Knowing Your Market and Customers
Today, I am assuming that you have decided on the kind of business to start.
The next important thing is to understand your market and qualify your customers. One mistake new entrepreneurs make, is to try and sell to everybody.
Everybody is not your market! As a beginner, you must know who your customers are. This will help you to:
Know how to serve them
Know how to package your product/service
Know how to price your product/service
Know where to market your product/service
Unless you are Dangote, it will be a great mistake to start a business, without first qualifying your customers.
Knowing whom you’re speaking to when you’re crafting marketing and sales materials or developing new products or services is the key to attracting and converting customers.
Note: You may have a good business idea, but you also need to understand your market, if your idea must succeed, and you start understand your market, when you understand why your customer is.
You need to qualify your customers
You qualify your customers by building a customer avatar.
Now you understand the importance of knowing who your customer is. You need to go a step further and create a picture of your ideal customer.
This is known as building your customer avatar.
HOW TO BUILD A CUSTOMER AVATAR
A customer avatar, is simply defining your ideal customer in great detail. It is a fictional representation of your ideal customer.
Now let me assume that you decided to open a haute couture fashion house, basically for plus size ladies, maybe because as a plus size lady yourself, you find it hard to pick the right dresses, and you also have a flair for fashion.
Here are 5 simple steps to help you in creating your customer avatar.
- Sources of information
- Demographic information
- Challenges & pain points
- Objections & roles in purchase process.
Want to learn more, click here