Re-acquiring Your Target Market
In 2019, your business was great and getting better. Long-time customers had renewed contracts with you and your referral program was creating double-digit growth in your new accounts.
Then came 2020 and with it, a virus that shut down large portions of the economy, and your customer base.
So far, 18 months into the pandemic, your business has survived. You had to reduce staffing and many perks, but your core team is intact, and the business is still viable.
The question now is: “How do I prepare now to grow again in 2022.”
The answer is simple, you have to determine your new target market. You must re-acquire it.
Who will be your new customers?
Pre-Covid, or ‘PC,’ you knew your business environment and that of your customers.
That was a key ingredient to your success, and will be again.
You sell to your customers. You DO NOT sell to the market.
The market is an amorphous blob of needs, wants, desires, and expectations. Because of this, you cannot blindly apply “market data,” or “indexes” to your marketing and sales efforts and expect to succeed.
Instead, simply consider market data, indexes, and other “research” as the starting point of your market analysis. Your customer base, and the prospects you are pursuing are a customized subset of the market. You will grow your business if you treat this custom data as golden and develop your strategies to address your portion or niche instead of creating a generalized product that addresses “the market.”
What are you doing in this time of unprecedented change to remain successful? If you are trying to simply hold on until we get back to "normal," then you are failing to take advantage of opportunities to leap ahead of your competition.
Check out this quick refresher on the type of work we do.
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