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Defining Your Target Market 101

Creating The Customer Persona

Get to list all of the types of customers that are having problems that you are trying to solve. Once finished, you can start to build a “persona” of these customers Its like playing the Sims and you are the one solving all their problems. Ask yourself relevant questions to these types of people. Are they male, or female? What age group should they belong to? What market sector should they belong to? Once these questions are asked, the easier you would get to build these personas.

Understanding The Problems You’re Trying To Solve ... (the pain)

Get a good idea of the solutions that you can provide to your market by understanding their problems. This should also be included in creating a persona. In fact, it should be THE question number one. Understand the true benefits of fixing their problem. This is how your business benefits from realizing the true potential of getting to see what your market really wants to solve. A good example is making sure that your solution does not create more problems for them. You do this by engaging with them in a meaningful conversation. Pick up the phone and talk.

Weigh In The Value Of What You Offer

If you can demonstrate that the cost of not fixing the problem is greater than the cost of dealing them, then you make a compelling case. Ask yourself these questions: To whom would this problem be most bothersome? Who will have the most to lose by not trying to fix this problem? Understand that your market would likely think about the costs but once you have educated them about the benefits.

Segment Your Market

Who do you want to work with? Who are those that can easily relate to you? Do you want to work with high net worth individuals, or the middle income class? Do you prefer to work internationally or within your geographical reach? From here you can get to select your ideal target market and specify their needs. A good example would be outlining your persona #3 as Bob who lives in Brisbane, who earns 60k a year and does financial consultations. Persona #2 Gina would be a middle income earner who lives in Sydney who does small business with restaurants.

What is Your Expertise? (The pain killer)

Do you have a lot of experience with Marketing and Sales? How about Advertising? Do you work a lot with doctors? If you have a lot of experience in certain markets, that’s a good way to start. If you feel like you can work on your expertise use it to your advantage. This is a good example: by working in this area these people are most likely to introduce you to the right people and have more market knowledge of schemes and funding available to entrepreneurs.

How one Michelin starred chef broke all the rules and built a culinary empire

How did David Chang 10x his restaurant into a behemoth brand?

Even the briefest interaction with David Chang–brutally frank, prone to emphatic bouts of swearing–gives the uninitiated a taste of what it might be like to work in the bowels of a kitchen. Spitting oils, crisping meats, clattering dishes, the endless hours of high-octane pressure. Chang, referred often as the food world’s enfant terrible early on in his career,

1. He is an inflamed conversationalist, larger than life.

And you’d have to be big to run the kind of operation he does. Since opening his first restaurant, the East Village’s Momofuku Noodle Bar, in 2004, the Michelin starred chef stands at the helm of what has become a behemoth culinary brand.

To call Chang’s rapid ascent into the culinary spotlight “meteoric” would seem hyperbolic if it weren’t true. In what feels like a few short years, Chang went from relative unknown to unavoidably ubiquitous.

And while Chang might have some reservations about the level of fame he has garnered, the thousands of patrons who come in and out of his restaurants surely do not. Sinking your teeth into one of Momofuku’s pork buns, you are forced to assume Chang was destined for culinary greatness before he could even say “umami.” In reality, his path has been more circuitous than that.

2. He is a superbly delicious product that oozes excellence

The seeds of ambition are often planted young. Chang, the son of Korean immigrants, grew up playing golf competitively. His dad, an entrepreneur, ran a restaurant before opening a golf shop. For Chang, though, restaurants were never in the cards for him. Food was a passion, an interest, nothing more. When he watched Julia Child and Martin Yan on PBS as a kid, it wasn’t with the real intention of becoming one of them. Career–at least seen with the parameters of his childhood–was something that should be more practical, like finance. And so Chang tried to play by the rules at first. After college and some light dabbling in the business world, Chang moved to Japan to take a job as an English translator. It was there that he tried a bowl of ramen that shook him to his core. Once back in the States, he swore off the suit-and-tie life and went full force into the path he had been fighting so long. The choice was a good one.

