Your customer or client is the most important part of your business. Without them, you do not have a business. That’s why it’s so important for you to identify your target market and understand your customers’ needs so you can retain the loyalty of your existing customers while also creating a pipeline of new business.
Why knowing your target market matters
A target market is the group of individuals or businesses most likely to seek your product or service. When you know your target market and understand their needs, you are better able to offer them what they want. When customers get what they want, they are more likely to keep doing business with you. And with a clear idea of your target market, you can focus your marketing efforts in the most cost-effective way.
Ten types of useful information to know about your customers
Every business is different and how much you need to know about your customers will depend on the product or service you offer, the industry or market you operate in, and your business goals. Here are ten types of customer information that could help you enhance what you offer and how you market it:
- Who they are: Knowing about your customers’ gender, age, family status and occupation can help you target your offering to better suit their needs. And if you sell to other businesses, it can be useful to find out about the size and types of businesses you sell to.
- Where they live: Where a person lives can affect what products or services they look for. For example, someone living in a rural area might be looking for a different product or service to a person living in the inner-city.
- What they do: If you sell directly to individuals, it’s worth knowing their occupations and interests. If you sell to other businesses, find out about what their business is trying to achieve and who their customers are.
- Why they buy: If you know why customers buy a product or service, you can communicate how what your business offers can meet their needs.
- When they buy: If you approach a customer just at the time they want to buy, you can increase your chances of success.
- How they buy: Some people prefer to buy online while others prefer a face-to-face meeting.
- What their budget is: It helps to be able to match what you can offer to what you know your customer can afford.
- What they care about: If you know what makes someone tick, you can better meet their needs. For example, someone who cares about sustainability might look for something different from a person who is not concerned with the environmental impact of what they consume.
- What they want from you: If you can find out what it is about your product or service that your customers value, you can make sure you keep delivering on that promise.
- What they think about your competitors: If you know how your customers view your competition, it can help inform how you develop your product or service offering and give you a better chance of staying ahead of your rivals.
Ask your customers for feedback
Look for opportunities to ask your customers for feedback so you can use what you learn to refine how you market your product or service. You can do this when you are talking to them, via your social media channels, or even using a survey. If you use a survey, consider offering something in exchange for your customers’ time as an incentive for them to complete your survey. Here are three questions you could ask your customers:
- What do you like about our product or service?
- What made you decide to go with us?
- What would you like to see us improve?
Collaborate with your customers
A good way to build trust with your customers and to better understand their needs, is to involve them in the development of your products or services. Your customers can help you test or evaluate new products or services, giving you useful information about their needs and expectations.
How we can help
We can help you find ways to learn more about your existing and potential customers and clients. Please get in touch to with us to discuss how we can help you grow your business by learning more about your customers and their needs.
