by Lorraine Ball

When you started your business, you probably answered most of these questions, but as your business grows and changes, it is important to go back and revisit them.

What value do you bring to the marketplace?

Everyone needs what you sell, but what is special about how you deliver it? Beyond just offering a product, what makes your solution different and better?  Why should I buy from you?

What is your target market?

Let’s start with the basics.  No matter how hard you try, the answer to this question will never be everyone. There are people who are more likely to pay for the value you bring.  When you try to please too broad an audience, you make compromises so that no one is completely satisfied. You can’t deliver the highest quality at the lowest price

When you try to do it all you water down your message so it is bland enough to offend no one.  Unfortunately, what’s left doesn’t excite anyone.

The clearer your definition is, the less time you spend chasing people who can’t or won’t buy from you.

What is your capacity?

How many customers do you want? If all your marketing is working, how many leads can you handle? If you are generating more leads than you can handle, it is time to be selective, work with only your ideal clients, or simply raise your prices so you can focus on the people who really value what you do.

What is a customer worth?

As you start working on your marketing, you will need to decide how much you can afford to spend to add one new customer. It is impossible to do the math if you don’t know what a customer is worth.  This is not just a single transaction, but the lifetime value of a customer. How much will they spend annually? How many years will they typically remain a customer? And how often will they introduce you to new customers?

What do you want your business to look like a year from now?

It will take more than just wishing to get there. When you are done answering the tough questions you will need a marketing plan, budget and calendar which will help you decide when to invest, how much to spend and what type of activities are the best fit for your business