As an entrepreneur knowing all aspects of business is essential.
Your first task?
Understanding your target market and context.
Who does your business serve? What's the context?
In this article, we explore the top 3 steps to define your target market and make true money moves.
Defining your audience
Knowing your audience is not limited to marketing strategy or brand messaging. In fact, defining who your business serves is critical.
Ask yourself questions like:
👉🏾Who are your target customers?
👉🏾What do they need and want?
Truly defining customer persona is a complex, strategic exercise. People are looking for authentic experiences, so give it to them. That’s right, real talk and no filter!
But first, before you create awareness, sell your product or service, or think about retention, you must understand your market. You can’t shoot your shot without a target.
Now we all know the importance of staying in your lane. While you shouldn’t copy your competitors, you should learn from them. According to Entrepreneur, competitive analysis is a “chance to look closely at your market and your competition, to learn what the others are doing and why.”
Game recognize game.
To succeed, you have to know who the players are and their moves. Researching your competition not only offers critical information but it also helps you to ensure branding for your target market
Analyzing your service
Now that you understand customers, it's time to rethink your services.
Remember when we said your product or services may not be for everyone?
Establishing a segment of the market does not equal exclusion. Mandy Porta from Inc., describes it this way, “targeting a specific market does not mean that you are excluding people who do not fit your criteria…it allows you to focus your marketing dollars and brand message".
Analyzing and rethinking services is about relationship building. People are NOT buying what everybody is selling, so you must think beyond the transaction.
Did you know that you can influence market behavior? Through an authentic, clear, and consistent offering, you can retain existing customers while expanding your audience.
At the end of the day, whatever your business objective, engagement is key.
The day you plant the seed is not the same day you eat the fruit. Know your target market, start a conversation, and watch the growth.