This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes. You can find the links to the full series here.
What is understanding your target market so important for a successful business?
One fundamental problem most businesses have as they try to grow is the inability to really look at what they are doing from an outside perspective. That is the perspective of the consumer. A clear understanding of your Target Market and Buyer Persona will address this.
To get noticed today you need to understand your audience’s top concerns so you can address their problems by building a brand, and then formulating marketing messages, around how you solve their pains, wants and needs.
How does your business measure up?
Review your business against this best practice benchmark now
BEST PRACTICE BENCHMARK: We have clearly defined our target market and buyer persona which provides a roadmap for all of our innovation, branding, marketing and customer relationship activities. #branding #marketing #customer-relationships
Here’s a checklist to help you determine how well you understand your target market, ideal
clients and buyer persona
- We have a clear understanding of what business conditions or personal circumstances trigger our ideal buyer to look for a product/service like ours.
- We have a clear understanding of what top 3-5 benchmarks our ideal buyer uses to evaluate/compare products/services like ours.
- We have a clear understanding of what results or outcomes (rational or emotional benefits) our ideal buyer expects a product/service like ours.
- We have a clear understanding of what attitudes or concerns prevents our ideal buyer from investing in a product/service like ours.
- We have a clear understanding of what process they follow and resources they use to explore and select a product/service like ours.
- We use our understanding of our ideal clients to inform new product and service innovation, branding development, marketing strategies and tactics, and customer relationship processes.
About the SMART-Connect best practice brand strategy advisor
For 25 years+ I have been a design and marketing consultant, leading a traditional agency through the economic and technological challenges the past few decades have confronted us with. My move towards the digital side of the industry began some time around 1999 - 2000. Witnessing the degree to which the internet reshaped our industry led me to shift over time and focus on helping business & corporations to strip away the hype surrounding new media and focus on strategic planning and design that attracts.
Today you would have to say that I’m 100% fixated by differentiation. Why? Because all of the great brands that we love succeed by finding a unique position in the marketplace, and we believe small and medium sized businesses can too. So we’ve made it our mission to help passionate entrepreneurs and business creators make the transformation from a business, to brand of choice, through the power of education, strategic design and branding that connects.
Instead of merely helping my clients attract attention, I focus on helping them find their point of difference and the values their prospects will respect, so the resulting designs and branding reflect what’s meaningful to the them.
Too many companies are drawn to social media as “the answer”, but without a strategy of any kind, they actually don’t have anything worth saying or sharing. For many companies, social media simply relays faster, with greater efficiency, and to more people than ever in history, that their brand lacks depth and meaning.
By thinking strategically, making real observations and planning, anybody can build a brand that stands out (and not blend in). Having nothing to say and no distinct way of conveying your difference and value will only result in your messaging using cliches, which means you're promoting your category, not your brand.