An entrepreneur can have an excellent business model, products or services and still never achieve their full potential in sales.
It is not that the business owner isn’t trying, but often its the notion that they believe their product can be used by any person or industry, worldwide!
Rarely is a product made for everyone, no matter how revolutionary.
There will always be a certain percentage of people that will not completely benefit from your product or would have an inability to use it, so it is up to you to find your target audience in order to maximise your sales and add true value.
So how do you do that?
Know how your product or service benefits your customers
Every product has specific benefits to certain people, industries or organisations, and no two businesses are exactly alike, but they all have similarities that make them prime candidates for your product or service.
So what can your product or service do for your customers?
Why should a customer use your product? What are the reasons?
Now you know why they would use it, why would they pay for it? These usually link back to your FABs.
Design an Ideal Customer Model
This one takes a little thinking, but a savvy business owner knows the importance of having an ideal customer model.
Write down the attributes of a person you believe is your ideal customer.
If you’re selling B2B, what is the role of the person you engage with, and what are they responsible for within their company?
Are they the person that will use your product, of the ones that are signing off the deal? (they can obviously be both).
Do they have specific interests, or are they members of community groups?
Think about their personalities. Are they outgoing and effective communicators, or are they more considered in their approach with a low risk appetite?
This will help you understand where you can find them, and how best to communicate with them.
No idea is off the table here, and if you can validate your research with data, this becomes even more powerful.
Where Are Your Customers Located?
Understanding your ideal customer means understanding where they operate from. With an ever-increasing number of businesses operating online these days, this concept might not make much sense to some, but where your customers are located will make a difference in your level of sales.
For instance, when Uber launched their offering in San Francisco, it was in the city where the founders and development team were based, but there was also an incredibly high volume of potential users who were regularly on the move.
If they were to have launched in a less populated and transient location, then it is highly unlikely that they would have had the opportunity or the data to validate and fuel further growth.
In fact, Uber is not easily accessible outside of most major towns and cities, so their customer locations are heavily focussed on central business districts.
When are your sales likely to be most prominent?
Is there a specific time of year where sales soar and die off?
Do you notice more sales at a specific time of day?
Is there a day of the week that provides more sales for you?
These questions can help determine your ideal customer. We see this concept in restaurants everywhere. By tracking their sales throughout the week and even on individual times of the day, they know when to put out specific offers.
If you know that your customers have critical times of the year for their own businesses, you can adapt when you engage with them, so that your value is perceived to be higher!
Christmas is a great example for toy manufacturers. Peak sales season which they prepare for months if not years in advance. You wouldn’t be surprised to find out that they aren’t interested in buying your services in their busy December, but they will most certainly get involved with you in the run-up to supporting the Christmas rush! (If that’s the world you work in).
The point is to know when your ideal customer will be using your product or service and how to drive sales during ‘off’ times.
Finding your ideal customer takes time and attention to the smallest detail.
It is not easy and there are many different tactics to employ to get the job done. The point is to take the time necessary to find your ideal customer and truly understand their needs, buying cycles, persona types, locations, hopes and fears!
By employing these strategies, you will know how to track your customer’s sales and when it will be the best time to build new relationships and grow pipeline.
Your ideal customers are out there.
Share your details here and take a big step to understand who they are, and how to get in front of them!