Without your customers, your business DOES NOT exist...
Who are your customers? Why do they buy? What causes them to do certain things? Does one customer have a different buying behavior than another? Could you describe your ideal customer right now if I asked you? These are the questions you need to be asking yourself.
Identifying your target market can be tricky, but it is essential to making sure you have a successful business. Your target market will allow you to attract the customers that love your business based on where they are from, what they enjoy, and why they enjoy it.
Now, there are only three ways to really sell to your target audience:
- Acquire a new one
- Upsell a current one
- Make a customer buy more frequently
But before you even get to that point you need to take a step back and say to yourself, “When was the last time I actually wrote down my target market, or even adjusted it based on how my sales were doing?”
Have you had issues identifying who your target market is?
If you are having this problem, don’t panic. It’s normal. Identifying a target market is going to allow you to increase your sales or service instantly. Your target market is also essential in building your brand; the more recognition it gets, the more it will grow! Your brand needs a strong following to improve, and your target market will allow you to do so. The first step is being able to understand your customers. What do they like? What interests them? What is your best-selling product? All of these factors will enable you to identify what your best market is.
I used this same process when starting FUBU…
FUBU didn’t happen overnight. It took time! Back in the late 80s and early 90s, when I first started building the brand, I had to understand what would make my customers “tick.” Back then, it was hip-hop culture. I noticed a lot of young kids were buying colorful ski jackets, so I decided to make my jackets fit a similar color scheme. Once I did that, I got LL Cool J to do an advertisement for FUBU, and that’s when the brand started to take off. I took an item that was in style, mixed it with a popular public figure, and came out with my target market of young kids interested in hip-hop culture. Originally, FUBU used to sell mainly in the New York area. As the brand latched on to a more specific target market, I started experimenting by selling it in other areas. The expansion of the brand to other locations helped me set myself apart from my competitors.
It’s worked for others...
Utilizing your target market is essential to growing your brand and business. Take Dee Murthy for example, the founder of the Five Four Club. Murthy used his target market to get the most out of his business and is always adjusting his business model based on what his customers are saying. The Five Four Club allows its customers to get a package of clothes every month for a subscription as a member. Who did Murthy target? He targeted men who want a more relaxed shopping experience that fits into their busy schedule. The Five Four Club is the perfect stress-free option for men who dread going shopping. By attacking this market and adapting his business model to the market Murthy has grown his business to over five million dollars in revenue.
These same rules I followed 30 years ago still apply today!
How do entrepreneurs keep up with society continually changing and products increasingly becoming more advanced? Customers always look to find a product that they can relate to based on their demographics, psychographics, and lifestyle interests. Discovering your customer’s preferences takes time, and you won’t be able to find all the information you need to be successful right away.
Figure out why your customers do what they do…
Gender, age, income, and a customer’s lifestyle all play a vital role in identifying what your target market is. Who your buyer is and where they are from are important steps to discovering your true target market. This will help you zero in on where you should aim to distribute your product as well. Not only should you consider your customer’s demographics, but also their psychographics. Discovering WHY your customer buys will help explain their lifestyle interests.
Here’s how you can do this…
Get involved! Get active! Take the next step in growing your business or brand.
Over the next five days I am hosting a live, free training starting on July 27th. On the first day of this challenge, I will be breaking down in even more detail the steps in identifying your target market in any market, anytime.
That is only the first day, there are four more days where we are going to take a deep dive into four others topics that you need to know right now! Head over to The Launch, Grow and Scale Challenge so that you can get involved.
When you sign up you will have access to…
- Five days of live training from me.
- Access to an interactive Facebook group with other likeminded entrepreneurs.
- A ton of knowledge..for free!
I hope you take advantage of this opportunity and I'll see you there!