8/7/2021 Tip: Analyzing Customers in Your Plan

Today’s Quote

“It’s good to be nervous. People like it when you’re nervous. It shows you care. If you don’t care, why should they?”
~ Frank Sinatra


Today’s Tip

The customer analysis business plan section assesses the customer segment(s) that your company serves. In this section, you must convey the needs of your target customers. You must then show how your products and services satisfy these needs to an extent that customers will pay for them.

The following are examples of customer segments: moms, engaged couples, schools, online retailers, teens, baby boomers, business owners, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of business you operate as different segments often have different needs. 

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. With regards to psychographic variables, discuss whether your customers have any unique lifestyles, interests, opinions, attitudes and/or values that will help you market to them more effectively.

Doing this will allow you to most effectively target and satisfy your customers.


Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

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Today’s Question: What personal device was released in 1979 with the name of the “Soundabout” in the US, and the “Freestyle” in Sweden, but is best known by the name of its Japanese version?

Previous Question: Dean Kamen, the inventor of which self-balancing transportation device, said that “Walking is a remnant of the Dark Ages, an unpleasant time-waster that technology needs to eradicate?”

Previous Answer: The Segway.

The Segway resembles the motorized, gyroscopically stabilized unicycles in the science fiction short story by Robert A. Heinlein, titled “The Roads Must Roll.”

And for even more trivia…Dean Kamen was born in Rockville Center, NY, the same town where I grew up!


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