3. He followed his dream

To make up for lost time, Chang pulled seven-day shifts at Craft and Mercer Kitchen before looking into opening his own space. When he finally launched Momofuku Noodle Bar, it was not to immediate applause. They stumbled at first, only coming into their own after, as Chang says in a 2015 interview, they said, “Fuck it, fuck everybody, we’re going to do it this way.” It’s an ethos that continues to motor every facet of Chang’s ever-expanding brand.

4. He worked day and night perfecting his craft and did it his way - Practice

Even Lucky Peach, Chang’s irreverent food magazine, thumbed its nose at the traditional editorial format when it launched in 2011. It has a cult following because of it.

5. He got press from someone famous - endorsing his product - did he get lucky or did he make his own luck?

Standing on the other end, Chang is candid about pretty much everything, from the grueling intensity of opening a new restaurant (“Yesterday I almost died”) to knowing his limitations (“The reason I left fine dining was I knew I was never going to be good enough”) to the pressure of expectations (“I’ll have real fucking panic attacks”). It’s this compulsive need to be honest that has separated Chang from the ivory tower chefs people struggle to find reasons to root for. Chang, despite his otherworldly success, continues to get cheers from the stands. Chang is completely relatable, the kind of guy that references Seinfeld episodes to illustrate a point. He’s an open book, and if you’re looking for real advice on how to break into the restaurant world, Chang is your guy. He won’t sell you a dream that doesn’t exist. He won’t downplay the difficulties he faces even at his level of success. Chang is bluntly honest. Do you have to go to culinary school? Probably not. What’s the fate of the restaurant business? Tenuous at best. How should you break in? Put your foot in the door and push the door down.

6. He is passionate, transparent and bluntly honest

Want to hear more? Tune into Bond Street's latest Nitty-Gritty podcast, where Chang breaks down the last thirty-plus years of his life in under an hour.

– Sydney Business Development Expert Shares Top 4 Survival Tips

Do you need to manage your cashflow in a crisis?

If so, join me for breakfast on the 25 June from 7:30am - 9:30am, where local business advisor and business development expert, Koos Kruger, will share his top cashflow management strategies proven to work for Australian businesses.

According to Koos, cashflow represents one of the major concerns of business owners, with 92% frequently experiencing stress as a result of it, and a significant amount having to source additional funding, reduce their operations, and even take pay cuts to accommodate it within their business.

Koos shares his Top 4 cashflow management strategies:

Set goal-oriented budgets
Focus on increasing sales and income
Avoid easy tactics like discounting
Reduce the cashflow cycle by implementing a debtors collection system and credit policy

As Koos Kruger stresses: “Cashflow represents the lifeline of all businesses, and with the right resources and support, businesses can ensure that their cashflow is effectively managed for survival.”

About Koos Kruger

Koos is one of the smartest business minds that I have had the honour and privilige to have met, and I am delighted to host his "Cash Flow in a Crisis event.

Over the years, Koos Kruger has worked as a Director of KPMG, and various managerial and consulting roles with the likes of Orica, Thiess, Kell and Rigby and Primary Health Care.

One thing I can guarantee, is that you will leave the breakfast with a number of vital strategies that will help you grow your business and manage your cash flow and profitability.

This is what some people have said about Koos Kruger

BSI is proud to present Koos Kruger's “Cashflow in a Crisis” to its subscribers

WHEN: Thursday, 25^th June 2015 from 7:30 to 9:30am
COMPLIMENTARY: A light breakfast will be served.
VENUE: Level 7, 14 Martin Place, Sydney

To register for the event, simply click on the link below:

https://kb245.infusionsoft.com/app/page/cashflow-in-crisis-event-registration

If you would like to connect and network with me and the other people at the seminar, be sure to download referron, and you will be connected!

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