It is essential to truly understand customers

Analyzing Customers in Your Business Plan


By Dave Lavinsky

The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it http://www.wholesaleairmaxsale.net/ , the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services satisfy these needs.

The first step of the Customer Analysis is to define exactly which customers the company is serving. This requires specificity. It is not adequate to say the company is targeting small businesses, for example cheap nike air max mens , because there are several million of these types of customers. Rather, the plan must identify precisely the customers it is serving, such as small businesses with 10 to 50 employees based in large metropolitan cities on the West Coast.

Once the plan has clearly identified and defined the company’s target customers, it is necessary to explain the demographics of these customers. Questions to be answered include: 1) how many potential customers fit the given definition? is this customer base growing or decreasing? 2) what is the average revenuesincome of these customers? and 3) where are these customers geographically based?

After explaining customer demographics cheap nike air max womens , the plan must detail the needs of these customers. Conveying customer needs could take the form of past actions (X% have purchased a similar product in the past), future projections (when interviewed, X% said that they would purchase productservice Y) andor implications (because X% use a productservice which our productservice enhancesreplaces, then X% need our productservice).

The business plan must also detail the drivers of customer decision-making. Sample questions to answer include: 1) Do customers find price to be more important than the quality of the product or service? and 2) are customers looking for the highest level of reliability cheap air max mens , or will they have their own support and just seek a basic level of service?

There is one last critical step in the Customer Analysis -- showing an understanding of the actual decision-making process. Examples of questions to be answered here include:
1) will the customer consult others in their organizationfamily before making a decision?
2) will the customer seek multiple bids? and
3) will the productservice require significant operational changes (e.g., will the customer have to invest time to learn new technologies? will the productservice cause other members within the organization to lose their jobs? etc.).

It is essential to truly understand customers to develop a successful business and marketing strategy. As such, sophisticated investors require comprehensive profiles of a company’s target customers. By spending the time to research and analyze your target customers, you will develop both enhance your business strategy and funding success.


About the Author
Growthink Business Plans has developed over 200 business plans for clients that have collectively raised over $750 million in financing cheap air max womens , launched numerous new product and service lines and gained competitive advantage and market share. Growthink Business Plans is the sister site of GT Venture Capital.

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