One of the best ways to improve the chances of your business being a success is knowing your audience. Unfortunately, some business owners are misguided in thinking they know exactly who they’re catering to when the reality is that they’re way off base.
While this Pepperdine University infographic shows how global brands go local, the information below shows how your local brand can potentially go global with the right focus.
Who Would Buy What You’re Selling?
Your products or services are meant to solve a problem, so ask yourself who would be willing to pay for the solution you offer.
To form a solid idea of just how large your target audience is, you can use Google’s keyword tool and take a look at how many users search for the product or service you offer.
Who Are Your Current Customers?
Take a look at the people who have already bought your services or products. Even better, ask them why they bought your products or services. You can also gather information on why they decided to go with your wares over your competitors. In the future, be sure to reach out to your customers to see how they like a service or product you’re considering releasing to get a feel for how successful (or not) it might be.
Can Your Professional Network Provide Insight?
If you’re on professional social media sites like LinkedIn, reach out to your colleagues to see if they can offer ideas on your target audience. They could have access to tools, resources and other professionals you might not, any of which can help to narrow your focus while you expand your reach.
Have You Researched Your Market Size?
You might be under the impression that your market and audience are larger than they actually are. To better balance expectation and reality, do some research. Put together focus groups and send out surveys to those you think could benefit from your business. Use the results to see whether you should shift your marketing and advertising methods.
Can You Expand Your Target Reach?
Touching back on the infographic above, you might have an even wider target audience beyond your natural borders. The expansion of the internet and technology have made it easier than ever to get your products or services to international customers. Take advantage of these tools to grow your business and its possibilities.
How Do You Plan on Finding Customers?
The way in which you plan on tracking down your customers also goes a long way in determining your audience type and the overall success of your business. For this reason, it’s essential that you know where your audience exists and hangs out and their behavior patterns both online and in real life. Again, go back to your current customers and ask them how they discovered your business. Their answers will give you a solid starting place and can generate a slew of great ideas.
Use these tips to save time and energy while determining your target market. Don’t be afraid to change things up or redefine your target audience in the future, if need be.