I was really impressed a few weeks ago when a woman business owner clearly and completely defined her target market without having any notes in front of her. Her company sold business to business and she knew everything from how much revenue her target company made, to the age of the person who would actually make the buying decision.
This knowledge gives this entrepreneurial woman power.
There are two main reasons that defining your target market completely is important. The first is that you know who you are marketing and selling your service and product to. You can learn what is valuable to the people who are your potential customers. (Remember that even if you are selling business to business, you’re still selling to people.) All of this knowledge tells you where to market your company, how to talk to them and why they will choose you over someone else.
The second reason is to support something that women are inherently good at doing—building relationships. As part of my Holistic Business Management principles, I encourage women to leverage their natural strengths when building a business. When you meet someone for the first time, you’re curious. You’ll talk to mutual friends about the person—particularly if you’re pursuing a romantic relationship! You’ll pay close attention to what the person says about themselves, how they act, and what they like.
All of this information helps you build the relationship. When you show interest in another person, they naturally respond. Think about it. Don’t you feel good when a significant other remembers that you prefer yellow roses to red ones? Why are your customers any different?
So define your target market—who they are and what they value. You’ll find your sales increase dramatically.
The Wise Woman’s Guide to Writing a Business Plan contains in-depth information about what you need to know about your target market.
