Have you noticed a difficulty in reaching new customers for your business? Amongst the business owners and decision-makers that we talk to regularly, a common misconception is that their interests and preferences are the same as their customers’ interests and preferences. Because this is usually not the case, advertising efforts quite often are shots in the dark and do not appeal to new customers.
One way to determine why you are not reaching new customers is to analyze whether your marketing net is too broad?
Does your business provide multiple products or services? Is your product or service designed for one particular target demographic? If your marketing net is too broad and you’re attempting to cover all of your products equally or broadcast your message to every possible viewer, you may be missing your niche market. Your business must identify your target market and deliver your brand’s message about your product to that market. Doing so will increase your lead generation rate, meanwhile, potentially increasing your sales conversion rate.
Customer input is an invaluable way to find out what they are looking for and their motives for buying your product. Smart businesses should make it a priority to develop surveys, focus groups, and feedback questionnaires and put them where your customers can have easy access to them including the business website, monthly newsletters and marketing efforts. This however is not a one time event for an up and coming product, it is essential to make gathering information an ongoing effort.
Stay tuned to the JASE Blog for the next installment on identifying your target market, coming next week.