Fact: Whatever business you are in, it will only be successful (aka, make you money) if you have enough customers spending with you and your profit margin is good.

The Stonking Reality: Once you have a customer successfully buying once from you, you have the opportunity to grow the relationship to continue the spending. Ensuring that what you offer meets what your ideal customer actually wants to buy is essential from the outset.

Top Tip: Do whatever it takes to ensure you attract the right customers the first time and when you get it right you’ll be able to keep your marketing costs lean.

Have you identified your unique point of difference?

This is often referred to as ‘USP – unique selling point’.

Why should people by from you when there is a sea of competition?

Differentiating yourself from the masses is key and depending on what industry you are in, this differentiation has to apply to YOU the personality AND your business brand.

This is a homework blog for you designed to help you get clearer on your perfect customer. Read now and schedule to revisit so that you can work through the activity outlined here:

Describe what your business does including details of your specific product/service.

Describe your typical customer.

1. Is it a business or an individual?
2. What characteristics does this customer have?
3. What are the things they feel are important to your business?

Why do you think people choose to buy from you?

1. Consider your product attributes, price, convenience and promotions
2. What is the difference between your product or service and that of your key competition?

What reasons might there be for potential new customers NOT to buy from you?

1. Consider your product attributes, price, convenience and promotions here also
2. What else could affect buying decisions?

How frequently do most customers buy from you?

1. One-off purchase?
2. A few times a year?
3. A few times a month?
4. A few times a week?
5. Everyday?

How often do you communicate with your customers outside of the point of transaction?

1. Never
2. Annually
3. Quarterly
4. Monthly
5. Weekly

Do you offer customer incentives or reward schemes?

What % of your sales are repeat business?

Do you store information about your customers and if so how?

Have you ever conducted customer satisfaction surveys?

How do you deal with customer complaints and how effective is this system?

Recapping: you must be able to –

• Define your product/service and understand its core benefits in order to communicate them through marketing
• What advantages or perks does what you offer have over other products/services in the marketplace?
• Why you? What makes you stand out from the masses?
• Does your product/service save time/money or provide a solution to a problem?
• Uncover customer characteristics and the level of demand for what you offer so that you are aware of the real market size through fact, rather than fiction.
• Determine customer preferences and discover their spending and buying habits.
• Source and identity prospective customers and learn their core needs and wants.
• Know the expectations of your customers in terms of service, quality and price.
• Understand how you will communicate to your customers and through what means you will reach them, establishing there they like to read and gather information.

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EBA HQ