Knowing who your target market is is 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, in business, you need to be able to target your 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% per cent 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 customer base and target customers, and don’t forget social media and why they buy your product or service.
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 than growing the 80%. Both will double your profits, perhaps you could sell off the 80% to a competitor and keep the cream? It’s also important to work out if your business is a product or service and your market segment.
Who would buy my business?
That is the million-dollar question and it could be that million dollars that you are after. A marketing plan and 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, define your target market. People can be buying your business because of your current customers. To be able to tell a buyer who your customers are is essential, as income level, age gender, and marital status.
My Writing Style
I tend to keep my post short and simple; they are just food for thought. 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, and no running water but lots of smiling people, make you think of what’s important.
Here are Some of the Future Posts Yet to be Written
At that First Meeting, a group of people
Potential customers and market segmentation
Is your business selling products and services
Small businesses target markets a products or services
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