Which brings me back to marketing basics. Having a well-defined target market is more important than every before in 2012. Why? Because no-one can predict what the future may hold. The economy is volatile. Facebook listed at an exorbitant share price, only to be worth significantly less a week later. And who knows where technology is heading and how that will influence our buying decisions. I for one would never have predicted that a company like Instagram would be worth a billion dollars, but obviously someone else did. The future is uncertain to say the least, so every advantage a small business can muster, is one that we should exploit as buddying entrepreneurs and leaders of the future.
As a small business, being able to identify and clearly target a niche audience will allow you to compete head-to-head with your larger counterparts.
I can't begin to tell you how many first-meetings I have had with small business owners, whereby they have told me that 'everyone' is their target audience. That is complete bollocks! Seriously, how do you think you are going to be successful if you are trying to be everything to everyone. Do you really think that the most successful companies in the world have a target audience of 'everyone'? I don't think so. In fact, I know they don't. They work to their niche. Sure, this may be a very large audience, but without a doubt they know who their customers is, what they like and what they dislike. How much time they spend on facebook, twitter, mobile phones, shopping, at work etc.
By clearly defining your target audience, it is easier and more cost effective to market your business. You are able to more easily identify where and how to market your company; brand, product and/or service.
Here are some great tips to consider:
1. Define your target audience: By better understanding who your customers are, what characteristics they have and what is common amongst the majority - you will be able to better define your target audience.
2. Competition is key: Who are your competitors? Complete a comprehensive analysis of your top 3 competitors; what they look like, how they market their business, who their customers are, why customers choose them over your company, what service/product ranges do they offer etc.
3. Do a demographic analysis of your customers; Include their age, geographic location, interests, gender, occupation, ethnic background, income etc.
4. Complete a psychological overview of your target audience; What is their personality, attitudes, values, hobbies, behaviour etc
5. Evaluate; work out the best your competitors have to offer and marry that with the customer profile you already have and the direction you would like your business to take. Write down your target audience and put an overview of this on every person's desk from your receptionist through to your senior managers and mail room.