Candid Consulting is a Toronto-based marketing and PR consulting agency that caters to entrepreneurs and startups on all things branding, marketing, promotion and crisis management. I have begun contributing timely and topical articles to their blog, some of which I will be sharing here as well. Please check them out for all your business marketing needs - you'll be glad you did.
Aristotle’s greatest advice was “know thyself”. Sun Tzu in The Art of War said, “know your enemy”. But the cardinal piece of advice for any entrepreneur or startup should be “know your target customer”.
As a startup, you may have a great product to offer, but unless you do your research to see who exactly the niche audience for your pitch should be, you might find yourself selling your product to people who cannot see the value in it, and as such, will not allow you to grow and succeed. Research and testing are the keys to knowing what your customer needs, and how to keep giving it to them!
Case in point, Netflix. The company that started out as an online DVD-by-mail rental company has since blossomed into a streaming colossus and production studio. One of the many factors in their success is how they keep viewers’ attention once subscribed. Netflix’s predictive algorithms have their customers’ preferences down to a T, even among multiple users within the same account.
Read the rest on the Candid Consulting business blog here: http://www.candidconsulting.ca/blog/knowing-your-audience-as-a-predictor-of-success