Before you start a business, you should write a business plan. A part of the business plan includes selecting a target market for your product or service. I have recently noticed that a lot of small business owners in Kenya, especially the youth, don’t have business plans. A lot of them don’t even have or really know who their target market consists of. Today I will state a few reasons why any business person in Kenya should select a target market or audience. By selecting a target market you are able to work on giving the best service or product quality to your customers and save money spent on advertising to the wrong people. Selecting a target market has helped me in my business especially when my marketing budget is very small or sometimes, almost non-existent.
1. You cannot satisfy everyone out there, it’s not possible
As much as a business owner, you would like to sell to everyone, you can’t. People are different and they have different habits, likes, dislikes etc. Therefore, the most logical thing is to find out what problem you are solving in your business, and then identify what kind of people are looking to solve the same problems in their lives and sell them your product or service. When you do that, you are able to create a marketing strategy that appeals and attracts your target market/audience. Which means you are in turn able to engage with them and make a sale.
2. To create marketing that appeals to your customers
These days the majority of business owners have discovered that they have to attract potential customers by providing helpful content and engaging with them. This is called inbound marketing. In order for inbound marketing to be effective, you have to create marketing that will attract your target audience – marketing that they will love. To create content that your audience will love, you have to know some characteristics about them. When you do, you will be able to create content that will help them in their lives, content that will appeal to them emotionally and lead them to engage with your business or brand. For any of that to be effective, you have to know your target and their likes and dislikes.
3. You will create a marketing strategy that is within your budget
If you are a small business or want to start a small business, your marketing budget will be smaller to start with. You should make sure you allocate money to your marketing budget; no matter how little it is to start with. You can then gradually work on creating a larger budget because marketing will always be very important for your business’ success. When you identify who your target market is, you are able to concentrate your marketing in the correct mediums that your audience uses. This saves you money and time that you may have spent on the wrong mediums or numerous ways of trying to attract anyone out there.
4. You will improve your product and/or service and therefore better serve your customers
By targeting a specific market, you are able to create a better product and service for your customers. As you engage with your target market, you will gain better insight on their needs and improve your product or service to fit them. You can also be able to create other products or supporting services to continue serving your customers. This will also open up another revenue stream for your business which is a good thing in the long run.
If you have a small business, especially in Kenya and you have not selected or identified your target market. I urge you to please sit down and figure it out today. It is imperative for your business’ success and in order for you to have happy, satisfied customers as well. If you have any questions on the topic please let me know.
These are just a few reasons why you should select a target market, if you have some other helpful reasons that you have discovered in your small business experience – please feel free to share below.