About the first series –
With The Guide, our promise was to send you solutions to your problems! And we ourselves love problem-solving for the ones that help our businesses grow.
So, we take a deep dive into the marketing, sales, product and service sections of your business. Over the next few weeks, we’ll go over the processes of unifying them to fulfill your vision, common problems and creative solutions to those problems!
For now, we start at the very start of your business – your customer!
Who is your “ideal customer”?
The start & the end of all of our journeys, as founders or as people who help run a business, is the customer. Getting and having customers (especially paying ones) is one of the best indicators of growth for your business.
Naturally, this means that the better you understand your customer, the better you can create a product/service that solves their problems, or communicate with them better.
However, what would that translate to? Creating a product/service that solves for everyone?
A better approach is finding a customer that fits your business vision as well – the ideal customer!
What do you mean by an ideal customer?
Your ideal customer would be someone who gets his/her problem solved, in the exact way they’d imagine it to, through your core offerings.
Let’s look at an example of an apartment broker. Using the simple definition, the broker’s ideal customer would be anyone who has even a remote interest in buying/renting an apartment. That’s practically every one, isn’t it?
However, this broker specializes in high-end, luxury flats. In this case, he’s definitely not going to invest a lot of time with a college graduate who’s looking for a Rs. 20,000 rental. Instead, he’ll focus his time and energy on high-income professionals—likely in their 30’s to 50’s—who want a flat that can establish their status symbol and give them stability.
That’s quite a difference, right?
In a broad sense, your ideal customer is someone who benefits from your product/service. But, you should look at it as someone you want to focus on the most to target with your marketing and promotions based on your current business situation.
Your existing customers may not necessarily be your ideal ones. Having said this, its quite natural to gravitate towards an “ideal customer profile” that will increase the number of potential customers (higher numbers always feel good right?).
However, doing this might only lead to short term benefits, if at all.
In doing this, you might shift away from your and your product’s core competency, and with it, your long term vision.
In the end, the ideal customer profile and your vision of the business need to co-exist harmoniously.
Most entrepreneurs aren’t clear about their ideal customer. For this reason, they waste a lot of time and money trying to sell their product to people who aren’t good potential customers.
But, your ability to clearly define and determine the very best customer for your product or service can determine your success in business.
We hope this edition on “why you need to look at your ideal customer” helped, and we’d love to hear what you think. Please write in if you have any thoughts or feedback – [email protected]
In the next edition, we will go over tools and methods to get a detailed “ideal customer profile” ready for your business.
In the meantime, we are also launching a Twitter, Instagram and Facebook account for The Guide, in case you’d want to get this information in smaller bursts.