Make Sure You’re targeting the right customers

targeting the right customersThe most important facet of starting your own business is knowing who your customers are, what their needs are, and why they want to buy from you. Are you targeting the right customers? Do they identify with your quality of product and your brands’ promise? If you don’t know the answers to these questions you may want to start over at the planning stage.

There are a few basic questions that you should be asking yourself. What problem are you solving and why would your product or service be preferred by customers? Are you targeting the right customers? What unique benefits do you offer? This is what your brand promise and your company’s reputation is built upon. Take a look at some of the businesses and brands that you respect. What is it about their brand that keeps you coming back for more? Certainly, you have other options from other stores, so what is it that keeps you from buying another brand? What these long-established companies are really selling is a combination of product, value, and personality.

Creating a niche for your business is key to success. Finding there’s a need in a certain market for a trustworthy, reliable, and consistently good product, and that clients are willing to pay a certain price point for that quality and value is the definition of a niche. By identifying your brand and choosing to attract customers who will value your services, you will quickly build on the niche you have chosen and be on the path towards business success.

Crafting a message that reaches and speaks to your chosen market, while reinforcing your brand identity is the crucial building block that many young businesses are missing. It not only explains what you have to offer, that you are unique, and why anyone should buy from you, but it should communicate the promise you’re making to the customer. This promise speaks to the integrity of your business.

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Joseph Ferriolo

Director at Wise Business Plans®
Joseph Ferriolo is the Director of Wise Business Plans. He has overseen over 15,000 written business plans during his tenure, raising over $1BN in funding and providing 30K+ consulting hours for startup companies.

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