radford tax logo
07 5495 4100 ◆

Finding your target market

Posted on June 29, 2016 by admin

Who’s your customer? That’s one of the most important questions any business can answer, but it’s particularly important for small businesses. Why? Because only by having a clear definition of the exact type of customer you’re trying to reach can you make the most of your limited marketing dollars and have the biggest impact on your bottom line. You need to know your “target market.”

Narrowing the type of customers you’d most like to reach — and the kind that are most likely to be willing, eager and able to buy from you — is a key building block to success. Defining your target market gives focus to all your marketing and sales activities, helps you craft your advertising messages and images, choose where and when to advertise, influences which distribution channels you use and perhaps even helps you decide the colour of your employees’ uniforms or the music playing in your store.

When defining your target market, keep the image of an actual target in mind. The outermost ring of the target is the universe of potential customers — everyone who might ever possibly be interested in your product or service. As you get closer to the centre of the target, focus on customers who are more likely to actually make a purchase. The group at the centre should be those you would most like to have as customers, who you can reach and sell to affordably, and who are most likely to buy.

Some of the factors to help you close in on the bull’s-eye:

maximise your business's value

latest news

Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

radford tax associationsradford tax associationsradford tax associations