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TOTW 17: Get to know your Market

Tip of the Week #17

The Micro Business Growth Club theme in May is 'all things marketing', and as a small business, it's important to understand the market and target audience in order to generate sales.

Here are 3 simple strategies that you can implement to get to know your market:

  1. How clear are you about your target audience? It always starts with the old cherry “identify who your ideal customer is by creating buyer personas”, but what does that mean?  Think of a 20-year-old, a 40-year-old and a 60-year-old person in your life.  Do they like the same things? How do they differ? What is important to them when they are buying things?   These are the questions and insights you need to apply to your customers.  What is their average age? What is their disposable income? What do they tend to spend their money on? What are the problems they are desperate to solve?  If you understand what makes them tick you can target your products directly at them and market your messages where they are most likely to see them.   

  2. Do you do any market research?  The best and easiest way to do this is to ask those who have already bought from you.  Customer feedback tells you about why you stand out from the crowd.  Couple this with a competitor analysis to gain insights into your market.  Micro Business Growth Club Members, you have access to the document vault and will find a competitor analysis from the big idea folder to tell you how to do this.  People don’t buy from you because you are the same as everyone else, they buy your differences.  A competitor analysis shows you what those differences are.  

  3. Are you making use of the hidden data you already have?  Use your website and social media analytics tools to gather data on who is visiting your website and engaging with your social media accounts. This will tell you if your marketing messages are on target and the sort of topics, lead magnets and posts are the most popular (and why).

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