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Define Your Target Audience to Reach Your Revenue Goal

February 07, 2016

So in the last couple weeks we talked about setting goals for 2016.

Setting specific revenue goals is a great way to plan business activity for the year. 

We haven't really talked about some of the details surrounding what it will take to actually achieve your revenue goals this year. However, the first order of business to achieving your revenue goals is to understand who you are targeting as a business.

You need to know who has the highest propensity to buy what you sell.

In other words, who has a need that you're able to fulfill with your product or service so you can streamline and even shorten the time it takes to meet your revenue goal by selling to that exact target audience.

Even if you've identified your target audience in the past it's helpful to re-examine it year after year as sometimes your target evolves over time as your business evolves.

Ultimately you are identifying the characteristics of those who are most likely to find value in what you provide and have a willingness to pay for it.

In my experience if you can provide a product or service that helps people and/or other businesses save time, save money or even help them generate money -- meaning your product or service helps to generate new leads/new business for that client.

So in thinking about that, who has the problem that your product or service or business can solve?Also, who is most willing to pay for a solution like yours that can help save time, money or helps them make money.

My advice is to grab a piece of paper and a pencil and start jotting down ideas. If you have current clients I would start examining which of them are your best clients -- those you enjoy working with and those who help you make the most money. Then examine their common characteristics so you can document those characteristics and try to find more of those types of clients.Once you've identified some keywords associated with the types of businesses or individuals you think would fit your target audience, use LinkedIn's search capabilities and start finding and connecting with those folks to begin building a relationship that can potentially turn into a mutually valuable business relationship over time.Here are two good articles to check out about defining your target audience:The ultimate beginner's guide to finding your target audienceandHow to discover your perfect target customer in 5 stepsMake it a great week!