In a previous blog, we went into the specifics of competitive advantage and how it applies to your business strategy. When you analyze your competitive advantage, you must know your target audience so you can meet their demands.
Who are your ideal buyer personas and how can you reach them? Where do you start on identifying those personas? We answer these questions in the five steps below.
Related Post: What is Competitive Advantage?
1. Look At Your Current Customers
Your current clientele or customers should have common characteristics and interests. Take note of these buyers, as they can set the tone for your sales and marketing strategies. Also, take a look at the customers that bring in the most business. You will want to target these kinds of consumers for your sales forecast and business strategy.
2. Check Out Your Competitors’ Markets
Who are they targeting? How are their customers different? It’s important to find the niche market that they are missing, so you can discover more sales opportunities.
3. Analyze Your Product
Make a list of all the features that your product offers. Then, write out the benefits of each feature. For example, the benefit of using a high-quality vacuum cleaner is better suction power.
Then, make a list of the personas or industries who would need this specific benefit. Perhaps the vacuum business could target the hotel or movie theater industries, who need to have spotless floors as a business standard.
Related Post: Sales Forecasts for Beginners
4. List the Demographics
We mentioned looking at your current customers, but you will also need to project who will buy your product in the future. List all the demographics of the personas who would benefit from your product:
- Age
- Gender
- Income Range
- Location
- Occupation
- Marital Status
- Family Status
- Ethnic Background
- Education Level
5. List the Psychographics
Now, define the personal traits of those personas:
- What are their personalities?
- What kind of attitude do they generally have?
- What are their values?
- What are their interests or hobbies?
- What kind of lifestyle do they have?
- What are their daily habits?
Not only do you have to find and define your target market, you will also have to make sure you nurture them through the decision making process. Therefore, when identifying these buyer personas, look for those who have a need or demand for your product and have the means to buy it. What drives them to seek out your business? What are their reasons? The consumers who fit the mold will be easier to convince throughout the buyer’s journey.
At Assemblage, we can help you find your strengths and get your business strategy started. Contact us today, and tell us how we can be an asset to you!