Everyone is NOT your Customer
A target market refers to a group of potential customers who want to buy the products and services that your company provides. Your company exists to solve a problem. Knowing what problem it solves and the people who need it solves are the first steps of putting your marketing plan together. Not knowing and understanding this audience can be detrimental to the success of your business.
Here are 3 why not knowing your target market is hurting your business.
No focus Many businesses have the mindset that their company serves everyone. Having a broad audience is like shooting a dart, while being blindfolded, and still expecting to hit the bullseye. A narrower focus will allow you to design your marketing, products and services to fit your ideal customer. Everyone is not your customer.
Potential Customers don’t know how you can help them. Your business was created to provide a solution to your customer’s problem. What puts your company in a unique position to meet these needs? What sets you apart from your competition? Why would potential customers want to do business with you? What value do you add to their lives? You must be able to clearly articulate this to your target audience.
You don’t know your customers. Getting inside the minds, methods and buying habits of your customers is an important step in targeting them. Consider their demographics,lifestyle,values and behaviors? This is going to require a bit of research. Most can be done at little to no cost. Your local library, trade association websites, the Census Bureau, Department of Labor and your competitors sites, are just a few places to start your search.
Knowing how to reach your people and speak their language will increase your bottom line, save you time, money and wasted resources.