Synopsis
Defining your target customer with precision and clarity is your crucial organizing principle when you have a product with narrow appeal. This comes down to knowing who needs you? For businesses with a broad product appeal, the first organizing principle for the who in your business model is important, but not as important as the other six organizing principles.
Serving a broad or narrow consumer base determines how important defining your target customer is to your business model
The importance of defining the who for your business represented by your target customer comes down to knowing the breadth of your product’s appeal. Do you have a broad user base, allowing many different types of customers to benefit from what you do, or do you have a narrow customer base where only a small group of users will have any interest in what you do?
The product appeal for every product is either mass or niche. Knowing the difference holds the key to generating higher sales.
Defining your target customer with precision and clarity is your key organizing principle when you have a product with narrow appeal. This comes down to knowing who needs you? For businesses with a broad product appeal, the first organizing principle in your business model is important but not as important as the other six organizing principles.
Narrow product appeal means your target customer will be found in niches.
If your business started from a particular hobby that caters to people who share that hobby, you are likely to have a narrow customer base. If this is you, the organizing principle associated with who is your most important “W.”
This first piece of the formula for making money is vital because everything else in the 7-P Framework will follow from your answer to who because what your business does appeals to a narrow audience. If your product appeal is broad, then the next two “W’s” associated with what and when are even more critical to your success than having a perfect definition of who.
Want help confirming the breadth of your product appeal?
Click here if you struggle to know the breadth of your product appeal for your target customers. Within thirty-six hours of receipt of your accounts receivable aging report and your customer’s sales summary, you will receive back by email your free setup for how to confirm what your customers value in your business.
Want help confirming the breadth of your product appeal?
Click the link below if you struggle to know the breadth of your product appeal for your target customers. Within thirty-six hours of receipt of your accounts receivable aging report and your customer's sales summary, you will receive back by email your free setup for how to confirm what your customers value in your business.
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