Whether you’re producing or selling goods, or offering services, you don’t want to make every possible consumer your target customer. Otherwise, you’ll be competing with every other business in the world. In addition, by appealing to everybody, you appeal to nobody and buyers won’t know what your business is about.
You want to narrow down your target customers as much as possible so you can address their specific needs. What are their genders, ages, income levels, and family situations? Are they highly technical and experienced users of your product, or complete beginners? Where do they work and what do they like to do in their spare time? More importantly, what problems do they have and how does what you’re offering help them with those problems?
Consider how your marketing and product line changes if you’re selling cellphone covers. If you decide your target customer consists of teen boys, you’ll need a website with lots of flash and interactivity, social media links, and references to pop culture. Your product might feature pictures of sports teams, video game characters, and attractive girls. It might be a way to look cool in front of their friends.
If your target audience becomes grandmothers, you may eschew website marketing in favor of direct mail or ads in magazines and newspapers that they’re likely to read. You might demonstrate your product at women’s clubs or craft fairs. You may offer a service that puts personal photos, such as of family members or grandchildren, onto the cellphone covers. You can emphasize how different covers can go with different outfits or social situations.
When you appeal to one set of customers, you target all your research to uncovering their preferences. You then devote all your resources to appeasing specific wants. Your business will have less competition and can grow faster.
Remember, running a business successfully does not need to be complicated. Keep it simple!
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Manny Skevofilax is a consultant and speaker that assists his clients with successfully navigating the challenges of growing their businesses profitably. Since 2003, Manny helps businesses to enhance their financial results by using his experience in strategic planning, financial statement analysis, operations, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at firstname.lastname@example.org.