One of the most important things that you need to understand is the fact that everyone is not your customer. You simply cannot cater to just about everyone. Instead, it is better to narrow down your focus to a specific niche. It will help you find better customers. Starting a business can be exciting. You would want to introduce your company to the world and cater to young and old, male and female, rural and urban, you get the idea.
Although small business owners should feel enthusiastic about their business, it is crucial that you understand that believing everyone to be a customer can be counterproductive because you would end up wasting time, effort, and money trying to reach people who are not interested in what you have to offer.
Take a minute to think about the biggest companies in the world. Even though they might be very successful and boast a huge customer base, they do not claim everyone to be their target audience. For instance, Walmart focuses on convenience and budget shoppers and strives to serve them by offering everyday low prices. Trying to appeal to a very broad customer base is not practical. Therefore, you must narrow down your actual customer base.
Find Your Customer
Now that you know that everyone cannot be your target customer, you need to figure out whom to serve. Only when you have customers can you analyze customer data for valuable insights. This information will be used to create buyer personas which are fictional characters that represent your ideal customers. Despite the fact that these customers are fictional, their qualities would be based on actual customers. Once you know who your ideal customer is, here are some things you can do with the newfound knowledge.
Narrow Your Marketing Efforts
After you figure out your ideal customer, you can start narrowing down your marketing efforts. It will make your life a whole lot easier. When you realize that everyone is not your customer, you get to free yourself from chasing leads that are unprofitable. According to a survey conducted by Marc Wayshak, it was found that close to 71% of salespersons surveyed believe that fewer than 50% of initial prospects make a good fit. By identifying target buyers, you get to pinpoint which type of prospective clients would be a great fit for you.
Allow You to Become a Specialist
Another thing that you can do when you come to know that everyone is not your customer is focused on becoming a specialist in your industry. When you know who your customers exactly are and how you can meet their needs, you get to become an expert in your niche. It helps provide you with a competitive edge.
Adapt and Evolve
Finally, you get to adapt and evolve according to the needs of your target audience rather than trying to please everyone. Knowing your customers would ensure that you do not remain stagnant. Instead, you will get to improve your efforts to meet their demands.
