Your target market - are you selling to the right people?
A real worry in business is being able to identify what it is that the customer wants. This has become increasingly difficult as customer segmentation continues to diversify. So the age old question arises, who are the people that I want to attract?
Customers are less loyal and far less trusting than they used to be. Consumers have more power than ever before, thanks to social media, easy on-line comparison-shopping, and an endless list of choices.
Customer diversity continues to increase, putting a premium on micro-segmentation and deep customer insight. By increasing the noise-to-data ratio, the data deluge occasioned by the Internet can actually make it harder to understand your customers.
Economic uncertainty and data overload confuse customers as well, making them less interested in products than in flexible, adaptive solutions.
To get close to this more demanding client, it's better to be able to get insight into their thinking...you could try the following to do that;
Stand in your customer’s shoes Look beyond your core business and understand your customer’s full range of choices, as well as his or her ecosystem of suppliers, partners etc.- of which you may be part. This exercise will also deepen your understanding of competitors and help you better anticipate their moves.
Staple yourself to a customer’s order Take the same journey that the customer does in receiving your end product. Some hospitals ask interns to experience the check-in process as fake patients. One client asked managers to listen in on its call center. If you can’t exactly put yourself through a customer experience, try role-playing exercises at all points of the customer’s experience with your company.
Lean forward and anticipate Focus on what customers will want in the near future as Richard Branson has done brilliantly. Try to envision different futures through tools like scenario planning and then explore how underlying market shifts may affect your customers.
Perspective is everything when it comes to identifying what it is that your customer is craving. It's one thing to sit at a management level and make decisions based on numbers on paper, it's another to put yourself out there and gain primary experience in what it is that you're providing.
If you want need help establishing your ideal target market, Verve Group have specialist planning sessions to help you do this. Call me today on 08 8120 4877 or email me at firstname.lastname@example.org to find out how a Verve Group DNA 'Discover' workshop can help your business thrive. Interested in growing your business? Check out our DNA packages https://www.vervegroup.com.au/growyourbusiness