March 16

Do You Know Your Market?

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Good morning and happy Thursday!

After working late last night, I managed to sleep in and wake up refreshed and ready to take on the day.

Which is why I want to jump right into the meat of this post….

Do you know your market?

Think about that question…seriously…

Do you KNOW your MARKET?

The reason I am emphasizing this so much is because if you don’t, you are going to feel that frustration at every step of the way.

Research is:

  • The first step in building a successful online business.
  • It is the first step you need to take in order to create your funnel.

Many people call this “understanding your avatar. ”

Personally, I don’t know what that is.

What I understand is: Do you know your Bob?

Bob is your perfect customer, the one you dream about working with.

Bob:

  • Buys from you frequently
  • Always promotes your brand
  • Never gives you any hassle

Bob sounds pretty cool, right?

Yesterday I had a consultation with a business owner. They explained to me their business model and how they made money.

They told me the demographics of their “customer avatar” everything from how old they were, degree/no degree, yearly income, etc…

Yet, they got it all wrong….

When you looked at the numbers, it showed that their “customer avatar” where the ones signing up for their list and buying their products, so everything looked good, right?

Wrong!

These customers were asking for refunds, emailing about customer service issues, asking for special treatment…

Don’t get me wrong, I’m all about customer service, however, I truly believe that the best customer service is when everything goes right the first time.

From the business side, I knew that it was taking a toll on the owners because even though they were making money, they weren’t able to find the lifestyle they wanted – their business was becoming a burden.

Enter Bob.

Taking a deeper dive into the metrics, we found our first customer that purchased frequently, purchased often, and never really complained – instead would send emails saying “Thank you.”

After doing a bit of stalking over on Facebook, we also found that Bob would promote the brand.

At this point, I wanted to find more Bob’s…

But I didn’t find another Bob, I found a Samantha…

Samantha had the same traits and qualities.

And then we found another and another…

I knew that in order to really help this business out, we would need to understand their market a whole more – the market of their perfect customer.

So how do we do that?

The best tool that I know that will allow us to do that is to user surveys.

You could also pick up the phone and give them a call and just have an honest good conversation with them.

You don’t need to collect everyone’s information, you only need to collect the information of the few that are going to drive your business.

Good ‘Ol Pareto Principle (80/20)

Especially in the beginning stages of your business, survey every step of the way.

From point of interaction, to point of purchase or no purchase, to follow up.

You need to understand who is your customer, you need to understand who is the market you really want to target.

You need to understand your perfect customer.

Once you do, tailor all your marketing and products for that one perfect customer.

You’ll see every step down the line begin working for you and elevating your business to new heights.

Sound good? Awesome, now go out and figure out who is your perfect customer and get going.

-Oscar


Tags

avatar, bob, customer avatar, perfect customer, research, survey, target market


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