Things change. That seems to be the basic fact of life whether in business or all other aspects of this human existence. Even if you have spent a good amount of time identifying and getting to know your home business’ target market, it is a good idea to NOT get too complacent. Even if you think you know your target market and business demographic like the back of your hand—it pays to avoid complacency and put continuous energy into staying in touch.
When I talk about how your target market might be continuously evolving and changing, I do not just mean that the age, income level, etc. might change—but also the needs and interests of your customer base. People become tired of some things, interested in other things, or their lifestyles change as they age. Even your most loyal customers might go through evolutions and changes that affect how they interact with your business. It will pay off for you to keep a finger on the pulse of change and stay in touch with your market in order to make adjustments to your business to meet their needs.
What is the best way to stay in touch with your target market? There are a variety of ways you can keep from becoming content and complacent and thinking you know all there is to know about your customer and client base. You can start by asking them what they want and what is going on with their lives. Periodic surveys and market research can give you a heads up as to what is going on for your demographic. You can also access other market research via business magazines and web sites, television programs with a strong business and economic scope, books, and workshops. Keeping in touch with other business owners in similar and compatible businesses can give you a good, broad base from which to compare notes and garner information about market changes.
See Also: Finding Your Target Audience
Do You Know What Your Customers Want?