Marketing and launching a company is one thing. But consistently attracting customers and creating sustainable growth is another. There are a few strategies your company can implement to support continued growth. The main thing is to plan the way in which you would like your company to evolve. Once you do this, you can have a look at these 4 ways to continue to grow your company, through knowing your target market.
Know Your Target Market
Once you have an idea of the consumers you are targeting, it becomes easier to acquire them. Target market research is probably something you did before you opened your business, so let’s use this to help continue growth. Let’s consider:
Where in the world are they?
By knowing where your target market is, you will be able to adapt and cater to them. It is important to use location to determine the languages in which your products are sold. This is due to the interpretation of products within that market and what the challenges may be.
Often, when considering an international market, there are many factors that you need to consider such as being able to translate legal documents, proofread the language or even change your marketing strategy to suit the local population. You may want to consider outsourcing international marketing to industry professionals.
What age are they?
This is a significant factor. When looking at the age range of potential and current customers, it signifies when and where your strategy may need to change. With a younger demographic, you will need to evolve as they do. This warrants staying on top of trends and possibly even voicing political and social justice issues. By comparison, a middle-aged generation will be less focused on fads and trends, and more focused on the future and its security. Either way, their interests are key in keeping you relevant.
It is also important to consider if you span across various age groups as this may call for a more rounded approach. If so, what can you do to adapt and how can you stay relevant to those customers.
Would they like new offerings?
Depending on the age and location of your customers, you may need to offer new products or services to support them. As the market becomes focused on adaptability and customisation, you should always be one step ahead.
Take a look at your products and services. What could you improve on? No company or business model is perfect, sustaining growth works through being able to analyse your business and find ways to continuously improve it. Without this, you risk stagnation.
How often do they purchase?
The rate at which customers purchase items is significant. This impacts the way you price your products, the way you market, and also the quality of your products. It is important to know the longevity of your product, to know how you can then implement a strategy to increase growth.
If your product is a one-use product, you may have customers who return frequently and this is fantastic when it comes to growth. However, it is important to consider that there may be competition in the market. It begs the question of if you should make your product with longevity in mind, or if it is ideal as is.
If your product is a long-sustaining product, it is important to consider how to get repeat custom. What is the sales process like? How likely are your customers to recommend? Will they return to you if they wish to purchase more? These questions should all help you decide where you may need to change your approach.