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- Understanding Your Ideal Customer is a Key to Business Success. Your Ideal Customer Enjoys Being Part of Your Business: Your ideal customer enjoys being involved with your brand and feels a sense of belonging.
- Open to New Offers: They are always receptive to new offers and promotions you present, eager to explore what you have to share.
- Regular Communication: Your ideal customer communicates consistently, fostering a strong relationship.
- Understands Your Message: They grasp the essence of your business and resonate with your message.
- Loyal: Loyalty is a hallmark of your ideal customer; they stick around and support your brand over time.
- Generates Profit: Your ideal customer contributes significantly to your business’s profitability through repeat purchases.
- Generally Happy: They maintain a positive attitude and are satisfied with their experiences.
- Respectful of Your Time: Your ideal customer doesn’t burden you with petty complaints or negativity.
As you delve into data acquisition and analysis, you’ll notice Secure Your Retirement Income patterns. For instance, you might discover that your best customers fall within a specific age range or that certain marketing channels attract more challenging customers. One gender tends to remain loyal longer than others, or that married men with children generate the most profit.
Without examining this data closely, you’re operating in the dark. It’s like trying to fish with hand grenades—ineffective and messy! Utilising your existing customer database is a great starting point for identifying your ideal customer. However, if you lack a robust database or if it doesn’t contain individuals you’d consider “ideal,” you’ll need to rely on your intuition to create a profile of your ideal customer.
There are two sides to this coin. On one side, your ideal customer possesses attributes that attract them to your business: sufficient funds, demand for your product, and awareness of your offer. On the other hand, it’s crucial to ensure that your ideal customer is as beneficial for your business as you are for them.
A common mistake entrepreneurs make is focusing solely on attracting customers who can be served by the business rather than seeking customers who can also serve the company in return.
Secure Your Retirement Income By Finding Your Ideal Customers
Entrepreneurs who have been their customers have a head start in this exercise. Suppose you’ve experienced being a customer in the business you now operate. In that case, you naturally have a deeper understanding of what it’s like to be a consumer in this arena. Reflect on your own experiences:
- What worries did you have?
- What frustrated you?
- What problems did you need to solve?
- How did you try to find a solution?
- Which solutions did you seek to avoid?
- Which businesses attracted you and why?
Being a customer in the same marketplace you are now selling in allows you to connect and resonate with your ideal customers. You understand their pain points, and the stories and marketing messages you craft will resonate more effectively.
However, even if you have never been a customer in the same market, you can still apply these methods. As entrepreneurs, we often become so immersed in our businesses that we forget we are also customers. Even if your business operates in a different marketplace, you still fundamentally understand the customer-to-business relationship.
Removing your “business owner hat“ and putting on the “customer hat“ is beneficial. Stepping into your customers’ shoes, feeling what they feel, seeing what they see, and thinking how they think, is key to understanding what makes them tick.
Once you’ve utilised your existing customer database and any other information (including the questions outlined above), you can begin to piece together the portrait of your ideal customer. This portrait will combine two essential facets:
- Describe a customer who is attracted to your business.
- Describe a customer who is attractive to your business.
Only when both aspects are present in equal measure can you be assured that the customer is ideal for your enterprise?
This exercise will be much quicker and easier if you have access to an existing customer database or portfolio. If not, you’ll need to conduct extensive market research to identify the attributes of your ideal customer.
Secure Your Retirement Income By Personalising Your Ideal Customer
The more you can personalise and humanise this portrait, the better it will serve your business. This personalisation makes it easier for you to connect with your ideal customers and grasp their attributes in one cohesive package.
Once you’ve collected all the data and started to create your portrait, give your ideal customer a name. For instance, let’s call him John. Additionally, define their age, occupation, salary, leisure interests, political persuasion, hobbies, favourite books, and other habits. For example, John could be a 35-year-old marketing manager who enjoys hiking, reads business books, and is politically moderate. Each of these attributes should be based on the average data you’ve accumulated during this exercise.
When done correctly, your ideal customer portrait will feel like a real person. While the attributes and characteristics will be based on average statistics, some assumptions will inevitably be involved. When this occurs, trust your instincts—the more specific you can be when painting this picture, the better.
