Reviewing this past year and evaluating our portfolio of clients, there seems to be a common theme. Before our services were offered to these organizations they all had a major hang-up. One of the most important aspects of any succesful small business is effectively identifying and knowing who your customer is. If you ask most small business owners, they would simply say “everyone”. While this approach may work for some types of businesses, more often than not it is a flawed mentality. If you want to make more money and slim down marketing cost, listen closely to the following.
We live in a society that has been overcome by designation. Designation is the process of separation based on common goals, values or task. For example, being dubbed a ” family man” is a designation compared to be dubbed a “ladies man”, which is also a designation.
This is about to get deep…
Even though the two men in question can hold the same career, earn the same salary, work for the same company, and drive the same car, these two men are placed in two separate designations and should not be marketed too using the same strategy. This is the first step in knowing your target marketing. Based on my example this might sound complicated. However, in order to identify our market we must pay attention to trends in our business. For example, if you own a store/front brick and motor business, ask yourself these questions:
1. What does my average customer look like?
2. What does my average non-purchasing browser look like?
3. What types of vehicles are most often in my parking lot?
4. What is the most used type of credit card at my business?
Lets take a closer look at how asking these questions can help you designate your target market.
1. Is your average customer younger, older, male or female etc? Do they wear professional clothing which suggest a white-collar position, or do they wear casual clothing which is harder to designate? Noticing these trends will help you designate your customers.
2. This question will further assist you in designating your customer by telling you who is not your customer!
3. This question can often be to sensitive to our clients because they feel like we are telling them to profile their customers. This question is not intended to do that. This is more of a shortcut to find your target. For example if you have majority high-end luxury car owners, BMW, Lexus etc, then use those companies’ target marketing as your own. Research where which outlets they advertise in and conform their wording for your product. This can save you a lot of money and time.
4. This is one of the more obvious observations. For example, if you have a lot of check-card customers it might mean your customers are financially responsible and more aware of price. If you have more American Express, or discover card customers, it might imply that your customers are high income earners, or are not moved by certain sales or promotions. You will not be able to tell which type of cards are used unless you are the one doing the transactions or the person reviewing the credit card processing payments each day (as a business owner you should have a hand in both). Isn’t interesting how much your customers can tell you, without telling you!
We know every business is different. However, some if not all of these questions will apply to you in your own way. This is the simplest and most inexpensive way to begin YOUR market research. To understand how to further use these tactics to prosper your business please post a comment on this blog and we will reach out to you, or “like us” on Facebook!
Thank you for reading and remember “Pay Attention, and Attention will Pay you!!!!!”.