Who’s Your Target Market Why it’s Important When Selling a Business
To know who your target market is really important. If you don’t already know, then now is a good time to find out. You can’t be everything to everyone, just look at the all rounder potato. It’s rubbish at everything, can’t roast and get that real crispness nor does it fall apart when mashing. So, to in business, you need to be able to target you message to the right audience.
When I sell a small business, I take the time to find out, so I can market it to the right people. You will probably find that it is the 20% percent of your customers that bring in 50% of your profits. Note I said profits as opposed to revenue. You want your marketing efforts to go to your target audience and target customers, don’t forget social media.
If you are lucky and that is your target audience, then you have been marketing to the right audience. What if it is not, well consider a change and target the golden goose. Double the 20% should be easier that growing the 80%. Both will double your profits, perhaps you could sell off the 80% to a competitor and you keep the cream? It’s also important to work out if your business is a product or service.
Who would buy my business?
That is the million dollar question and it could be that million dollars that you are after. Marketing to and finding the right buyer are so important. The right buyer will often pay more because they see more value in your business. Finding out why they would buy it is so important. If you know that you can push the hot buttons. Remember people buy on emotion and back it up with facts to justify the decision. Your target customers are equally important. People can be buying you business because of your customers. To be able to tell a buyer who your target customers are is essential.
My Writing Style
I tend to keep my post short and simple; they are just food for though. Something to think about, hopefully you will think I never thought of it that way. I am writing this from Saint Vincent in the Philippines. No internet, no running water but lots of smiling people, makes you think of what’s important.
Who’s Your Target Market Why it’s Important When Selling a Business.
Here are Some of the Future Posts Yet to be Written
How to value a business
That First Meeting
Potential customers and market segmentation
Is your business selling a product or service
Small businesses target marketing a product or service
How to market Your Business
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If you are thinking about selling or buying a business, why not have a chat with us? We offer obligation free consultations and tell you what we think. Rather than what you may want to hear. We think to be up front and honest is good for business. Our fees are simple, and we don’t have any hidden fees or charges. So, what are you waiting for, do something about it today?
Points to think about
- use market research to define your target, small business, medium business or large business
- defining your target for your products or services are you talking to business owners or employees
- long term do you buy your product of make your product to pride you products and services?
- define your target market, income level, customer base, target customer market analysis for effective marketing
- what is your customer base of current customers what is the number of employees?
- try and target business owners provide customer service, know the marital status, wife children etc.
