By FAIZ ASKARI, Founder Editor of SMEStreet
Goal setting is the most important aspect for any small business entrepreneur. This helps the business to escalate to the next level. We understood that often entrepreneurs struggle in their business growth as they ignore the critical element of understanding your target customers.
This article will help such entrepreneurs who would like to grow from their existing level.
Here are the 8 Keys:
Shortlist your expertise
This could be the first step, or in other words, before taking onto the first step of business development. At this staring point, the entrepreneur must explore key highlights of his or her offerings and clearly sketch out the problems which are to be resolved though your expertise.
Key Differentiation you are going to make
This is very important step and it has to be highlighted in front of your customers. This can be derived once you understand the pain points of the market and compare it with your expertise. This analysis helps you to come up with a concrete solution of offerings.
Profile your customer
With this initial level understanding, start focusing on the target audience who can be possible customer. Now at this juncture, it is very important to understand the target customers. What they do? How do they deal with the problems related to your offerings? What are their preferences, what are their over all profiles etc. try as much clarity as you may get while knowing your target customers. Some companies even conduct customer surveys to get clarity on this point.
Analyze you Customer’s Behavior with respect to your service offering
While analyzing your customers. Spend some time on relating your service offerings and your target customer’s behavior towards that service offering. This is very important step for the entire business plan. This helps you to stand out from competition. Oh yes, don’t forget to understand your competition.
- Carefully look at your competitors
This is very relevant point. Understand each and every detailing of your competition. The competition’s product and services, customer experience while availing competition products or service. Understand your competition’s market strategy, branding strategy and so on.
- List down the Valued Gains to your customers from your offerings?
This message helps you to market your offerings. Demonstrate that the cost of your availing your offerings is really efficient as compared with the value you are bringing. This must be promoted well in your messaging.
- Create a Connect with the market
Educate your market, establish connect with your potential customers. In today’s scenario, engagement with the customer is very crucial and vital. At this level, the value of content comes into picture. However, social media, new media can also be explored systematically in communicating your message and educating your target customers.
Describe Your Market
While looking at customers, potential customers, competition and after highlighting your expertise. It comes to sketch out to the complete overview of the market. Today, is the time for creating a niche. This step is all about creating the niche market and understanding the niche.