CONSUMER CONFIDENCE BAD? NICHE YOUR WAY TO SUCCESS!

Today's consumer confidence index sank to silly levels, which essentially means that people aren't buyin' diddly squat. Crude oil at 100 smackers doesn't paint a rosy picture either. So, what does an entrepreneur do? Work on your blocking and tackling that's what. "Business fundamentals" is the name of the game in this recessionary economy, and leading your efforts should be the concept of choosing your customers. Recently, I interviewed a marketing specialist, Melani Ward, on our Start-It-Up Cafe Cast. She outlined the importance of focusing on a very specific type of customer, including some of these elements:

• age
• gender
• income level
• location
• behaviors
• interests
• hobbies
• careers
• etc.

Basically, she is encouraging entrepreneurs to drill down and get crystal clear on who your customer is, what they do, where they hang out, and so on. The more you can hone-in on your customer the more clear your marketing message will be. With today's abysmal economy, the consumer is on high alert and getting your product to pass the "wallet test" is increasingly challenging. By choosing your customer you will not only improve on your key messaging but you will also be able to deliver superior value to that person. Don't try to be all things to all people or you risk being lost in the noise.

Action plan: Whip out the pencil and paper. (By the way, if you read a few of my posts you will probably begin to notice the power of pencil and paper.) Jot down some characteristics of your customer. Be detailed! For example, there is new battle being waged in the coffee wars between Starbucks and Dunkin Donuts. Both are crystal clear on who their customer is and what type of value he or she is looking for. Make a list that really describes the individual that has a need for your product or service. What is the problem they have that you can solve?