Working with business owners to define and identify the target markets for their product/services has always been an enjoyable exercise. One of the most important things that it involves is to take the business owner or the CEO slightly away from the idea that he owns (about his product or service) and virtually make him wear the customer’s shoes, both physically and emotionally. Getting started is not an easy task, but as time progresses, the business owners understand where the exercise is leading to and realize the value in this exercise for their business.
Here are some steps that we usually go through in such an exercise
- Understand what your product/service does and what type of customers are likely to gain from engaging
- Identifying a concise target audience for each of your products/services. The target audience for different products/services can be different, and need not be the same across the company
- Categorize and prioritize among the categories of customers that will be interested in your products/services, based on which you will start trying to get in touch with them to source business.
- Attaching yourself emotionally to the different categories within the target audience is the next step. This gives insights into what they will gain (directly/indirectly)by using your product/services.
- Based on the emotional quotient, and what your product/service stands for at its core, design your univocal branding and messaging strategy
- Choose your communication mediums and measures based on the budgets that you can outlay for this exercise
- Execute on the strategy and do not hesitate to tweak the execution, based on early feedback.
All the best and would welcome comments
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Working to identify target market and defining GTM are part of core service offerings from Xenia Consulting