Trying to establish you target audience? Here are our 7 KEY questions that should be asked when you are thinking about your customers:
- WHO do we want to sell to?
Be selective, it is difficult if not impossible to be everything to everyone. Think about who you want to sell to whether that it is by geography, business size, sector etc
- WHAT do ‘they’ want?
Do your market research and understand what your target customers want.
- WHY do ‘they’ want it?
What are your customer’s current and future needs and wants. Is it enough for them to make a purchase or are they happy as they are. We have a create a vision on how your offering is going to help with their ‘pains’ and ‘dreams’.
- WHEN and how often do ‘they’ want it?
Are you offering a product or service that is a one off or is you looking to develop a customer relationship where they buy on a regular basis. Identify opportunities to sell more to an existing customer. Research suggests an existing customer is 5x as likely to repurchase and 7x as likely to try a new offering.
- WHAT is its value to them?
We have to tap into to evoke their emotions (pride, fear, greed, security, ease, warmth, health, affection, leisure, satisfaction, delight)
- WHERE is the competition?
Identify your competitors. It might be helpful to do a SWOT on them. What are their ‘Strengths’ – is this something we can work on?; ‘Weaknesses’ – is this something we can exploit this? ‘Opportunities and Threats’ – does this apply to us also and what are we doing to prepare?
- HOW do measure up to customer requirements and comparison to competitors?
Try to be objective, critical but not overly critical. Think about how we measure up to what customers want and how and our competitors measure up. Put an action plan on what you can do about it.