In my experience working with the Business Model Canvas the biggest hurdle to jump over is to clarify just exactly who your business should be targeting as customers.
And yet the pay-offs of doing this are huge!
One reason the pay-offs are huge is in respect to advertising.
If you have only a vague idea who your customers are then you will not know where to focus the advertising expenditure. You may as well throw your dollars out the window and simply hope.
Segmenting can be done a number of ways. These include:
- geography or location
- dollar spend
- size of customer
- attitude of customer
- sex of customer
- age of customer
- needs of customer
- profitability of customer
I often hear people say that their customers are ‘the corporate sector’ or ‘people in business’.
Boy have they taken on a marketing problem and a half!
And nowadays when businesses are slowly waking up to the power of Facebook as a marketing tool it becomes more imperative that you clearly and finely identify your customer segments.
If you were considering Facebook advertising then you have a wide range of choices available.
A good Facebook marketing consultant will be holding your hand fine-tuning your understanding of the attributes of your customer segments as provided by Facebook. The categories and options available to a Facebook marketer are simply astonishing.
The time you spend on identifying exactly who your customer is will reap you huge dividends in time and money.
It is time well spent!