know your market and how to communicate with them, but the work doesn’t stop here. Keep watch of how your current and potential customers evolve while keeping track of sales and interactions. Because the needs and wants of your target market are bound to change, it is important to stay on top of your market and industry trends while paying close attention to the efforts of your competition. Monitoring these details will ensure that your business will continue to be the first company your target market remembers.