It is important that you are aware of who it is you want to sell your product/service to. Recognising your target market is an important step in running a successful business.
Many new businesses believe that their customers are anyone who buys their product. However, if you can define exactly who your market is and specifically target your customer, you are more likely to be successful.
Don’t get caught in the trap of believing you must keep getting new customers, and put all your resources and efforts into opening up new markets. It is more important to plan how to get repeat orders from existing customers. It costs seven times more to gain a new customer than to keep an existing customer.
Without customers you have no sales. It is therefore logical that you must look after you customers as though they were the most important part of your business – because they are!
When developing your business structure it is important that customer loyalty be considered. This is important because: