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One of the biggest mistakes most people make when starting a business is trying to target everyone hoping this will bring them more sales. Think about it this way, it’s like asking a question and trying to listen to the response from 100 people at the same time giving you different responses. There is a probability that you will eventually end up not hearing the right and effective response you need.But if you decide to listen to everyone one after the other or in small groups then you have a higher chance of getting an accurate response and even be able to analyse your statistics.
That’s exactly how target audience works, target a certain set/group of people and you are sure to get a result such as making sales and boost your revenue. So, let’s go straight into the 5 steps to define your business target audience:
Business Target Audience:
- Identify the problem your business is solving: Yes, you have this great idea but before pushing it out there, you want to ask yourself few questions first. Is this idea solving any problem? How?
- Start your consumer profile: This is the point you start pointing down every person that suffers this problem and can benefit from the idea as a solution. You need to be very precise and detailed as much as possible. Create a consumer identity: What is the name, age, hobbies, location, job or salary of your ‘perfect consumer’. Group them by market sector, geographic or social group…
- Determine your market: Now that you have your idea, you know what problem this idea is solving and you know who is likely to be the general consumers of this idea. Now, it’s time to think about the market they are. Here is where you need to identify who will be your direct target audience and indirect. For example, A hotel direct audience would be travellers and tourists but their indirect target audience will also be local residents. Travellers and tourists logically need a hotel to lodge while local residents already have their homes but might just want to get away occasionally. So, ask yourself, who really need your products/services (Direct target audience) and who might still benefit from it (Indirect target audience)?
- Internal resources: Now, you are thinking, who do you really focus on? Logically, it is the direct audience but do you have internal resources to target this audience? Can your company afford it? Do you have the right manpower or capital? Can you afford to target one location for a start or different locations?
- Selling point: Now, that you have all the responses to that question. Ask yourself one last question: Why will this target audience come to me? What makes you stand out? Once you can confidently give a reply to this question then you are targeting the right audience. If not, you need to review your steps over again.
I didn’t want to make this too long and too in-depth but I hope it can help you kick-start the journey of identifying your consumer? – Now that you know who your consumers are, let me know if you want me to write on ‘How to effectively target your consumers’ (Targeting the right consumers = More sales)
Thank you for reading.
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