22
Feb
Do You Know Your Business’ Target Market?
It seems like a simple question, that every business owner should be easily able to answer. Unfortunately, this is not the case. Most small businesses are started by people who know how to do something well. Unfortunately for us, there are also people who start businesses that have no idea of what they are doing But thats subject matter for another day. Today, we are talking about people who have a skill and want to earn a living by performing that skill. Some are doctors, or lawyers, or architects. Others are electricians, plumbers, or pizza makers. Whatever your business, you need to know who is most likely going to be buying from you. If you ask any of these individuals, theyll say everyone is a potential customer. While that is true in the academic sense, when it comes to marketing your business, you need to spend your marketing dollars wisely. I guess its true that an eighty year old man might call a cosmetic surgeon for a nose job, but would you seriously spend money marketing to that person? While that may be a farfetched example, you must consider where to allocate your marketing budget to realize the best return on investment. Most successful business owners market to populations of people that are most likely to buy their products or services. Whether you’ve been in business a week or a decade, you can make your business successful and stronger by targeting, as closely as possible, your target market.