WHO IS YOUR CUSTOMER? PRESENTED BY DANIELLA GENAS

Unlocking the success of entrepreneurs and their businesses About This Session Who am I? Personas Segmentation Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses About Me Founder of Genas Enterprise Consultants Started Aspire4u in 2006 Sold in 2015 MA Enterprise MBA Goldman Sachs 10ksb BYPY Entrepreneur of the year 2013 Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Lessons Learnt EVERYONE was my customer No targeted marketing Lack of understanding of my customers Was not systematic Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Who Is Your Target Customer? A market is defined as any group of people with shared needs and buying power, while a market segment is a subdivision with a more specific need and a niche is an even smaller subdivision with a highly specific need.  Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Who Is Your Target Customer? What problem are you trying to solve? Who will get the most value? Who will pay for that value? Can they afford to pay for the value? Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Who Isn’t Your Customer? EVERYONE! Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Who Isn’t Your Customer? Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Segmentation “Market segmentation is identifying the most productive bases for dividing a market, identifying the customers in different segments and developing segment descriptions” A market is defined as any group of people with shared needs and buying power, while a market segment is a subdivision with a more specific need and a niche is an even smaller subdivision with a highly specific need.  Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Geographic Country Region City Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Demographic Age Sex/Gender Marital Status Family Education Annual/Household Income Occupation Religion Ethnicity Social Class Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Social Class Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Psychographic Values Personality Lifestyle Attitudes Opinions Interests Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Behavioural Brand loyalty Readiness to buy Benefits Sought Usage Rates Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Segmentation Source: http://tinobusiness.com Unlocking the success of entrepreneurs and their businesses

Single VS Multi Segment What Are The Pro’s & Cons of Each? Unlocking the success of entrepreneurs and their businesses

Single Segment (Concentrated) Pros Cons Specialization in one product/service Increased risk of working in only one segment Limits the resources Dangers of shift in consumer interest Focused efforts May limit expansion Unlocking the success of entrepreneurs and their businesses

Multi Segment Pros Cons Shift production capacities between products/service Greater investment & resources Flexible pricing policy Increased marketing costs Extend the market coverage Requires greater effort Focused efforts Reduced risk Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Multi Segment Example Luxury Upper Midscale Upscale Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Single Segment Vs Niche Small Business owners Based in the West Midlands Single Social Enterprises Based in Birmingham Niche Use example of Accountants Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Sarah Personas Age – 35 Sex – Female Location - West Midlands Part time Employment Education – College Income Range - £20k pa Basic Information Fears: Starting a business that doesn’t Pains: Frustrations – Lack of flexible support programmes that can work around her schedule Fears, Pains, Frustrations Dreams of changing the lives of disadvantaged people through a social enterprise business Wants to see more people take an interest in helping people Hopes & Desires Bubbly personality but lacks confidence Enjoys networking with likeminded individuals Believes in sacrificing self for the benefit of others & social change Struggles to focus on one thing at a time Personality, Activities, Interests, Lifestyle, Values Value for money Includes key areas of knowledge that she requires Understand the discomfort with making a profit Being held accountable Credibility of Buying Motivations Whether the programme will help achieve her social goals Whether the expense will be worth the return Buying Concerns Social Media Social Enterprise events Social enterprise websites Search engines Social entrepreneur colleagues Information Sources Use example of Accountants Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Research Surveys/Questionnaires Focus Groups Interviews Online Forums Statistics Trials/Testimonals Use example of Accountants Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Personas Demographic Behavioral Psychographic Geographic Use example of Accountants Design Your Own Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Personas Use example of Accountants Present Unlocking the success of entrepreneurs and their businesses

Unlocking the success of entrepreneurs and their businesses Questions Use example of Accountants Unlocking the success of entrepreneurs and their businesses