To better market your business, you must know about your market. Recognize what your consumers want and need, as well as their buying tendencies and abilities. Identifying your target consumer is essential for success. The first step in defining your target consumer is answering these five questions:
Who.
Who does your current market reach? Who are you leaving out?
What.
What do consumers like about your products and services?
Where.
Where do your consumers travel from to reach your business?
When.
When do your consumers spend the most money?
Why.
Why should consumers buy from you and your competitors?
The answers to these questions should give a basic understanding to what your market is. Research your market for more information. Business records and chambers of commerce are good places to start. Take some time and analyze your loyal consumers. Find out what brings them back to your business instead of your competitors. Take note of what your competitors to do bring in business and what drives consumers away. Using outside resources to define your market is a step in the right direction to develop your business further.
