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Understanding Your Target Market: 5 Tips that Benefit You AND Your Customers

If profitability, reputation, customer satisfaction, and a solid referral base are important to you, read on.

As small business owners, we are challenged daily with competing priorities: managing finances, hiring staff, and finding time to complete the 101 things on our to-do list.

You can ensure success by remembering to focus on the basics.

Who is your target customer and why do they buy from you?

You can also learn a lot about your customers by considering your own experiences—how do you feel about the businesses that you frequent and what makes a buying experience positive—or painful—for you?

Think about an interaction with a colleague that you found beneficial and satisfying. Perhaps it’s the Fed Ex delivery person with a great sense of humor or a vendor who’s always prompt, attentive, and accessible. Chances are you recall a good interaction and you really remember—and probably tell a lot of people—when it’s bad.

Research on customer engagement tells us that people will share a negative interaction 11 times more readily than they will a positive experience—meaning that customer engagement is crucial to successfully sustaining growth over time.

Why understanding your target market is the foundation of your business

Understanding and focusing on your target market can create and fuel your trajectory of success. Knowing who your customers are makes it easy for you to serve those customers well because you u