Take a Sneaky Peek at Your Secure Your Retirement Income Competitors…
If you don’t already have any ideal customers in your business, you’ll need to conduct market research to identify the attributes of potential ‘ideal customers‘ in your industry. Start by examining your competitors. What type of customers do they attract? Are these the kinds of customers you want in your business? If so, you should reverse-engineer the attributes and characteristics of these customers. This means you should work backwards from the customers your competitors attract to determine what marketing strategies and product features appeal to them. While this process isn’t an exact science, you can draw valuable conclusions from your initial research.
For instance, if launching a new deodorant, you could analyse one of your main competitors to determine their ideal customers. Since corporate espionage is illegal and unethical, your best option is to use publicly available information to reach your conclusion. Look at your competitor’s advertisements to see who they are targeting with their marketing messages.
Most deodorant ads are aimed at single males aged 16 to 25. These advertisements often feature young, attractive females, high-speed car chases, explosions, and fast-paced music designed to appeal to that demographic. Further research might reveal that your competitors are leveraging online social media and television advertising to reach this audience. While you may not always have direct access to a list of ideal customers or their characteristics, you can glean insights by analysing competing businesses’ outward communications and strategies for attracting them.
Sometimes, you find customer information readily available from your competitors. Some businesses publish catalogues, magazines, or annual reports that include detailed breakdowns of their customer demographics. If this isn’t the case in your industry, consider broadening your research to include other products and services your potential customers might buy.
For example, ideally, if you sell dog food, you’d want to find a competitor in the same market and analyse their ideal customers using the methods we discussed. However, if that’s not feasible, you can expand your research to include dog owners. After all, anyone buying dog food has already purchased a dog! You can determine the average age, income, and geographic location of dog owners in the UK by conducting simple research. This information will serve as the foundation for your customer research among dog food buyers.
With the two ideal attributes for your perfect customer in mind (why they want to do business with you and what makes them attractive to your business), you can begin conducting market research to build a detailed picture of your ideal customer.
Case Study – Ideal Customer Creation
I have conducted this Secure Your Retirement Income exercise multiple times, so it has become second nature. However, since this may be new for you, let me illustrate how it works with a case study.
One of my businesses targeted the lucrative “seniors“ market, specifically individuals aged 50 and over in the UK. While this may seem like a specific niche, several million people in the UK alone fit this age group. As we faced increasing pressure from competitors, it became clear that we needed to refine our understanding of our ideal customer.
We certainly weren’t aiming to target everyone aged 50 and over in the UK; that would have been entrepreneurial suicide. (As a Secure Your Retirement Income side note, while the world’s increasing globalisation and the rapid transfer of information create a “global village,“ one downside is the myth among naive business owners that their product or service can be sold to a mass market. Most entrepreneurs would achieve far greater profits by focusing their efforts on a smaller, more specific sub-niche of their market.)
The specific segment of the over-50 demographic we targeted consisted of the more affluent and time-rich members. While we empathise with the less well-off members of this demographic, it didn’t make good business sense to direct our marketing messages toward those with lower incomes or fewer savings.
We began researching how our competitors targeted this vast and complex demographic to refine our approach. We received a valuable document from one of our competitors detailing their advertising rates. This publication enabled businesses to reach the 50+ demographic and provided everything we needed to know about their target audience. We could read the details on the page: a breakdown of the ages, genders, incomes, savings, geographical locations, and interests of their members; it was like gold dust!
While we had already pieced together some information, this advertising brochure proved to be a revelation. We combined the insights from our competitors with our online market research about this demographic. It didn’t take long to identify several sub-niches within this group that perfectly matched the ideal Secure Your Retirement Income customer portrait we were building.
We began to see a clear picture of our ideal customer, including their average age, average salary, employment type, most pressing issues, type of property they live in, and geographic location. As a result, we created a comprehensive ideal customer portrait, which I will present to you here as an example.
Sample Ideal Customer Portrait for the “Over 50s Market“ in the UK
Name: William Age: 59 Occupation: Civil Engineer Income: Over £80,000 per year
William is approaching retirement from his job as a Civil Engineer. Despite his decent salary, he has calculated that his pension won’t cover the most basic expenses. This realisation has led to increasing worry about whether his pension will support his fast-approaching retirement plans.
