I know what I’m going to tell you is common.
But you’ll be surprised how many entrepreneurs out there aren’t taking this fact seriously or in some cases, neglecting it at all.
You see, a lot of startups and medium-sized companies are focusing on creating the best product or becoming the top service provider in their industry.
So they concentrate most of their budgets on adding cool features to their products or package additional skills to their services.
But most of these small and medium-sized companies often forget to know more of the people that are giving money to them.
I’m talking about the people who you are selling or promoting to — your target market.
Big companies and brands are completely aware and taking advantage of this fact.
This is the reason why certain corporations are dominating a specific industry.
Coca-cola, Apple, Samsung, Microsoft, Disney, Nike, Shell Oil, and many other big companies you can name of...
All of them are selling their products and services like hotcakes.
Yeah. You can say that they have established brands in their respective industries and people already know their names.
But before they got into such positions, they’ve studied their target market inside and outside.
They’ve spent a lot of time and money on interviews, surveys, promos, and other tests to see what their ideal customers like and hate.
By doing all this research, these companies are able to create offers that are tailored-fit to their target market.
Because they understand their market’s problems inside and out, they can provide a solution that their ideal customers need or want.
And this is the main difference between successful entrepreneurs and those who are just starting out in the industry.
But the good thing is, you don’t have to reinvent the wheel.
Even if you think that you’re not skilled enough to build a business, you can still succeed as an entrepreneur as long as you understand your target market.
Get in the shoes of your ideal customers and see from their perspective.
Try to learn as much as possible about what they are doing in their everyday lives.
Study their daily routines, habits, passion, and hobbies to get a better understanding of their personalities.
Know more about what kind of people they’re hanging out with and what social media accounts they are spending their time with.
Find out the books, magazines, blog posts, and other materials they often read to know the language they’re using every day.
Discover what they desire, what are their frustrations in their previous purchase, and what they’re looking for in a product or service.
What type of gadget can give them entertainment and practical communication uses?
Do they need a tool that can help them clean tiles and walls much faster and more efficient?
Will a fit body will make them healthy and feel good about themselves?
Are they tired of 9-5 jobs but can’t retire because they have a family to support and feed?
Is being stylish important to your audience? Or do they just want clothing that can match any occasion?
By just asking these simple questions, you can get a good grasp on what type of product or service is perfect for your target market.
The main point here is you understand your ideal customers at a deeper level.
Dig deep into their desires and frustrations. Uncover their hidden pain points and provide them the solution to their problems.
At the end of the day, your customers are the lifeblood of your business and it’s your responsibility to help them solve their problems.