How to Define Your Target Group
Whether you’re selling washing lines or chairs, you need to understand your customer. Customer satisfaction is key to maximise your sales. Who are you selling to? Why should they buy your product? What’s in it for them?
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1. Understand the problems that you aim to solve
The starting point in defining the target market for your proposition is to understand the problems that you aim to solve. Once you have a good idea what the problems are, you can start figuring out who is most likely to suffer from these problems.
2. Paint a picture of the customer
Start by listing different types of customers that could use your help. Once that is done, you can build up a picture of these customers. Group them by location – for example, high net worth individuals tend to live in certain regions. Group them by market sector – are they manufacturers, recruitment agents, and so on. Ask yourself other types of relevant questions about these people. Are they married? Are they male or female? Do they play golf? Define them in as many ways as possible.
3. Who will gain from the value of your offer?
You have to ask yourself questions like:
- To whom will these problems be most troublesome?
- Who will have the most to lose by not dealing with these issues? If you can demonstrate that the cost of not sorting out the problems is greater than the cost of dealing with them, then your case becomes compelling. Remember to take into account aspects such as emotional upheaval, stress and the risk to reputation when implementing your solution. As well as a bottom line cost. These factors make up the value of your offering.
4. Think about your market
We’re living in the realm of specialty. For instance, we are never again detainees of TV schedules. We can watch what we need from anywhere, whenever we want. This means that each individual can appreciate a special viewing experience. The web is a perfect means to convey customized items and services. This shows that it is a good idea to strive to be a big player in a little market. It will be simpler to fabricate your notoriety and pick up referrals. You will likewise discover that you get more from your showcasing attempts. Along these lines, while keeping in mind past learnings, start segmenting your market.
Figure out who you want to work with.
- Certain types of people – high net worth individuals, men, women, golfers, etc.?
- In certain geographical locations – Peterborough, The North West, etc.?
- Around tight market sectors – manufacturers or accountants, etc.?
5. Look internally at your company
One way of deciding on the right markets to pursue is to think about everything that’s going on internally in your company.
- Do you have particular areas of expertise? For example, did you try certain markets, such as working with lawyers?
- Do you have knowledge of a specific geographical area?
- Are you getting along with certain types of people?
Every one of these components could enable you to build up an alluring advertisement. Take an accountant working alone in Manchester, for instance. For a start, working everywhere throughout the nation is most likely not a great idea. This accountant might choose to just work with customers in the North West. Before working independently he probably worked in-house for two or three diverse entrepreneurial organizations. Logically, the accountant may choose to make their marketplace ‘Business visionaries in the North West’. So, in the event that you are a business person in the North West, this is an accountant most likely worth knowing.
By exclusively working in a certain region, they will help you with networking and have more market knowledge and financing accessibilities to business visionaries. Then, by gathering in this marketplace, the accountant knows which sites to take into consideration, which distributions to peruse and which steps to take. Without constraining their market it would surely be difficult to know where to begin.
6. What else is available?
When you have chosen the responses to some of these inquiries you should take a deeper look at the market to perceive what else is accessible.
The inquiry you should have a response to is:
- Why am I, in particular, put to take care of the issue? There might be no answers for some marketplaces. Nonetheless, in specific parts or geographical areas, there might be a convincing reaction to that inquiry. In the event that you can’t answer the inquiry, you either have the wrong target showcase or the wrong advertising. For this situation, more work should be done before you begin focusing on your potential customers.
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