How Well Do You Know Your Market?

Have you taken a good look at your company’s target market lately? If not, it’s time you did. One of the keys to running a successful business is identifying the needs of your customers and prospects, and proving solutions to those needs. What is it people always say? If you don’t ask, you’ll never know—and there has never been a better time to ask.

The Time Is Now
This industry is constantly growing and changing based on demographics such as age and gender. As time progresses so does technology, generational professionals, and problems to be solved. So what does this mean for your business? It means your industry, as well as the industries you target, are changing constantly. If you want to show your target audience that you understand their current needs and concerns, it’s vital to remain current and in front of the shifting field.

Where to Begin
There are two main places to go when setting out to reevaluate your market—the first is to competitors and organizations for your industry, and the second is to your current customers.
To ensure your business is on the pulse of what’s going on in the industry, make it a priority to stay up-to-date by keeping tabs on:

• Social media
• Industry news
• Professional journals
• Online forums and blogs
• Event networking

When it comes to your customers and prospects, you need to stay on top of current problems and concerns by listening and asking questions. You can start by paying attention! Send out a survey to current customers inquiring about the state of their industry, or simply ask a question on a social network such as LinkedIn.

By staying in front of your target market’s state of affairs, you will be able to evaluate the needs of current and potential customers in whatever vertical you pursue. Another great benefit of making this part of your business model is that you will have a variety of content to curate, which will help in your efforts to position thought leadership.