Identify your target customers,
and take aim with your marketing
It may seem as easy as putting out
your sign, and the customers will come rolling in. You may think focusing
on a target market will exclude all the other markets you could be
doing business with, but targeting the right prospects can mean the
difference between a successful business and a failure. Before taking
a scattershot approach to building a customer base, consider these
tips:
6. Don't assume
All too often, small-business owners
assume they know what their customers will want before doing their
homework. Your future customers are already buying other businesses,
so use your competition as a research tool. A future caterer may think
all they need is good food, when actually the customers are really
wanting wverything that comes along with it.. the nice dishes, the
service staff, etc. Recognize not only what your competitors are selling,
but how they market and sell their products and services Through your
research you can answer the questions of what are the customers buying,
who are they buying from, and what can you learn about what's working
for others?
7. Find the perfect match.
One of the most important things a small-business
owner can figure out is what kind of customers will help them meet
their goals. What type of customer is strategically valuable to them?
Does the business need a few cusotmers who buy a lot, or customers
that buy across an entire product line? Is your ideal customer a n
individual or a business? What type of income would the typical customer
have? Identify your target customers traits so you can organize your
business to keep those customers coming back.
8. Take the segment you've identified to another level.
After you've learned who your best customers
will be, recognize different profiles of this segment. For instance,
the catering business mentioned earlier may find profitable market
segments in cooking and presenting elaborate wedding or holiday meals,
along with providing simple meals busy parents can heat and serve.
9. Utilize free market research tools.
The internet can be your strogest research
tool. With a wealth of information on any topic, plug your market
in to any search engine, and you'll will find websites, discussion
rooms, and blogs on any business imaginable. Beyond the great number
of books available on targeting customers and market research, check
out the free market research resources available in your state and
local economic development offices to see which market segments are
experiencing growth in your area.
10. Service, service, service.
Most small businesses lose customers
due to poor service rather than bad products. The most important marketing
tool for your business is the way you conduct sales and service your
customers. Every time you interact with you customer or client, you
are marketing yourself. When you do that well, customers pay you back
with loyalty and referrals.
