For many small businesses, the goal in their infancy is to keep their doors open, introduce themselves (or create) a target market, and get established. However, there is something about expanding and seeking a market that is truly worth the company’s time and efforts that drives even the most conservative business person.
Growth and profitability seem very basic and simple, but getting there takes considerable time and effort. Despite the pitfalls that can hurt a business, successful growth is attainable. This post will focus on helpful tips to make the best of a target market.
Focus on what you do best – While your enterprise may provide a variety of services, it is important to understand which services are worth keeping (and which to discontinue). If you find value in a particular service, chances are that your customers do as well. With that, specializing will maximize the value of the services you provide.
Pay attention to customers’ needs and desires – Indeed, a company should be able to identify a customer’s needs and address them in a competent and efficient manner. However, identifying a customer’s desires will help to propel a company to the top. Simply put, once a customer finds a company they can’t do without, you have a customer for life.
Don’t be afraid to rank customers by value – Yes, you want to serve all your customers with the same professionalism and zeal, but it is also helpful to identify high-value customers and differentiate them from lower value customers. This will help in prioritizing resources so that you are creating the most value for priority customers.
Source: Money.cnn.com, “Focus your strategy – Grow your small business the right way,” Elaine Pofeldt, November 11, 2013