Divide the market into workable market segments -- age, income, product type, geography, buying patterns, customer needs, or other classifications. Define your terms, and define your market. Segmentation can make a huge difference in understanding your market.
Effectively understand who makes an ideal customer allows you to build your entire business, message, product, services, sales and support around attracting and serving this narrowly defined customer group. Image See-ming Lee SML via Flickr CC When working with businesses that have an established customer base I can generally identify their ideal customer by finding the common characteristics found in their most profitable clients that also refer them to others.
Today, however, I want to address the needs of the start-up or business with very little customer experience. Finding and serving an ideal customer is equally important for a business just getting started and establishing a focus on discovering a narrowly defined ideal client from the very beginning will save months of wandering target customer business plan the dark trying to be all things to all people.
The 5 steps below can put you the path to discovering your ideal target customer. Your key is to find a very narrow group, with very specific demographics or a very specific problem or need and create raving fans out of this group.
You can always expand your reach after you gain traction, but you can also become a big player in this smaller market as you grow. Of course, this implies that you do indeed have something to offer that is special. You must always stay in test and refine mode in order to move forward.
The only thing that matters is what you discover and apply out there in the lab beyond your office. The key to both making and affirming your initial assumptions is to set-up what I call Discovery Test Sessions with prospects that might easily fit into your initial smallest market group.
These are essentially staged one on one meetings. This can be a little tricky since you have no relationship with said prospect. I often find that there are industry or trade groups that may contain your initial target market and by joining these you may have an easier time gaining access to this group.
Another possible option is to offer free sample products or beta test relationships to those willing to provide you with agreed upon feedback. This is how you evolve your business, your features and your assumptions based on serving a narrowly defined target.
Some of this information will be commonly understood, such as demographics, but much of it will be discovered in your test sessions and though some additional research in more behavioral oriented places such as social media. This is a great time to start your CRM thinking by building custom profiles that include much richer information than most people capture.
I wrote about the new breed of CRM that is making this easier to do than ever. The thing is, when you discover your initial ideal client it should impact the thinking about your basic business model and overall business strategy.
Consider now how this discovery might impact your offerings, your revenue streams, distribution channels and even pricing.
Consider how you can reach this market, who you can partner with and what resources you either have or need to have in order to make an impact in this market.
As your business evolves, as you learn and grow, this model will evolve as well, but perhaps the continual process of discovery is just as important as what you discover.Transcript of Urban Outfitters Marketing Plan.
The goal for our brands is to build a strong emotional bond with the customer. Business Units Corporate Officers Eric Artz--Chief Financial Officer Create advertisements geared toward the target customer base in Asia.
LONDON--(BUSINESS WIRE)--Infiniti Research, a global market and customer intelligence solutions provider, has announced the completion of their new target market segmentation engagement on the pet.
Like any business, analysis is important to your massage-therapy practice. For a profitable massage-therapy business, it’s important to develop problem-solving marketing skills that can point you in the direction of new clients.
Nov 21, · Inside Target’s plan to win over customers this holiday season. Rachel Siegel Rachel Siegel is a national business reporter. She previously contributed to . A small business marketing plan can be as robust or as lean as you want. At the minimum, it should include a description of who your customers are, how they get .
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