Performing adequate market reach will assist you in establishing a general idea of who you potential customer may be. More detailed customer research will aid you in developing an understanding of how to target them. Through customer and market research you will be able to determine key indicators for your ideal customer such as gender, age, occupation, and income.
Another way to narrow down your customer search pool is to think like the customer. Your product or service should be always be defined with the customer in mind. If you were the consumer, would you purchase your product or service? Why or why not? Based on your answer, create a customer profile. Your customer profile will help in establishing a targeted market and identify potential customers.
Your product or service was initially created with a person in mind so use this to build an image that defines the potential customer for what you plan to sell. As mentioned before, establish characteristics that include age, education, business, income, and situation as it pertains to work and at home life.
Things to consider when thinking like your ideal customer: does your product or service fill a need or solve a problem? And will the product or service improve the quality of life for your consumer?
Consumers love products and services that will lessen their load. So what are the benefits of the items you offer? Are these benefits important to the people you desire to attract? Why or why not? If the answers to these questions do not align with the consumers base you seek, consider restructuring your product or service with the mindset of the individuals you desire.
Have you considered the location of your exact customer? If not, you definitely should. Establishing this will aid you in identifying customers for your business. Will your customers be located within your exact proximity or out of state? If you are unable to answer these questions, revisit the market research think-tank. Your product or service may not be fitting for the locations you are considering with the customers you desire.
The importance of market research cannot be emphasized enough. It is a valuable research tool that will assist and propel you in knowing key characteristics about the consumers you wish to attract. Through market research you are able to identify when your ideal customers are purchasing your product or service which ties into a customer’s buying strategy.
Understanding the buying strategy of your customer can completely shift the trajectory of your business. Selling a seasonal product year round can result in a failed business because you did not understand the shopping patterns of the customer’s you desired to attract.
Your ability to precisely define and identify your ideal customer will affect the success of your business. You cannot identify your customer if you have not first identify the need that you are filling that would attract the potential customer.
Do not waste valuable time and money trying to sell a product or service if you have not defined who you wish to sell it to.