Customers are the single most important factor for a business, so build your company around customers, not products. There are limits, however, to letting customers guide your decisions. You needn’t chase after every potential customer on the planet.
Create a profile of your target customer. And Tthe universe of potential customers includes end users (primary customers) and economic buyers (secondary customers). Often these are the same entity, but not always. Focusing here on the primary customer, conduct a market segmentation.
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There’s nothing magic about being a successful entrepreneur. It’s a learned skill, and in Disciplined Entrepreneurship, the author details 24 steps to a successful startup.
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The basic definition of market segmentation is when your target audience is divided into smaller categories that share similar characteristics.
Here are a few reasons why this can benefit your brand:
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