This may sound obvious, but it is crucial to every aspect of business development, whether you are a start-up business or an established one looking to generate new market opportunities.
By focusing on reaching the right customer, you become more time efficient and build a better business over the long-term as you are reaching more profitable and valuable business.
Sadly this is where so many businesses fall down mainly because it takes time and effort, we call this stage ‘research’..
Research can be conducted in a variety of ways from using market data, industry analysis, demographic information, trade knowledge and competitor positioning, all to identify who is buying what you’re selling.
Once you have identified as much information as possible about your target market, this is the time to ask yourself and other associates within the business what and why you sell what you do.
What problems and issues does your customer face and why would they buy your product or service in the first instance, is it a luxury purchase (want) or a necessity (need) and how can you resolve these issues for them?
This simple exercise will help you structure your sales offering and provide a focused approach in your marketing activities, ensuring it appeals to your most valuable and profitable customers.