11.03
2020

Identifying Your Target Audience: Essential to Success in Business

Throughout the process of creating or selling a product, one common denominator remains when it comes to success: you need to have a clear understanding of whose problem you’re trying to solve.

In a broader sense, this means to define your audience. Products or services targeted at specific groups will always do better than those that aren’t, no matter what it is that’s being sold. So, with that being said, what’s the best way to go about defining your key audience? Follow these three strategies for a step in the right direction.

Look at who other similar products or services seem to be targeting.

Begin by investigating the most similar field to your product or service that’s currently available. The less saturated that field is, the better. However, if your idea does tend to fall in line within the realm of a specific industry housing many other existing businesses, there’s no need to panic. You’ll just need to see what ways your future competition is currently marketing its goods or services and try to deduce the specific audience they seem to be targeting.

Understand the market.

Is the industry you’re trying to break into well-developed or is it a niche, and is your business model scalable? These are things to consider when trying to get a decent look at the scope of your idea’s end goal. And, as mentioned in a previous post, the true key to success as far as giving the idea traction and taking it from just that (an idea) and refining it into a truly marketable solution is to pitch it on the basis of its problem-solving potential to your targeted audience.

Use analytics to back up your business strategies.

Once you’ve surveyed the field and done your research, track your analytics and sales to test your strategy’s effectiveness. If sales aren’t where they should be, it could very well be a matter of simply needing to tweak your definition of your target audience. Once you’ve continued adjusting the parameters of your target audience (particularly through social media marketing), it’ll become easier to identify trends in revenue, eventually allowing you to get to a point where you’ve truly nailed your core demographic.

At Actsoft, our solutions can help you track analytics on all the other aspects of your company, giving you more time to create, manage more efficiently, and drive revenue. As your idea begins to really resonate with your target audience, rely on our software for everything else to run an entirely data-backed business operation.

Have any questions on how Actsoft can help you?

Call (888) 732-6638 or Receive a Live Webinar

13.08
2019

What a Company Mission Statement Should Accomplish

As we’ve discussed in previous posts, effective communication is essential to success in the world of business. How your message comes across to both prospective customers and your internal team alike matters, and perhaps one of the best ways to send a powerful and meaningful one to all is through a thoughtful mission statement that sticks. Your organization’s mission statement should:

Unite the company toward a common goal

One crucial benefit of a good mission statement is its ability to get everyone on the same page internally. The primary purpose of your organization should be carefully reflected in the diction used within the statement, and it should also be readily available to employees, especially those who interact with customers on a daily basis. Another important thing to do is to welcome feedback from all of your staff regarding the message. This helps to ensure that everyone is onboard, ready to start collectively moving in the direction that company leadership has outlined. Requesting input can even foster more effective collaboration amongst your personnel once the statement’s concept has been established.

Provide an accurate, professional description of your corporate identity to customers

Start with an identification process that considers everything your organization does, and then try to whittle it down into a few simple statements. What is your corporate identity? Asking this question first can help your team pinpoint the sheer scope of everything your company hopes to provide to its customers, and then find greater clarity when going about formulating the best way to convey that to them.

Express the values that your organization upholds in a concise but powerful manner

Above anything else, make sure your team’s mission statement encompasses your business’s key principles and ethics points. However, try to keep brevity and consistency in mind when beginning to compose the statement, especially when including your company’s values. Too many words or unrelated ideas can be confusing, defeating the purpose of having a mission statement in the first place. Lastly, verify that the message passes compliance with any and all branding guidelines as a final litmus test before publishing. With these tips in mind, feel free to craft a renewed mission statement that offers a fresh new perspective and refocused company vision for your team heading into the second half of the year.

Have any questions on how Actsoft can help you?

Call (888) 732-6638 or Receive a Live Webinar