Defining Your Target Market

1. Characteristics of Target Customers:
   • People who need your product or service.
   • Individuals who have access to your business.
   • Customers who can afford to pay for what you offer.
2. Customer Categories:
   • Ideal Customer Profile (ICP): Your most perfect customer, who finds great value in your offering.
   • Prospective Customer: Potential clients who could be swayed by changes in price, offerings, or proximity.
3. Research Methods:
   • Use Google, scouting, and research to gather information about your market and competitors.

Getting to Know Your Customer

1. Market Research Techniques:
   • Conduct surveys, one-on-one interviews, and focus groups to gather customer insights.
   • Reward participants with a small thank-you gift for their time.
2. Question Types:
   • Close-ended Questions: Measure specific responses (e.g., likelihood of purchase, price willingness, and repurchase frequency).
   • Open-ended Questions: Explore deeper insights (e.g., customer experiences, problem-solving potential, exciting and frustrating aspects).

How Customers Will Find You

1. Marketing Mix:
   • Utilize a blend of methods and channels, including direct questions to potential customers, to identify their behavior and preferences.
2. Competitor Analysis:
   • Assess how competitors reach their customers, the tactics they use, and find ways to differentiate yourself.

Setting Up a Google Business Profile

• Creating a Google business profile can significantly increase your chances of attracting customers, as 70% of customers are more likely to visit businesses with a profile.

Checking Out the Competition

1. Research Techniques:
   • Use search engines and customer feedback to gather competitor information.
2. Analysis Focus:
   • Compare company info, map services, assess market share, evaluate marketing efforts, and conduct a SWOT analysis to define your competitive advantage.

Creating a Customer Mindset Map

• A customer mindset map helps visualize the journey customers take, including their thoughts, actions, touchpoints, and pain points, and aligns with the marketing funnel to address each stage effectively.

Smart Marketing Investments

1. Budgeting:
   • Understand the direct correlation between marketing spend and revenue.
   • Use break-even and customer acquisition cost (CAC) formulas to guide investments.
2. Testing and Learning:
   • Utilize cost-effective tools to experiment with different marketing strategies.