One of the biggest mistakes small business owners make (some big business owners as well) is that they don’t know their target customer segment well enough, or if they do, they insist on trying to target a much broader group Have you correctly asked yourself, “Who is my ideal customer?”
Why Because we hate to say no to potential business and often think we can do more than we should.
We get excited about how big the potential marketplace is and how big our business can be The reality is that for most small businesses, there will be a small amount of the market that ‘gets’ the value from your business and are willing to purchase you over the competitive offers/choices.
Often when I ask small business owners to describe their market or ‘where they will play’ they say things like;
- People between 25 and 60
- All Sydney businesses
- People who drink coffee
These are massive marketplaces that are way too big for a medium to large business, let alone a small business In fact, they are almost paralysing they are so big – where do you start when you think your market is this big?
The broad you go, the weaker your message will be The softer the message, the harder it will be to attract customers to convert.
Unfortunately, this often comes down to discipline – you as the owner need to pick a market and stick to it, which means saying no to other markets you know you can’t serve as well.
You can’t say no until you have first said yes.
So what is important here is that you know the small segment that ‘get’ the value from your offering, and that small segment is big enough for you to build your business around Plus, they should also be growing and not declining and have the money to buy you.
If not, then you and your business will struggle However, know your market, chase it, build for it, service it, and you will have a very successful business.
Struggling to pick your target customer segment Then answer this question –
“If I could have 100 clients magically appear today but they must all look the same, what or who would they look like?”
This is your target customer.
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