Identifying and understanding your customer is key to a successful business. Marketing your business to a targeted group is powerful and it will save you both time and money long-term. The audience you must identify and focus on is one whose needs you can meet and one that will give you the best return on investment.
Trying to be all things to all people can be exhausting and challenging. Without a limitless spending budget and all the time in the world, it can be nigh on impossible. What will save you money, and time, is marketing your brand to people or businesses you know have a need for or are interested in your product.
Researching your current customer base will help you understand about the needs and desires of the people buying your product. You will begin to see similarities and you can use this information to direct targeted marketing messages at like-minded people.
Don’t forget to check out your competition. Understand who they are targeting and why. You may learn you don’t want some of their customers but you would like a particular group moving over to spend with you. This is how you can learn to attract a greater market share.
Once you have identified the type of customer you wish you attract, gain a full understanding of its demographic. This will help you to price your product appropriately: too low and it is unattractive; too high and you price yourself out of the market.
As well as understanding how much a person can afford, you will start to understand what drives them to buy emotionally. Use this evidence to build marketing campaigns that create attractive and appealing offers. Be realistic about the audience you wish to attract. If it is too large, you will struggle to attract the numbers you need as you will need a variety of messages to appeal to everyone. Too small and you will soon exhaust your list of potential buyers! Your criteria shouldn’t be too strict but used as a guide that will help you improve your return on investment and business success.
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