Starting and building a successful business is one of the major dreams and ambitions for a lot of persons who want to own their businesses. However, not everyone who wants to start a business fully understands the factors responsible for starting and running a successful business or brand.
The importance of having the right customers can never be overemphasized. As a small business owner, it is crucial to know that you should never try to sell to everyone and try to only focus on your target customers/target audience. Let’s take for instance, one might look at Apple as a company and be quick to think that they produce products for everyone… or since anyone can literally purchase any of the Apple products, it means that Apple targets everyone…
The reality is that this isn’t the case as Apple have specific target audiences or customers in mind when they are creating products or running marketing campaigns. When all know that Apple is a company that puts a lot of emphasis on luxury products, elegance and cleanliness. The luxury alone already means that their target customers are the high class, rich and high-income earners… That is why you can barely see Apple adverts on places filled with a lot of low class and low-income earners. While there are a lot of low class, middle class or low-income earners who can afford Apple products, it doesn’t mean that they are part of Apple’s target customers or people Apple target in their marketing or advertising campaigns…
With this in mind, it is easier to structure and set up your business for success in the long term. However, it is difficult to find the right customers for your business if you haven’t done the needful in doing proper research, understanding your business, and picking the right niche for your business. While there are some persons who will say that satisfying everyone is the way to go as it means that you will most times makes sales since anyone can buy your products.
Even though this is somewhat correct to some extent, but the advantages that come niching out and also focusing on a particular target customers/audience cannot be questioned. This not only puts you in a strong position whenever that type of product is mentioned, but it also helps in your branding efforts, which means that your business will have a better and stronger identity in the minds of your target customers.