Increase Focus On Your Target Market To Grow Your Small Business
Focusing on the target market is crucial for any business to grow irrespective of its size; however as a small business it becomes even more crucial as you do not have the luxury of huge investments to experiment with marketing to larger or supplementary markets.
A single look at your product or service may not be enough to decide your target market or ideal buyer, as is normally perceived by most businesses. This understanding of your ideal buyer will go on in defining your target market. For instance, a fashion boutique shouldn't target all women, rather define their ideal buyer based on the kind that they sell, if it is more suited to working women, then your target market becomes all working women rather than focusing on all women groups. So our first task is to:
Define your customer, then your market
Defining your ideal customer with as much details as possible is the key to zero in on your final target market. You have to come up with a list of characteristics defining your customer which ideally should include their age, gender, domicile, incomes, standard of living, occupations, tastes and preferences, and so on. You can also pick your existing customers and then prepare this list to give you more accuracy. This will lead to identification of the target groups which you should be focusing on. Identify buying patterns
The next obvious step is to identify their buying patterns and possible influencers that trigger buying in them. You have to start with identifying their disposable income and follow their general purchasing habits, stores that they often visit, the kind of stuff that they buy or are willing to buy. You can also analyze your existing customers' emotional and logical reasons to buy your product or service and then emulate the same for your target market. This way you can make more sales than by just going all out with marketing your stuff.
Market to your target groups
List out all customer areas which your product or service is capable of impacting. Once you finalize on this, sequence the list starting with the most impacted area and downward. Then design your marketing efforts based on these findings and go ahead.
Give your best shot
Once you have identified these patterns, areas of impact and influencers, you can just go out and give your best shot. You need not be speculative on your marketing efforts as you are most probably hitting the right areas after your detailed analyses.
Intuit TurboTax dynamically adjusts site content based on user profiles, modeled navigation paths and search trends, according to Forrester.
You also have to use the best channels and media which your target appreciates and is often touched by.
Have a question for Gourab? Ask or leave a comment below!