Let’s face it – if you are in business or thinking about launching a business, you are going to need customers. Your product or service may be the most innovative or outstanding in its field, however, unless you understand your customers and provide something of value for them, your efforts will be in vain.
Step 1 – Create value for your customers
What value are your customers seeking from your business? This is more than the product or service you provide. It includes elements such as availability, convenient delivery, after sales support and quality of service.
If you are unsure about the value they are seeking, the best way to find out is to ask!
Step 2 – Review and refine your call to action
Focus on the benefits your business provides. They may be emotional, economic, functional or a combination of many more.
Step 3 – Consider if your product or service solves a problem for your target market
This may be a problem or need customers have identified or it may be a problem they didn’t know they had! For example, when banks introduced ATMs and online banking, this was in response to the problem customers experienced in not being able to access branches when they were open or funds at any time during the day.
Step 4 – Where is your business positioned in the marketplace?
Are you a market leader, do you focus on high volume sales at reduced prices, are you positioning your business as a provider of premium products or services?
This is a valuable exercise to consider as it will help establish the image of your business in the mind of your customers.
Step 5 – Have a clear picture of who you are targeting.
This is where you develop and greater understanding of elements including your ideal customer’s gender, age, location, income, interests and more.
Choose marketing channels to suit your target market and consider how you will reach them and how they will reach you.
Be prepared to change and refocus as the market changes.
Step 6 – Make market research part of your plan
Document feedback and constantly review your product, service and marketing for effectiveness.
If you need assistance with any of the topics included in this blog post, contact Business LEAP on 1300 249 482 to make an appointment with a Entrepreneurship Facilitator.