In today’s fast-paced world, businesses are having to adjust to a transformed customer base, with clientele possessing instant access to more information than ever. This shift can benefit both parties, ideally helping to minimize frustration or delay. An informed customer experiencing clear cut and transparent communication is always the end goal. But who is that customer?
One of the most common mistakes startups make in their marketing strategies is to dive in without a clear idea of their target audience or what the pain-points of this audience are. This is especially true for new startups, as it is tempting to cast the net wide to target as many potential customers as possible. However, marketing strategies are more successful when they have a clearer focus and a narrow audience. One of the best ways to outline this audience is by creating customer personas and a custom-tailored strategy to address each.
Nowadays, technology enables marketers to adjust content and messaging strategy to every customer’s preferences. Research by McKinsey shows that 71% of customers now expect to receive personalized messages from companies. Why should customers trust a startup? By definition, these businesses are brand new and so have no reliable track record of being judged. That’s why startups must integrate social proof into their digital marketing strategy from the start.
When purchasing an unfamiliar brand online, 95% of people read customer reviews before. This is why showing testimonials, ratings and links to review sites like Trustpilot on business websites can significantly boost conversions. Another way to go is to harness the growing creator economy by working with influencers who can access an audience that trusts them. No matter how thorough a startup’s initial research on its target customers is, even the best strategies must be tweaked when new insights become available.
Periodic reviews should be part of every startup’s digital marketing strategy – alongside S.M.A.R.T. goals. By defining marketing targets that are specific, measurable, attainable, realistic, and time-based, startups can outline concrete issues to revisit in every iteration of their digital marketing strategy. There is no right or wrong answer as to the niche an entrepreneur chooses as long as the space can call their own. Here are three steps to find that niche.
Step 1: Define your goals
What do you want your business to be? What is its purpose? What do you want to accomplish through it? Therefore, the first question is, “What do you want?”
Step 2: Find your unique offering value proposition
To find your unique offering value proposition, start by listing all the things you’re at least halfway good at. Then, look for combinations that are unique to you. You can also take into consideration your personal interests. Where can you leverage your knowledge, skills and experience to make the biggest impact?
Step 3: Identify your ideal audience
Who is your ideal customer? If you could have an unlimited number of customers, but only one type of customer, how would you describe them? One place to find your ideal audience of customers is to look at yourself. If you’re a female executive who transitioned into academia and became a university president, maybe your ideal audience is female executives who want to transition into academia or those who already have transitioned and want to become the university president. In serving them, you would be able to serve from a place of deep experience and authority.
Many entrepreneurs talk about niching down and finding that one type of person who is the perfect fit for their product or service, but there’s a trap here. It’s easier to market to a roofer and plumber who are both in Miami than a roofer in New York and a roofer in Miami. Depending on the nature of your business, geography may factor heavily into who your ideal audience is.
The ultimate goal is to create a market of one. A market of one is when the ideal customer only has one option — you. This means that you have established such a strong and unique position in the market that your target customer sees no other viable option for their needs. While achieving a market of one may be challenging, it is a powerful way to create a loyal customer base that values the unique value proposition and personalized experience that only you can provide. By focusing on finding your niche, developing a targeted marketing strategy, and delivering exceptional value to your ideal customer, you can move closer to the goal of creating a market of one and establishing a sustainable, profitable business.
Narrowing down to a market of one is a powerful strategy for startups and entrepreneurs looking to establish a strong and loyal customer base. By defining clear goals, identifying your unique value proposition, and pinpointing your ideal audience, you can create a tailored marketing strategy that speaks directly to the needs and pain points of your target customers.
However, it’s important to remember that achieving a market of one takes time and effort. It requires ongoing research and refinement of your marketing strategies to keep up with changing trends and customer preferences. But by investing in this process, you can create a thriving business that is built on a foundation of loyal and satisfied customers.
So, take the time to niche down and identify your ideal customer. Focus on delivering value and building trust with your target audience, and you’ll be well on your way to creating a market of one that can drive long-term success and growth for your business.
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