Real big dilemma in the minds of new small business owners!
In a study by a marketing company Constant Contact, it was discovered that 66% of small businesses say that getting new customers is the most prominent challenge.
Furthermore, studies by Statistic Brain indicates 71% of the small businesses fail over the course of 10 years.
Although many factors contribute to a business crashing but finding customers has always been a real “head scratcher” for many small business owners.
Well, must this be your end? What can you do about this?
Mostly small business owners revolve and develop their businesses around their passion with little knowledge of Marketing Strategy!
There is one thing more important than a service, product or even good advertising and that is identifying the target market for the product you wish to sell!
It’s a great product I know, my friend or at-least you think it is!
Question is, who wants to this (product/service) currently and where do I find them?
Having good insights on your target audiences can help you save money on advertisements than creating campaigns to audiences who don’t care about your product or services!
There are many factors involved in identifying a targeted market but ultimately you should center your decide around this question: ‘who will benefit mostly from my products or services, who are the demographics?
Let’s keep it simple!
What’s Demographic?
Demographic is the study of a market based on factors such as age, race, and sex.
Rather than reaching an entire market, a business might employ this method to focus resources into a targeted group within that market.
Why should knowing your customers (demographics) be of importance to you?
I’m sure you don’t wanna get a product and not have anyone currently looking for it!
Well you might have a great idea to pour thousands and thousands of dollars into ads!
But are you displaying your ads in front of audiences that care about your business or are you just spending more and getting minimal results?
Identifying your demographics will help you know where and when to target your resources!
So buckle up your shoes and get your horses ready because it doesn’t have to be rocket science, you’ve just added little bits of knowledge to your arsenal.
Exploit them!
