Picture yourself on the archery range with a bow and arrow in hand. You lift the bow into place and set your sights on the target. Carefully aiming for the center, you pull back, release, and watch the arrow fly directly into the bullseye. Your absolute precision leads to undeniable success.
Just like in archery, there is a target for which you must aim if you want to find success in business. That target is your core customer base. Also known as your target market, this is the group of people to whom you tailor your services and your advertising.
Why Identify Your Customer Base
To Know Your Customers
Selecting a target for your business provides a specific group for you to learn about and understand. The more that you know about your target customers, the better that you can hone your services to their needs and desires.
To Focus Your Advertising
Your advertising dollars are limited. If you narrow your efforts to a particular demographic, you can use those funds more wisely by choosing the most effective forms of media and sending mailers only to those in your target group.
To Set Yourself Apart
When you focus your efforts on a particular segment of the market, you distinguish yourself from other like businesses. In the video “Marketing Strategies – Know your target market!” entrepreneurial expert Evan Carmichael explains how targeting a specific market helps you stand out.
How to Identify Your Target Clients
- Think about your competitors: Pay attention to whom other businesses in your sector are targeting. This may give you a starting point and can also help you distinguish yourself from them.
- Consult your chamber of commerce: If your target audience will be specific to your community, your chamber of commerce can be a valuable resource. The U.S. Census Bureau can also provide information about the demographics of your area.
- Consider who is already using your services: If you have an established business, think about who uses your services the most often and why.
- Take your passions into account: You’ll do your best work and have the most in common with your customer base if you focus your services on things that are important to you.
Soon, the arrow of your business will be aiming straight toward your customer bullseye!
Stay tuned for the next installment in our 10 Elements of Success series when we will talk about Being Organized.
For the previous installment in the series please see Who is Your Competition?