So often, the experts of the internet tell us what we “should” be doing to grow our businesses. The problem with this, however, is that not all businesses are created equal and what may work for one business may not work for another. It is up to all of us as entrepreneurs to push back and ask ourselves, “Is this really what I should be doing?”
Deciding what information you should heed to grow your business comes down to knowing your target audience. Who are they, how do they engage with you, what information do they want from you and in what format. Knowing this information allows you to develop a strategy that focuses on those segments of our target audience that have proven to be most active and profitable.
Knowing Your Target Audience to Optimize Your Business
How Is Your Audience Interacting With You?
Last year all we heard was that we had to make sure that our websites were optimized for mobile: Slow load times, non-responsive design and confusing shopping cart experiences will drive away potential online traffic.
I checked my stats today and only 5% of orders were done on mobile devices. That doesn’t surprise me. Heck, when it comes to my phone I can barely send a text without autocorrect and my clumsy thumbs causing me frustration – let alone place an order!
So, while I understand the importance of optimizing my site for mobile, based on how my audience interacts with our site, it isn’t our greatest focus.
Where Is Your Audience Located?
I live in Canada. There have been times in the past that I have bent over backward to accommodate my Canadian clients. But as you see by the metric above, only 15% of my sales come from my own country and this month is actually on the high side. By knowing this, I can try to make sure that Canadian customers know that I care about them, but I no longer have 2 currencies on my websites, because it’s simply not cost-effective.
How to Identify Your Target Audience
To fully understand your target audience, you should be analyzing the following:
- Who is your biggest client?
- What industry did the majority of your clients come from?
- How much of your business was bureau work?
- How much of your business was booked direct?
- What methods did your target audience use to find you?
- How many of your clients were repeat?
- Which sectors of your client base paid the best? Worst?
When you gather all of this information, it gives you the intelligence needed for making better business decisions. Some of the outcomes might be:
- You drop low paying clients and focus on higher checks.
- You intensify your marketing to industries where you have momentum.
- You dive deeper into those relationships with your target audience that are serving you well and perhaps let some go.
The bottom line is that you focus on those aspects of your business that are both fulfilling and profitable and, over time, you minimize those that drain your energy and don’t pay.
See you soon Wealthy Speakers!
