As a business owner, you need to tailor your product or service to your client’s needs. But how do you know their needs if you don’t know (in detail) who they are?

By on 13-11-2018

THE IMPORTANCE OF UNDERSTANDING YOUR TARGET MARKET

PRODUCT DESCRIPTION:

 As a business owner, you need to tailor your product or service to your client’s needs. But how do you know their needs if you don’t know (in detail) who they are? Once you understand your target market, you can identify the product features they want and shape your offering to those needs. To give an example, if you are offering a service, you need to define the number of hours included and clearly present what the result will be. Try to think of the problems your ideal customer faces. How does your product answer those problems?

 MANAGING EXPECTATIONS:

 If you know what your clients want and you know what your product or service delivers, you can clearly explain to customers what the result will be. You can effectively manage their expectations, which will have a two-fold effect on your business. First, you will discourage customers who have unrealistic expectations of what you are offering. Secondly, you’ll be left with a satisfied pool of customers who will likely come back for more.

 EFFECTIVE TARGETING:

 Understanding your target market makes advertising to them all the easier. You should know what magazines or newspapers they read, what entertainment they consume, what social media channels they use, and most importantly – what moves them to buy. Based on your findings, you’ll be able to tailor messages to them that will resonate and leave a memorable impact in a crowded space.
In our crowded media space, audiences don’t listen unless the message means something to them. Understanding your target market and pitching to them effectively has never been a more important skill for entrepreneurs.