Who is My Customer?

When I look at some businesses I sometimes think they have never considered the basic question, “who is my customer?”

My Customer is Everybody!

Some businesses think everybody is their customer, but the truth is not even Walmart can say that. Some people simply will not shop there. But, let’s get back to your small business. You are not Walmart and if not everybody is their customer, the certainly not everybody is your customer.

Then Who Is

I’ve worked and consulted at companies who were willing to do business with anybody. Unfortunately they sometimes forgot to consider such things as whether they would ever get paid for the products and services they sold to “just anybody”. That is a recipe for trouble.

What they needed to do was to think through “who is my customer” and then market to those companies and/or individuals that met the criteria. Think about this. There are auto finance companies that only offer financing to buyers who have a strong credit rating. On the other hand, there are other finance companies that do business almost exclusively with customers having a poor credit record. These are two different business models in the same industry.

Customer Personas

People and companies come in just about every imaginable flavor, so it is important to develop a persona or personas of those you want as customers. Answer such questions as:

  • Income level
  • Credit worthiness
  • Interests
  • Potential market size
  • Common interest of potential customers
  • How to best communicate with them

These are just a few things to consider and will vary of course by your particular business and what you are offering. For example, although both offer educational services, the target customers of a private school versus a private religious school might be quite different.

So, are you asking the basic question, who is my customer?

If you want to know more, contact AimCFO – Contact

As always, your comments are welcomed.

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