Understand your market or waste resource, it’s a simple choice.
Being clear about who you are targeting saves time and money.
There are two critical benefits to a deeper understanding of your target market (potential customers).
- Where is the opportunity? This might be measured in revenue, participant engagement or some other factor… depending on the nature of your business/organisation. No matter what you are trying to achieve, until you size your potential markets, you don’t really know where to focus or how much to invest. You are simply guessing.
- How to win. The more intimately you understand your target customers, the better you can tailor your messages, your communication channels and your sales and delivery mechanisms to meet their needs. “Segmentation” is simply a fancy word for defining different types of customers within an overall group – for the purpose of tailoring your business to their different needs.
Save time and money. Invest in understanding your market.