Making a success out of your business idea relies largely on how well you understand YOUR customers. When you identify your target market and customise your marketing plan to reach them, you have a better chance of making sales and therefore turning profits. Most businesses fail due to the fact that they do not have a clear idea of who they want to serve and, therefore, spend their marketing budget on ineffective campaigns. It is, therefore, important for any business to take the time to evaluate their products and identify who they want to sell to.
The main benefit of knowing your target customers is in helping you to identify the focus of your marketing activities and campaigns. If you do not have a given focus for your marketing campaign you will waste resources trying to appeal to a wide variety of consumers in the hope that you can find a group that is interested in your products. This can work for large companies that do not have any budget cap on their marketing spend. On the other hand, small businesses that operate on limited resources need to focus on interested customers for a better return on their investment.
How to Identify your Target Customers
Now that you understand how important it is to have a clear idea of who your target audience is, it is important to ensure that you can identify them. When it comes to clearly identifying your target customers, it is important to have some guiding principles that can offer reliable findings. The 3 questions listed below provide great insight into identifying a company’s target customers.
What are you selling and what does it do?
You will need to define your own product and then list its uses. Ask yourself who is in need of the solutions your product provides. This will help you identify your primary customers in relation to your product.
Who is your Preferred Customer?
After you understand the solutions your product offers, focus on figuring out who you want to sell it to. It is true that many products appeal to a variety of customers, but it is best to begin by establishing a primary market that finds the most value in your product. Other customers will buy the product even if they are not part of this primary market.
Why should Customers buy your Product?
Every product that is marketed must offer some distinct value or appeal to the target customers. The answer to this question is very important in coming up with an effective marketing plan. Your target customers should be well informed of the value that comes with purchasing your product. This is the only way of convincing them to purchase it.
Before you start marketing your business online you need to know what your customers want and why. Good customer research helps you work out how to convince your customers that they need your products and services.
Identifying the ideal customers you need today should be just part of the initial business planning phase of your next online venture. When you truly understand your BEST customers and acknowledge the most effective ways to solve their problems, you will gain leverage in any industry, and niche, guaranteed!
Contact WestVic Web today if you wish to learn more about understanding your target audience & how to BEST facilitate their product or service solution! Customer research can help you develop a more detailed picture of them & understand how to BEST target your online marketing strategy to their needs.