Knowing your ideal target market is an absolute must if you want your business to be successful. If you’re like most business owners, 80 percent of your current revenue is generated by only 20 percent of your customers. That 20 percent represents your ideal clients.
Not only will ideal clients spend more money with your company, but they will also send referrals and provide outstanding testimonials.What if you replaced the 80 percent of your current, average clients with more of your ideal clients? Your revenue would explode!
Here are some basic steps you can take to find your ideal client:
1. Determine the demographics (physical attributes) of your client base. This can be age, gender, income or revenue level, number of employees, etc. This will vary greatly depending on the type of business you have.
2. Identify what the people who need your product or service WANT. What are the psychographic profiles (emotional attributes) of your clients? What are their biggest problems, concerns or challenges?
3. Decide which of the people who meet your demographics and psychographics meet your passion. Your client has to be someone who you have enthusiasm to serve. You also have to be the person they turn to for their wants, and in return, they will continue to buy from you and send you referrals.
4. Take some time to interview some of your top clients to create an “ideal client profile.” Create an advisory board of your best clients. Before you market a new product or start a new ad campaign, run it past them to see if it will speak to your ideal clients and their wants and needs. Taking the time to figure out your ideal customer profile is a critical, yet often overlooked, step in any business. By determining your perfect client you’ll be leaps ahead of your competition.