William feels pressure from his spouse to maintain their comfortable standard of living in their 4-bedroom detached house in the North of England. He is concerned that he might need to continue working even though he no longer wants to.
While William considers himself reasonably physically fit, he has noticed a gradual decline in the amount of time he spends exercising over the past 10 years. He is actively looking for ways to supplement his income from employment and hopes to replace it by the time he retires at 65.
William views himself as above average in intelligence and is a hard worker. He is an autonomous thinker but places significant trust in experts recommended by friends or the media.
Regarding interests, William enjoys travelling, reading, cycling, and perusing music magazines. His purchases are made after thorough research or recommendations from friends and relatives. His primary online activities include:
- Researching travel destinations
- Emailing his grown children
- Buying books on Amazon
- Comparing deals for insurance and domestic bills
The ideal customer profile was crafted using average data from our customer database and insights from competitor analysis and independent market research. We also reviewed our sales records to identify the characteristics of our highest-value customers. The more information you have when creating your ideal customer portrait, the more accurate it will be.
While other customers certainly don’t fit this portrait perfectly, the small, lucrative sub-niche we targeted aligned well with this template.
The Hidden “Side Effects” Of Your Customer Portrait: Tracking Down Your Perfect Customers
Having a clear picture of who your ideal customer is is fantastic, but now you need to leverage that information to track down those perfect customers. Your ultimate goal is to attract and keep these ideal customers in your business. We’ve already explored how to describe your perfect customer and determine whether they fit your business model and the life you want to lead.
The next piece of the puzzle is to locate where these ideal customers are based. As we dive into this, you’ll discover countless possibilities for where your ideal customers might be “hiding out.“ Your mission is to find as many sources of ideal customers as possible, then focus your efforts on those that yield the most ideal customers.
Firstly, it’s question time… Why are we doing this, and how does it fit the bigger picture?
So far, you have successfully created your unique plan for your business and yourself as an entrepreneur. This plan serves as the backdrop for everything you do in your industry. With the planning stage tackled, you can now move on to the research stage. This involves researching your ideal customer and what makes them a good fit for your business.
The following steps are to analyse and understand your customers, not just on a theoretical level but in a real, practical way. This means observing customers in action and monitoring their behaviours and decision-making processes. To conduct this type of analysis and gain a deep understanding of how your customers operate, you need to observe them in their natural habitat. Take on the role of detective and investigator. Analysing and understanding your ideal customer can be achieved by tracking them down, identifying their operating fields, and observing their behaviour in these environments.
Once you’ve tracked down your ideal customers and discovered where they hang out, you can make moves to attract them into your business and keep them there for life. Let’s break down the entire journey of creating your customer magnet:
How to Turn Your Business into a Customer Magnet
- Planning: What do you want for your business?
- Researching: What do you want from your customers?
- Analysing: What are customers doing before they come to you?
- Understanding: What makes customers buy?
- Attracting: How to get customers into your business.
- Keeping: How to get customers to stick.
Merely identifying your ideal customer and determining where they are in the marketplace is insufficient. You must also analyse their behaviour to understand how they think. This understanding will significantly help you craft your marketing messages and offers for your business.
You might know how they behave in your business, but how do they engage with other companies? While you may have a good grasp of what makes your current customers tick, it’s important to remember that many may not be ideal customers. Therefore, they should not form the basis of your research or analysis.
It’s a tricky situation, but as an entrepreneur, you need to keep yourself in check to avoid the temptation of accepting customers into your business. You want the right customers, the right customers for your business and you.
In the previous section, we discussed the importance of creating your ideal customer portrait. This powerful tool can be used internally to drive your business forward. However, the perfect customer portrait is merely a static snapshot of an average customer. It is not as accurate or insightful as monitoring, analysing, and observing the real-life behaviour of actual individual customers.
When tracking your ideal customers in the field, this activity resembles video surveillance rather than a static picture of your ideal customer. Nothing is more powerful and effective than watching your customers or potential customers navigate their natural habitat, observing them as they make buying decisions and act on their desires and impulses.
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