If you can’t answer all these questions, you won’t be able to cut your business so that it meets the needs of your target market and you’ll be left sitting in a quiet room wondering why the phone never rings.
You need to be absolutely clear about who will buy your product and why. You need to be able to identify them with great clarity. There’s no room for vagueness, guessing, crossing fingers or hopeful estimations when it comes to this stuff.
If you are opening a bookshop, it’s no good just to say, ‘I expect plenty of booklovers and students to buy my books. I know there are plenty of them out there so I’ll be fine.’
Instead, you need to shape your business from the foundations up and focus on how you can serve your target market. You can’t try to be everything to everyone, because you will actually end up being no good to anybody.
So the six questions you must be able to answer about your target market are:
1. Who is the person or organisation you wish to serve?
You need to be able to define them in detail. For example ‘parents’ is not a well defined target market. What age are they? How many kids do they have? Where do they live? How much money do they earn? Are they married? Are they single? Defining ‘parents’ as a target market is just the beginning.
2. Where do they congregate in their greatest concentration?
Where are they being influenced?
3. What is their #1 Big Outcome?
What is the problem you solve for them?
4. When is their highest level of frustration?
When will they say, ‘I need to buy this from you’? One in 10 of your future clients is not ready to buy right now but it thinking about doing so. When do they say ‘now is the time’?
5. Why will they choose you?
Why will they discriminate in your favour and open their wallets for you? This is one of the hardest questions to answer. Whatever your product or service, your potential clients have other options available to them. Your challenge is to ensure you make it easy for them to buy from you.
6. How do you expect them to do business with you?
How do you expect them to communicate with you, contact you, correspond with you? How can they let you know they are interested in your services? Will this be online, face to face, over the phone or a combination?
In our modern, highly connected world it’s more important than ever to make it easy for people to interact with you and buy from you.
The more you understand the who, where, what, when, why and how of your target market, the better you’ll be able to shape the cut of your business.
Stefan Kazakis on 5 May 2018
Responding to change is a critical part of the culture and operations of the business. You, your team and your business must be agile and flexible. ...Read more