room addition to existing house capstone remodeling sanchez remodeling adding another room to your house south barrington small finished basement .. Chicago Drug testing

Analyzing Customers in Your Business Plan

The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services satisfy these needs.

The first step of the Customer Analysis is to define exactly which customers the company is serving. This requires specificity. It is not adequate to say the company is targeting small businesses, for example, because there are several million of these types of customers. Rather, the plan must identify precisely the customers it is serving, such as small businesses with 10 to 50 employees based in large metropolitan cities on the West Coast.

Once the plan has clearly identified and defined the company's target customers, it is necessary to explain the demographics of these customers. Questions to be answered include: 1) how many potential customers fit the given definition? is this customer base growing or decreasing? 2) what is the average revenues/income of these customers? and 3) where are these customers geographically based?

After explaining customer demographics, the plan must detail the needs of these customers. Conveying customer needs could take the form of past actions (X% have purchased a similar product in the past), future projections (when interviewed, X% said that they would purchase product/service Y) and/or implications (because X% use a product/service which our product/service enhances/replaces, then X% need our product/service).

The business plan must also detail the drivers of customer decision-making. Sample questions to answer include: 1) Do customers find price to be more important than the quality of the product or service? and 2) are customers looking for the highest level of reliability, or will they have their own support and just seek a basic level of service?

There is one last critical step in the Customer Analysis -- showing an understanding of the actual decision-making process. Examples of questions to be answered here include: 1) will the customer consult others in their organization/family before making a decision?, 2) will the customer seek multiple bids? and 3) will the product/service require significant operational changes (e.g., will the customer have to invest time to learn new technologies? will the product/service cause other members within the organization to lose their jobs? etc.).

It is essential to truly understand customers to develop a successful business and marketing strategy. As such, sophisticated investors require comprehensive profiles of a company's target customers. By spending the time to research and analyze your target customers, you will develop both enhance your business strategy and funding success.

As President of Growthink Business Plans, Dave Lavinsky has helped the company become one of the premier business plan development firms. Since its inception, Growthink has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share.

In The News:

Direct Mail - For Small Businesses

We hear a lot of talk about junk mail nowadays.... Read More

Two Types Of Business Plan Cover Pages ? Which One Are You Using?

This is the tale of two business plans with very... Read More

More Business Card Marketing

If you are worried about how many different business cards... Read More

An Example of Business Automation - eCards with pizazz

The last time I spoke and went into a bit... Read More

Low Cost or Highly Funded Start Up

Many new ventures are preoccupied with all the money they... Read More

Small Business - Is The Accounting Profession Ripping Them Off?

My 16 year-old daughter said, "Gee Dad! You look just... Read More

What Help is there for Veterans Starting a Business?

Some of the very qualities that attract people to the... Read More

Cashing In Your Chips & Pastures New

No, I'm not talking about gambling or dairy cows ?... Read More

Do You Need Accounting Software for Your Small Business?

If you're anything like me then you dislike with a... Read More

Frodos Journey: What It Can Teach You About Marketing Your Small Business

Just recently, I took a break and caught "The Return... Read More

Make Your Business More Profitable

More sales and more profit. Isn't that what you want... Read More

4 Areas Where Your Business is Losing Money

In my 18 years of consulting I have heard it... Read More

Top 10 Rules for Small Business Success

1. TargetYou are not all things to all people. Decide... Read More

Discover How You Can Start Making Your Small Business Dream Come True

As a teenager I worked for my father's small business.... Read More

Janitorial Cleaning Service: Getting Started

A janitorial cleaning service is one of the best businesses... Read More

Dig Deep for Small Business Ideas Before You Start the Wrong Business

If you're serious about wanting to start a business, the... Read More

Alliances: Drawing The Line

How far can you go based on your relationship with... Read More

11 Things Small Business Owners Can Learn From Rudolph The Red-Nosed Reindeer

1. Everyone Makes A Difference ? Despite not letting him... Read More

Online Search: Small Businesses Level The Playing Field

Seventy percent of US households use the web when shopping... Read More

Get In Touch With Your Competition!

We all know that competition is an ugly word but... Read More

When to Say NO!

When is it a good thing to say no to... Read More

How to Sponsor an Event for Fun and PROFIT

How do you sponsor an event and get personal introductions... Read More

QSR Quick Service - Fast Food Restaurants Labor Situation in United States

One of the major complaints in the QSR Quick Service-Fast... Read More

ADH Will Make Your Life More Productive & Your Life More Profitable

What is a Virtual Assistant?? A Virtual Assistant is that... Read More

Small Business Planning -- Three Myths

Are you -- like 70 percent of small business owners... Read More

high bay led led bulb Pete's produce ..
high bay led led bulb Pete's produce ..