All customers matter – but some customers are simply more lucrative than others. In this guide from IdeaPros, you will learn how to use market research to identify your ideal client.
Who needs a crystal ball when you can do market research? IdeaPros has a guide that gives you five tested strategies for getting to know your target market.
Fred Cary, CEO of IdeaPros and author of the volume, notes that by doing market research, you can more effectively identify potential customers. This ensures that your marketing efforts not only lead to greater brand awareness but increased revenue, too.
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The guide teaches you how to identify ideal customers by understanding their mindset. The expert then offers advice on how to design your products to better suit their needs and turn them into loyal clients.
To read the full guide, visit https://www.ideapros.com/blog/three-target-market-strategies
THE VALUE OF REPEAT CUSTOMERS
While marketing campaigns are designed to attract new buyers, you must not neglect your “bread-and-butter” clients — the ones that already like your offerings and consistently repurchase them. Indeed, data shows that 61% of small-and-medium-sized businesses derive half their revenue from such customers.
As Cary notes, however: “You can’t target these lucrative customers if you don’t know who they are. That’s why market research is pivotal, as it reveals what consumers want so you can anticipate and answer them. Growing your business often comes down to knowing who buys your products — and why.”
CREATING A NICHE
Another crucial aspect the report delves into is creating a business niche, a highly specific product or service category based on the results of your market research. By doing so, you face less competition and therefore have a higher chance of dominating that niche. Cary adds that you can refine your product category into further sub-niches to uncover new growth opportunities.
STAYING FOCUSED
The report likewise highlights the importance of focusing on your target market to achieve sustainable growth. When your business consistently provides attractive products and excellent customer service, consumers are less likely to stray and try competing brands. This also ensures that marketing resources are utilized efficiently — a must if you have a newly established startup.
“You should always be flexible and keep an open mind as you work to market your business. But once you have established your ideal customer, stay laser-focused on them and dedicate your time and effort to keeping them happy,” says Michael Corradini, a co-founder of IdeaPros.
About IdeaPros
IdeaPros specializes in business coaching, helping entrepreneurs bring their business ideas to life by providing market research, product launch strategies, engineering and development, as well as branding solutions.
Turn your business vision into reality with IdeaPros!
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