No business can survive without a customer base to provide it with revenue, which is why this week on the Htet Tayza blog I’ve decided to explain how to build a customer profile.
Why do you need to profile your ideal customer?
You can have the wildest, most innovative idea in the world. If you don’t have a customer who’s willing to buy your product you don’t have a business capable of succeeding in the modern market place.
Therefore the first thing you need to do when constructing a new venture is build a profile of the customer that business is designed to cater to. Build a profile of your ideal customer and not only can you determine whether there are enough customers to make your company viable but how to market to said ideal customer to draw their funds to your venture.
Step-by-step guide to building a customer profile
As such you’ll need to know how to build a profile of your ideal customer to ensure you foster the construction of a successful company. Follow this step-by-step guide to build a customer profile for your business…
- Figure out who your customer is: The first step to building a customer profile is to determine who that customer is. There are several criteria you can use to determine who your ideal customer is; demographics i.e. age, gender, psychographics i.e. preferences, personality type and behaviour I.e. hobbies, likes and dislikes. This will tell you whether your ideal customer exists and if they do, whether they exist in such numbers as to make your business viable.
- Find out where the customer is: Now you know who your ideal customer is, you need to know whether you can reach them. You need to find out where your customer is. To do this conduct research to determine; where they live, where they spend their time and where they receive their information i.e. online.
- Determine how the customer spends their money: Now you know you can reach your target consumer, you need to figure out whether they’ll buy your product. To do this conduct research to determine how your ideal customer spends their money. Ask what they buy, why they buy it, where do they find the items they spend their money on etc. Determine their purchasing patterns and you’ll see whether the person your product is geared towards will actually buy it.
What will this process do for your business?
Complete this process and you will determine whether your product is capable of generating a consumer base large enough to supply your business with the revenue it needs to thrive. If it does, you can use the information you have gathered on your ideal customer to draw their interest to your venture and ensure it becomes a success.
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