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How to Create a Healthier Business by Understanding your Customer

by | May 14, 2020 | Marketing

More than half of startups fail, But why?

Although there are dozens of reasons that businesses struggle to find sustainability one of the most obvious often goes overlooked. 

Deeply understanding your customer is crucial for small business success. 

In order for a company to get its feet off the ground and thrive, it must know it’s target audience. This is vital because simply put, without knowing your audience or customer, your company will not survive.

Building a brand without having a specific set of people in mind will leave you working extremely hard with little to show for it. It’s important to understand that your company is not for everyone.

This is why it is very important to make determining your target audience one of your first steps in building your startup. If you get to this step and you aren’t sure who will benefit from your company, then take your concept back to the drawing board. As mentioned before, a brand is nothing without people who support it.

Here are the first steps to take to get you started defining your customer — 

  1. Start with the basics:
    • Age
    • Gender
    • Demographics 
  2. Get more specific:
    • Stage of life
    • Income
    • Favorite brands
    • Job
    • Interests
  3. Go even deeper:
    • Ask “Why?”

Example: 

Many companies— big and small— may find it useful to create personas for these ideal clients— such as the image above. This helps to build a much more detailed look at your hypothetical customer— giving more insight on what they need, what they value in a brand, how to best reach them, etc.

This exercise can even be fun! Get your team together and cast a vision for your ideal client base. Find images, write up blurbs about their personalities, even name them! Having 3-6 “personas” to look at and point to throughout the growth of your company will be extremely useful in the long run.

Knowing who your client is allows for more effective marketing, a happier audience, and a successful business. Throughout this process you will be able to create a more personal experience, which in turn will create a genuine audience and a credible brand. This step is absolutely crucial in setting your business up for success.