This is part 6 of 20 posts, so please make sure you also read the previous posts here.
26. Ponder On Who Will Buy From You
One of the first steps to formulating a business plan is identifying your target customers. You need to identify select groups by category. These categories normally include age bracket, gender, marital status, etc… At times, these categories may even include special groups such as employment status, nationality, physical health, vital statistics, so on and so forth. If you are selling hair products, your target group may focus more on women than men. On the other hand, if you’re selling anti-hair loss products, you might want to target men rather than women.
27. Device Plans On How To Attract Your Target Group
Once you identify your target group, it will be easier to device a marketing and advertising plan. Simply think of the thing that your target group likes. Think of what things will attract their attention. If you target group are children for example, it might be a good idea to use advertisements that include a lot of playful colors. If your target groups are health-conscious individuals, you might catch their attention by starting your sales pitch with health topics.
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28. Know Where Your Products/Services Will Sell
Finding the correct location to do business is one of the most crucial parts of business planning. You may have the best product, the best employees, and the most amazing list of resources. But if your business location is wrong, everything could go wrong. Business location is particularly important to stores. These may include restaurants and groceries. Businesses like these ones need to be located in strategic places.
29. Understand Why Your Target Customers Want Your Products/Services
This is one of the questions that you need to answer: “What is it about my product that my customers want?” Or, “What is my service offering that my customers want to avail?”
By understanding this, you will understand better how to reach your customers. In the mobile phone industry for example, you may ask, “What do the people in my area like in a phone? Do they like cheaper phones, high-end phones, or luxury phones?” After finding the answer, invest more on products that your target customers want.