You run a business. You have a great product. You’ve hired the best talent in the industry as well. Plus, you are spending truck loads of money on marketing. But the returns are not something you could be proud of.
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This is not just an example, but a story of thousands of businesses out there. They are putting their best foot forward to get revenues flowing, but are unable to succeed because they don’t have a defined target audience. All their efforts are going haywire, and hence the revenue charts are pretty much stagnant.’
What could possibly be wrong here? I’m sure the most suitable answer here would be targeting the wrong audience.
You create a business for people, to solve a problem they are facing. And the most important aspect for that is to identify which niche of people has that problem. Or in plain words — who is the target audience for your product/service?
The logic behind this is quite simple — you cannot hit the bull’s eye until you know what’s the target. Can you? That’s why it becomes imperative to have a target audience in mind.
Here is the complete list of reasons that will shed more light on this -
Clears all the clouds of doubt
Not having a target audience is like entering a playground without knowing which game to play. The possibilities could be endless. But, you are prepared for none. That’s exactly what happens here.
On the other hand when you have a team that knows which game they are about to play, there is no doubt about how to play. All team members can take their position and put their effort towards winning.
Gives you a track to run on
Your business is not a Forrest Gump movie. You cannot simply start running in any direction and succeed. You ought to have a track for business on which it will move. Having a predefined target audience gives you that track.
You don’t have to run in all directions, targeting a diverse range of audience. All you need to do is just focus on the niche from where you can get major chunk of revenues.
Resource utilization at its best
Once you know you have only one direction to work, you can push your best resources towards that. The efforts earlier scattered across different directions are now aligned in one. This can mean better chances of success.
More the people, more will be the ideas and better will be the implementation of those ideas. You will be able to make the most your resources, which were earlier scattered.
Gauging success becomes easy
Focusing on one particular target audience means you don’t have to run confusing metrics to report success or failure. You don’t have to juggle between crazy numbers. No permutations and combinations to figure out the parameters where you succeeded.
You have a fixed direction, and limited number of efforts in that direction. So you can easily figure out which gimmick worked and which one did not. This also allows you to experiment lot more. As you can track the success or failure of your marketing strategy in quick time.
It makes sense, isn’t it? You cannot get success by sailing on many boats. You need to have a fixed mission, and a strategy to succeed in that mission. Or else your story will also be like that of thousands of others out there in the world.
It’s upto you to decide!
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Vartika Kashyap is a seasoned marketing professional who is an expert in digital marketing and entrepreneurship. She’s been featured among LinkedIn’s Top Voices for the year 2016. She currently runs the marketing team at ProofHub — a project management software for teams of all sizes. Connect with Vartika on LinkedIn, Medium and Twitter.
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Originally published at LinkedIn.