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Is Your Small Business Still Targeting the Right Market?

The longer you run and operate your own business, the more comfortable you become doing so.

Spending time at the start finding your target audience, you begin by aiming to provide a service or product to as many people as possible, but naturally become more relaxed as time goes by and you get the level of work you need or sell enough products to make a living.

The problem with this is that although you’ll be able to make a living providing the service or product to the target audience you initially discovered, target audiences change – sometimes not by a great degree, but other times substantially as technology develops and personal needs change.

Therefore, to ensure that you can move with the times and be certain that you still have the right products or services for the right audience, it’s important that you always keep the following 3 points in mind.

Review your service or products regularly

Take a look at any major company around the world today that’s been established for a decade or more.

Irrelevant of the industry or sector that they operate in, they will all have one thing in common – they’ve looked at their products and services regularly and constantly amended and tweaked them to ensure that they are always relevant.

From car manufacturers who have developed more eco-friendly cars since the turn of the millennium to coincide with the need to live a greener lifestyle to writers who’ve adjusted their services to incorporate web content and online article writing, it’s imperative that to be sure you’re at the top of your industry, you always review your products to make sure that they’re still relevant.

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Always be aiming to improve

No matter how long you’ve been in business, you can always, always, always improve.

Whilst reviewing your services and products regularly is important, it’s not simply a matter of looking at them and if you think they’re OK, not doing anything with them.

You should have in your mind that your products or services can always be improved and every time you review them, you tweak them – it doesn’t have to be massively so and may just be something minor, such as rewording some text on your website, but if you’ve got the mentality to constantly improve, chances are you’ll be continually moving forward.

Act on feedback

Every single company receives feedback. It may be in an obvious way, with a customer telling you how good – or bad – your products or services are or it may be in a more subtle way, such as by your sales slightly increasing or decreasing, showing that you have been doing some particularly right or wrong lately.

Yet whilst everyone receives some form of feedback, not everyone acts on it. To ensure you’re always targeting the right audience, however, acting on any feedback you receive is crucial.

Negative feedback is particularly difficult to deal with, as it can make you feel instantly protective of what you have on offer. However, it’s also the best way to develop your business, as you become aware of what’s working and what’s not.

And whilst positive feedback is something which you should revel in, it’s important you don’t just accept it and smile – you still need to look at why you have received the feedback and what you can do to make sure it continues.

Ensuring that you are always focusing on the right target audience is vital to the success of any company and although it may sound like a time-consuming process, by simply abiding by these 3 steps, you can be sure you’re always offering the most appropriate products or services to the right market.

This post was originally featured on September 14, 2010. 

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