Business Chops Tip #54: How Well Do You Know Your Target Customer?
While each customer is a unique individual, it is efficient to target groups with common characteristics. Customer profiling is an essential tool. Articulating profiles in your marketing plan gives your firm a competitive advantage.
Your target market's demographics represent who they are (e.g. income, occupation, education). Psychographics describe their preferences and how they think. An actionable profile of your target market also describes where they are on the technology adoption curve and whether they are individual (buy for their own use) or institutional (buy for someone else, as in many commercial venues) customers. Do you know your target customer profile?
Author's Note: Creative and technical professionals (from musicians and actors to designers and engineers) rely on their "chops": those skills and techniques that they use to be successful on the job. Stiernberg Consulting coined the term Business Chops to encompass those skills, experience, and tactics that you rely on to be more successful. Whether you are a dealer, manufacturer, distributor, rep, or design firm, this series includes tips and techniques for optimizing sales, profits, and growth of your Custom Retail business.