10 important target audiences when building a business brand

When it comes to the target audience, managers often think of the target audience immediately, forgetting that for a business, customers or sales is not everything. Depending on the business goals of each stage of growth, your business will need to consider different target groups.

For example, Alex is a startup entrepreneur in the process of building products for his start-up. To have capital for production, Alex needs to impress investors so they can invest. When the product is finished, ready to hit the market, Alex needs to impress retailers and distributors so they can accept the product on the shelves. When this goal is accomplished, Alex needs to communicate with customers to buy the product, now available in the nearest store.

As the company grows and equitises, Alex needs to communicate to the company's shareholders. At the same time, Alex also had other ideas to pursue but wanted to sell off his stake in the company. He began to seek out and communicate to investors who could buy back his shares.

First, identify what stage of development your company is in ( Greiner growth model is a suggestion for you). What are your goals at this stage? To which audience will you need to communicate to that goal? Here are 8 important target audiences that you will need to pay attention to.

1. ADVANTAGES INVESTORS

Venture capitalists reach and be approached by hundreds of businesses each year, and they, like you, have very little time. Every venture capitalist will tend to invest in a certain “type” of company. Before trying to approach them, take time to find out what their selection criteria are, and if your company is their preferred “type” to avoid wasting time.

Once you have their contact, your media "weapon" will be your business plan. Again, they won't have much time, so keep your plan concise and to the point. The company's staffing team is also an important factor in their decision, so don't forget to highlight the profiles of yourself and the people you're building with.

2. BANK

Banks will be more interested in the numbers than the idea of ​​the business or the team of people. With this audience, you will need to spend time on your balance sheet and cash flow statement. Please explain in detail if there are any irregularities.

3. "ANGEL" INVESTORS

Angel investors will not ask for the details and rigor of the venture capitalists. While venture capitalists often invest in the name of a company, angel investors invest with their own money, and these people often rely heavily on their own hunches and impressions. Instead of a lengthy blueprint, they will probably be more impressed with your dedication and effort.

4. POTENTIAL PARTNERS

If you are invited to cooperate in a business, you will be interested in the responsibilities that must be performed, the rights that will be acquired, and your ownership in the business. The people you want to collaborate with will have similar concerns. Make sure that the above matters are clearly divided, especially with respect to control and responsibility.

5. CUSTOMERS

As noted above, at many stages, the customer won't be your top priority. However, this has always been an important target audience. Unlike an investor or a partner, the client doesn't need to know about your problems. Make sure your credentials are well-informed, and it shouldn't be a big deal if the numbers are inflated a bit.

6. SUPPLIER

What providers are most concerned about is whether you can afford to pay their bills, so don't forget about positive financial predictions or investments. Vendors always want their customers to order more, so they care about how fast your company grows.

It is important that if you show them the growth potential of the company, you will be in a better position to negotiate terms of purchase.

7. STRATEGIC PARTNERS

Strategic partners are usually only interested in one or more certain interests when linking with you, for example technology, distribution systems, relationships ... So when negotiating cooperatively with a Potential strategic partners, do not forget to emphasize the things they care about. However, sometimes strategic partners can also be potential competitors. Limit sensitive financial or strategic information.

8. EMPLOYEE

Your employees and managers in your company need to have faith in the direction of your company, so don't forget to remind them constantly about this. If possible, publicly disclose the company's revenue and financial information to them. This will make them feel more responsible for the company. Remember, no one can follow you year after year if they feel too much hidden, or don't know where they're going.

9. PRESS

The brand of your business is not what you say, it's what people see. What the media says about you will play an important role in building your business. Build relationships with reporters and editors and regularly send press releases about your business milestones.

10. GOVERNMENT

When you grow to a certain extent, you will start to work more with the government, so build rapport, make a good impression with the government if possible. You don't have to be the one to do this; Anyone who's well-connected to the government is an important resource you can rely on.

Identifying the target audience is one of the important issues that you will learn in the course Corporate Branding at MVV Academy. The course was guided by coach Nguyễn Thanh Sơn < / a>, Vietnam's leading brand-communication specialist, lecturer in Google's Elevator Senior CEO training program.

Related course:

Corporate Branding

Quản trị Kinh doanh Thông minh - iCEO