(Newswire.net — January 21, 2018) — Before you even start advertising, you must understand what business you’re actually in – in the case of McDonalds, it was more about high-traffic locations than quality cuisine. You should also be able to identify what makes your product or service different.
Find Your Unique Selling Point
It’s important that you understand why your customers would rather buy from you than the company next door. Therefore, in order to set yourself apart from the competition, you must find a need or desire within your market. This doesn’t mean you have to reinvent the wheel; sometimes something simple, like a smartphone application or website that streamlines the ordering process will suffice. A decent mobile app development company can help you get set up if you lack the technical know-how to implement this. After all, simplicity and convenience often trumps all else – again, look at McDonalds!
Study Your Target Demographics
If you really want to be successful, you must understand the concept of demographics. To do this, study specific sectors of the population and the type of people who buy your products and/or services. Look at their age, location, earnings and gender, etc., and adapt your approach accordingly. For example, if you’re going to offer a B2B product, such as Valve Quotation Software, you’ll need to know as much as possible about businesses that require such software. They are obviously going to be in the manufacturing industry, but what is their average turnaround? What can they afford? How would the software make their internal systems easier to manage? And most importantly, why should they use your valve selection software over your competitors’ software?
Analyze, Analyze and Analyse
When you’ve identified your business and established a broad definition of your potential customer, delve deeper. Focus on your target customers even more through specific products and services. Identify several features and benefits that correlate to specific markets. You may have found your niche (target customer) in a broad sense, but what about all those sub-niches? This is your chance to tap into them.
Get Back to Basics
Once you’ve identified your target customers go back to your original business plan and and set new goals, both for your smaller target markets, and business as a whole. This will bring the focus of your campaign back to what’s most important: profits. Many new business owners create a business plan, only to put it in a drawer and never use it. Don’t make this mistake. A business plan is a powerful document that should constantly be refined and tweaked.
Monitor All Activity
Finding your target customers is the easy part; maintaining them is the tricky bit. Evaluate your results to determine if your market is large enough to support your business and take it to new heights of success. Use digital analytics to track sales, customer interaction and website traffic. This will help you quantify its overall performance.
Lastly, be honest with yourself. Don’t limit your business to a single market just because you assumed things would work out. Know when to accept defeat and move on. All savvy business moguls focus on attainability and growth. By taking this approach, you may even find a profitable market that doesn’t fit your original intentions, but works even better.