TC: RE-VALIDATE YOUR TARGET MARKET
Being able to focus on the right target is imperative for small business growth. Most business owners have an idea as to who their prime target is, but, they may not have re-validated their market.
The only constant in the business world today is change, and that requires you to frequently update the status of your target market.
The first test is to take a look at your current marketing and determine if it is getting you the results you expect. If your current target market is growing and your bottom line is increasing, then you are on the right track.
If it is not meeting your expectations, then consider the following:
- You may not be addressing their pain point. That may require you to do some door knocking to find out what their current pain point is.
- Have you made it clear as to how your product/service does away with their pain point?
- Are your marketing efforts reaching your target market? Do you know where they look for help?
- Is your target market large enough?
- Is your marketing medium in line with your client’s expectations?
- Is your marketing content written in such a way as to convey the value you offer?
- Is the frequency of your marketing touches enough? Remember it may take 6 to 8 touches to convert a prospect to a customer.
- Is your pricing in line with what your target market is willing or able to pay?
Your challenge is to take a sampling of your past customers, current customers and prospects and ask them the questions that will allow you to validate your own efforts.
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