Know your customer?
Who is your customer, seems like a basic question doesn’t it? Have you really stop to think about it though? We know the product or service that we want to provide. We are confident that there is demand for it but…what else?
This is probably one of the most over looked questions when starting a business. Let’s face it if we don’t really know who our customers are, how will we determine if we are meeting their needs?
Before planning a permanent foundation for your website there are just a few question that we need to address.
1. What are the specific characteristics that all of my customers will have in common? Hopefully your niche has helped narrow this down a bit.
Within that niche ask yourself, my customer, what are their ages, gender, education, occupation and most importantly their incomes?
2. How will customers make their choices with regards to purchases i.e. their purchasing patterns?
Your customers could be budget conscious, comparison shopping, or just looking for information in order to make an informed purchase. It is up to you to determine which then Presell.
3. Is this segment large enough to profitably sustain your business?
It is great that we have found the perfect niche but we need to think in terms of the bottom line.
One of the best ways to get ideas regarding your niche and its potential customers is to talk to people. Talk to people in stores, work, at church, etc….. Conversations don’t have to be exactly about your idea, but they should allow you to extract additional information. In addition, when possible check for blogs or forums related to your niche market.
Obviously, an actual market study would be the best but it would also cost quite a bit. The whole idea here is to try to look at your potential business through eyes other than your own. Better to have some sort of reality check than none at all.
