Have you ever wondered why eight out of ten businesses fail within the first 18 months of operation? Through our experience working with business owners and entrepreneurs, we can confidently say failure typically isn’t due to lack of passion or drive.
Most entrepreneurs are extremely committed to their big ideas, but many fail to take the time to fully understand who their customer is, what problem they are solving, and where their ideal client is spending most of their time.
Before taking your product or service to market, define your target audience. This step is extremely important, as it will guide all of your marketing efforts and will save you from aimlessly fumbling around in the market.
Defining Your Target Audience
Most new business owners will make the mistake of trying to appeal to everyone. Unfortunately, without a clear picture of exactly who you are selling to, why they should buy your product or service, and what value you provide over competitors, you won’t know how to position yourself in the marketplace.
- What problem am I trying to solve?
- What demographic groups are most likely to suffer from this problem?
- How do these demographic groups think?
- What needs, challenges, and frustrations do these demographic groups have?
- What drives these demographic groups purchasing decisions?
- What media do these demographic groups use?
- How can I best reach these demographic groups?
Once you’ve answered the above questions, you’ll find it much easier to craft your key messages in a way that resonates with your ideal customer, which media channels will be most effective, and where to focus your marketing efforts.
Want to learn more? Register for our upcoming webinar, “Creating Awareness: The Key to Reaching Your Target Audience.”