Building Your Business: Customer Relationships & Importance of Target Markets
You don't want to skip this if you want to level up!
Think about it right now: Who is your target audience?
Hey Small Business Owner! I can assume that many of you are either starting up your business or trying to elevate your business to the next level. A base level understanding to have ready when applying for grants and taking your business to the next level is understanding your key audience. Now for many of us, we figure we have our target audience.
Let’s say you recently opened a barber shop, you probably are thinking your target audience is men ages 10-70 and now you quickly move on to trying to drum up business. It is vital to not only understand your target market but also each segment within it. Then you must continue to foster those relationships with those individuals and begin to understand how your business is aiding, helping, or improving their current life.
It sounds like a no-brainer, but many of us are prioritizing the profits, rolling out social media posts, and trying to stay afloat with inventory or staffing – amongst other things. How can you market if you don’t understand your segments? How can you make a profit long-term if you don’t understand who your next segment is? Let’s talk about it.
I know my target audience, now what?
Consider a few things, will your target audience follow your story, service, and/or product or is it temporary? How can you create a sense of loyalty from them? If you already have loyal customers, how can you expand into segments to increase your current customer base?
I don’t know my target audience, now what?
Begin researching your product or service, current brands, competition, and “likely” target market. Then take some time to create at least 3 pain points and personas. Who would buy your product or service? John (45), Kyla (22), and Gina (18) may all utilize your product or service in different ways. Give varying names, ages, occupations, possible struggles, and why they would need your business, and begin to identify who your customer possibilities are.
What does customer relationship have to do with grants?
Often time in grants they will ask you either who your target audience is, how it fits their requirements, OR for testimonials for people within your community. By building these strong relationships with customers, you are slowly creating loyal followers of your brand- ones who will advocate for you and be able to speak on why your business needs to continue running! Here are 4 tips on how to build strong connections with your customers:
Personalized Customer Service: Provide personalized customer service experiences by understanding your customers' preferences, needs, and pain points. Listen closely to customers, empathize with their concerns, and offer tailored solutions to address their specific needs. How can your business assist them?
Communication Plan