Grow Your Business: Focus on Your Target Market

Below are steps on how to grow your business by focusing on your target market:

1. Identify your unique selling point/proposition.
   • Are you making an unfair advantage over your competitors with your USP?
2. Identify your target market(s).
   • Do you have an initial list of what you can call as ideal clients?
3. Market your business and sell.
   • If you are serious about making more money, then market your business.
   • Sell your services/products.
   • Your business is to sell and be serious about selling.
4. Evaluate the results.
   • Are the results different from what you expect?
   • Who are your top 3 clients? Are you hitting your target market? Is this a new market?
   • Emerging markets can be distractions and often times seen as business opportunities. They can reroute you farther from your goal.
   • The crucial questions are:
     • Do you need to bend your resources for a non-target market in order to deliver a sale? Then this clearly means that you are off the target.
     • What is the profit margin per buying cycle for each type of market? Are you getting more profit from the newly emerged market compared to your target market per sales (buying) cycle? If not, why bother going out of your way?
     • Is your business built for this market and can your business sustain in the long? Running a business is usually like a marathon, though launching it seems to be a sprint.
5. Refocus your efforts on your target market.
   • We are not trying to throw away opportunities here. We are trying to make sure that most, if not all, of our resources and efforts are focused on your target market.
   • Knowing that we do not have unlimited time and money to shell out  to all markets, then we simply have to focus all our energy to where we can get the most of it and sometimes even if we have to sacrifice a sale.
6. Innovate and improve your business for your target market.
   • Getting your clients is one thing; keeping them is another thing.
   • Do an extra-mile for them without losing your focus.
   • Grow with your target market.
7. Prune your efforts and grow your business even stronger
   • In gardening, pruning is not just about cutting twigs and branches.  Its objective is to grow a healthier, stronger, and more attractive plant.
   • Do the same with your efforts including the steps above.
   • Prune your efforts so that your business is  healthier, stronger, and more attractive to your target market.

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Kenneth Anthony Mansueto

Works at iBizLeverage Web Services, Internet/website marketing company in Cebu Philippines, for SMBs (small- and medium-scale businesses).

  

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