Know Your Target Audience
Every business owner should have a target customer - an ideal customer
to whom all marketing efforts should be directed towards. These
should produce the highest revenue for your business. You should know
specific information about who that person is and
what they will purchase from you, such as demographics, income, location, etc. Business owners must keep up-to-date with their clientele base
and understand what their customers want or need and where they look to
Related: Researching Your Target Audience
Know Your Money-Making Product
Businesses sell a plethora of
different products, but the primary focus of your marketing needs to be on that one product
that, if you sell it well, you will have enough income to keep you doors
For example, if a swimming pool business installs residential in-ground
pools, their ideal customer may be a homeowner with
disposable income looking for an installation. While some customers may desire to purchase a pool filter that will result in a $50 purchase, this is nothing compared to the thousands a pool installation would deliver from an ideal customer.
In this type of situation, it is obvious to most people that marketing would be spent on pool installations rather than filters. However, there are many business owners who are spending their time marketing products that are not the primary source of their revenue by having a low profit margin.