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Targeting the Right Customers

The heart and soul of every business is not the product that it produces but the people who patronize the product, or what we refer to as customers. Without them, the business would cease to exist. As the famous saying goes, customers are always right. The bigger the target market, the bigger chance of high profit.
Targeting the Right Customers
Targeting the Right Customers
After having presented an existing problem or scenario that the product or service would like to address, it is then time to present who it is for. The first step is describing the kind of audience that may buy the product, but then again it’s still a whole universe that can be broken down into different types and characteristics. The most crucial and vital part of the market profiling is identifying the ideal target market.

The ideal target market talks about the group of individuals to whom your product or service is customly designed. It needs to be as descriptive as possible such as identifying a gender, profession, hobby, lifestyle, and other relevant aspects. One example is that it could be for a woman in her early twenties with a stable job and finds joy in traveling to foreign places. The way to describe is by actually creating or describing a character in your head.

After having had a clear picture of the ideal customer, it is then time to go about the numbers. You must start by estimating how many in real life are there that fits the description of the character you have created in your mind. The number talks about the potential growth of the company as well as how profitable it can be based on the description of who are to purchase your good or service.

Investors, which is the life support of the business, would love to see the numbers and you have to show it to them. When you write the narrative part though, you are giving them a gut feel that there is really something to your business. When you describe in detail your target customer, you make them kind of say “yeah, there are many people like that”. They are people whom your company can help and there lies the potential revenues for your business.

Targeting the Right Customers
One business strategy to do is to obtain a list of priority customers. You may want to target one specific market at the beginning to get their feedback regarding the product or service. Later on, once you have improved what you have to offer, you may start broadening up your target market. In terms of statistics, what you want is to get statistically valid samples. Through this, the company’s credibility is also established and gets higher chances of market expansion.

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