Updated: Jan 13, 2020
Starting and operating a successful business requires an incredibly diverse set of skills and talents. It isn’t enough to be good at just putting a plan to paper, being a convincing salesperson, managing money and finances, or improving upon existing products and services. You have to have *all* of these skills under one roof in order to succeed! You alone will not have every one of these skills, which is why you need to hire people that will fill the gap. Leveraging all of these skills effectively is the key to creating wealth and value from your business.
If you want your business to really get off the ground, you need to know who your customers are, find them, and make them loyal to your brand. By knowing your base, you can target their specific needs and wants, which will turn them into repeat customers.
1) Know who you want your customers to be
When you start a business, the industry you enter will give you a rough idea of what your customers will look like – opening a restaurant attracts a different clientele than an electronics shop. The important thing to understand is that there is a significant degree of variation within industries. A business that is more specialized has fewer opportunities to attract prospective customers, but it also means that you’re faced with less competition. A computer repair store and a shop that specializes in repairing old/obscure game consoles are unlikely to experience much customer overlap.
When you open your doors, having a sense of who your customers will be will make it much easier to drum up interest in what you have to offer. A muddled message that targets no one in particular will do little to bring in business.
2) Consider the profile of the people that buy from you
Once you’ve obtained an idea of what your ideal customer looks like, you can then begin to hone in on attracting that particular demographic. While each customer is a unique person in their own right, certain demographics have overlapping tastes and behaviors. What kinds of products do they look for? What kinds of deals and promotions are they more likely to respond to? What kinds of clothes do they wear? What cars do they drive? If your goal is to attract people of a certain income level, find what goods and services they are more likely to purchase.
3) Harness the power of analytics
The idea behind analytics has been around for some time, but only within the past ten years or so have small businesses begun to harness their power. Analytics is the statistical breakdown and analysis of data points for the purposes of formulating new strategies and approaches. Modern software allows you to track nearly every conceivable aspect of your customer’s behaviors – what they search for, what they ask for, how long they spend on pages, how much they click on certain links – all of this, and more, is revealed with analytics.
Analytics not only tell you what your customers are, but what they commonly look and search for. Analytics are commonly used by businesses that have found and secured their particular customer base, but they can also be used to get a better picture of what your first customers are like. Analytics give you pure data points; they do not tell you what to think, they only give you information.
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Dr. Dhirendra Gautam, a business doctor and leadership Coach; he empowers people to transform their Life, finance and business and introduce then to the world of financial freedom and fulfillment. For business owners & Cxo’s we offer specialized Business coaching Program Namely; Empower your Business (EYB), Empower your Life (EYL) and Empower your Carrier (EYC). Do visit our website www.dhirendragautam.com to find his wisdom he shares with mankind.