You can find and build the best business you can think of in the world but if you can’t target the right customers, your business is nothing. Take for example a high-end coffee shop offering a wide variety of hot and cold drinks plus tasty baked goodies on the menu. This would be the perfect shop in the business district where lots of middle and upper class customers abound but put that inside the wet market and it would be lucky if you even get 50 customers a day!
In short, although location is important, you also have to consider your target customers.
Here are the top 5 ways to target the right customers for your business:
Be Clear About Your Brand
What are you selling? Although that might come across as a very obvious question, this is very important in helping you find the right customers. As with the example above, even if the wet market is visited by hundreds of people per hour, the chances of finding a lot of rich clients willing to hang out in your coffee shop are a whole lot slimmer than if you had chosen a spot in the business district.
Of course, you just might try this venture and end up with lots of new client who enjoy the novelty of hanging out and having coffee in a high-end café inside the wet market – don’t let us stop you – but please make sure you understand the risks before you do that!
If you are out to sell high-end brands and services, make sure you put your shop where the right customers can easily find it.
Be More Specific
If you keep on targeting everyone in the general population in hopes of getting more clients, you might end up having less. By targeting a specific market for your brand, not only are you developing your brand, you are also introducing the company/store to that client niche. As much as possible, do not be the “jack-of-all-trades and master of none”.
Identify Your Niche
If you still have not identified your niche, don’t worry. You can play the “jack-of-all trades” for a while as you try to gauge your target market. After all, finding the right niche for a business might not always come easy but when you finally find it, focus on that and build your business from there.
Identify Your Target Market
Do a market analysis. What is the size of your target market and who are these people? Is it possible for you to gain the upper hand in this target market, even with a lot of competition present around you? How much of the target market share can you gain?
These questions could help you gauge your pricing and profit targets.
Tailor Your Brand
So, you’ve finally identified your target market and your business niche. Focus on those so you can tailor your brand for better profits. By doing this, you can establish your brand and possibly steal the market from your competition.
This is the reason why some brands work while others of similar products fail! Good luck!