What is the holy grail for small retailers?
February 16th, 2010 by hbourneWell according to Ganesh Selvarajah, an adviser at the government-backed business support service Business Link, the holy grail for small retailers is knowing how to target new customers. He directly answers a question about this on the BBC website and he makes some interesting suggestions to one small business owner about the demographics of the area they live in, and the potential of targeting the Eastern European community.
As a marketeer by profession I probably spend more time than most thinking about audiences – both potential audiences and those which aren’t worth bothering about which is equally important to consider.
When you come up with a business idea it’s easy to forget about the audience until later. They can be an after thought when actually they will be essential to your business plan. The best budding entrepreneurs research their potential audience in depth before starting out, and here are a few things you might like to think about if you are developing a business idea:
- Are you being realistic about your potential audience? Have you spoken to any of them about your ideas? Go out and speak to friends and family in your demographic. Don’t make too many assumptions.
- Are there businesses in your area which also target your audience? Can you learn from their approaches and even partner with them later down the line?
- What information or statistics are already available about your potential audience? Check out free Government published reports and also consider paying for commercial information.
- Be targeted about who you are going to go after – but flexible enough to respond to wider audiences who you discover are keen on your product or service later down the line.
There is lots more to consider , you can find more in Business Link’s Marketing section. You can also share your questions and advice with the Enterprise UK community.
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