Who are your Ideal Customers?
You’ve probably heard it before but let’s just say it again. The fact is about 20 percent of all your customers will generate 80 percent of your income. Why? Because the other 80 percent aren’t totally in line with your ideal customer, and you’ve probably figured out that you can’t be all things to all people. There is a way to improve your income exponentially, and that's by hyper focusing on your ideal customer so that you can attract more of the customers you do want (ideal customers) and fewer who aren’t ideal.
You’ll also notice that serving that percent means lower income opportunities with more support required and let’s face it…it’s just not as much fun as it when working with those customers who “get and want what you have to offer.”
Now’s a good time to revisit (or visit for the first time) the “what and why” of your business so you can focus on the right components and activities that will serve your customers. Here are some key activities you can use to get where you need to go right now – to identify your ideal customer so you can focus on them and their needs.
What should you be looking for?
When you look and gather the information outlined below you’ll learn who your customers are and how what you offer can meet their needs:
1. What benefits does your product or service offer? - Make a list of all the benefits that your product or service has. When you are thinking like your customer, you will always think about WIIFM - “what’s in it for me?” Your customer wants to know why they should use that product.
2. What pain points can you solve for this customer? What sort of pain points does your product or service solve? Does it offer a required skill? Does it free up time? Does it end boredom?
3. Figure out who needs these issues solved – Once you’ve gathered a list of benefits your product offers and pain points that your product solves, you need to figure out who needs those benefits and has those pain points.
4. Determine your customers' potential characteristics – Once you have a list of those who might benefit from your product or service, you can make a list of demographics and other factors that people in that group share.
5. Determine your customers’ behaviour or traits – Find ways to research the list of people you made above so that you can get a better idea of the type of behavior your target audience displays.
6. What career does your Ideal Customer have? – Can you determine what type of career your ideal client has from the information you’ve gathered above?
7. What price point can they afford? – Once you know what type of career your ideal client has, you can also determine a fair price point for your product or service based on what they can afford to pay and the value of your offering.
8. Test your assumptions – Once you have a fair idea of who your ideal client is, you can test your assumptions by identifying some influencers within your audience and asking them to try your product or service.
9. Repeat – Take the answers you get from the information above and the test and improve upon your offerings so that you can truly please your ideal customer.
Using the information learned from all the above actions, you can truly focus your marketing efforts toward your ideal client. In addition, you can use the information to retain the right customers to take advantage of repeat customers and a high level of customer satisfaction.
What should you do now? There’s no time like the present to refocus on your ideal customer. Take the time to do the steps noted above and get real insight into who your customer is and what they’re looking for.
In the next Ideal Customer post we’ll develop an Ideal Customer Avatar as an example to help you connect with just the customer you’ve been waiting for and who’s been dying to find a business such as yours. Just what you’ve been looking for.