Whether you’re a startup launching a new product or an established company introducing a new service, one crucial question you need to answer is: “Who are your target customers?”
Many small business owners mistakenly believe that everyone is their customer. While anyone might technically purchase or use your products or services, you cannot create a one-size-fits-all marketing strategy. Different groups, such as men and women, children and adults, city dwellers and suburbanites, all have distinct preferences.
Understanding your target customers is essential because they have diverse needs and wants. Reaching them effectively requires tailored content, distribution channels, product offerings, and messaging. This is where STP (Segmentation, Targeting, and Positioning) comes into play. This important framework helps you clarify your target audience before introducing any offerings to the market.