Design Kompany is in the business of branding. As part of helping people think long-term about how they want to present themselves as a business, early discussions in our conference room with clients inevitably focus on marketing.
“So,” you’ll hear us ask, “who’s your target market?”
To help guide our clients on how to answer this question, on Tuesday I went to a seminar on the topic of “how to define your target market.” Four strategy management consultant folks were panelists for this event, which was sponsored by the Northwest Entrepreneurs Network.
Here’s some of the stuff I learned.
Adapt. You don’t know when you’re starting a company exactly whom your buyers will be. You might think you do, but oftentimes you’ll be surprised as you get going who starts coming forward to ask about your goods or services. These could be whole new interesting worlds for you as an early-stage business. Be open to the idea of shifting your intended focus.
Anticipate change. Along those same lines, you might have this brilliant idea for selling something to a group that hasn’t quite come online yet in the way you think they will. Maybe they’re just not ready for what it is you’re selling. But new markets open all the time, so keep your eyes peeled and your ears open. Trust your gut and don’t forget about your ideas. Targeting a specific group will be something you have to refine over time. Keep learning, adjusting and being flexible enough to see where and when new opportunities arise. Test your ideas and new markets periodically. “Look for good waves and surf them,” said Jim Neuburger of a stragegy consulting company called The Arnold Group.
Referenceability is king. Translation: make sure as you grow, you’re able to build a solid portfolio. Happy clients will be able to then offer testimony to back you up when you present yourself to new prospects. Credibility is big.
Do your homework. Market research doesn’t have to be costly or just rowfuls of numbers on spreadsheets. You can figure out a lot by talking to people, getting a vibe, and trusting your gut. “Hallway wisdom,” as Bill Blake of Sound Strategies said, can help a company’s managers figure out what’s really going on. A lot of businesses can’t capitalize on marketing bucks because they haven’t done the homework at the onset to see if those avenues are even worth pursuing.
Set goals, measure efforts. After you get a handle on what theory you’re going to test, set some goals to see what kind of payoffs your efforts in those directions reap. “Cut what’s not working,” said Pat Whelan of Par3 Communications. “Build on what is.”
Official seminar notes are posted on the Northwest Entrepreneur Network’s website.
Awesome post. Thanks for the tips. I’m a member of that group, but I have yet to make it to a meeting. Now I see what I’m missing, so I’ll have to get off my duff.
Thanks, Rachel. I’m not a member of this, but I attended because it was 1) open to anyone, 2) just up the street from our office in Capitol Hill and 3) free. Mixed response from people about how useful they found their membership; if you’re a small business owner and looking for tips without having to pay dues, dropping into the free seminars is the way to go.