Source: Point Nine
When you look closely, expanding your business usually boils down to playing with volume (number of consumers/customers, subscriptions, etc.) or revenue (consumption, value, etc.). When you’re launching a startup, your marketing strategy revolves around the following 3 areas;
- Defining your target customers.
- Defining your target market position.
- Devising a marketing mix.
Understanding which kind of customer you’re aiming for helps plan a business model worth pursuing. I came across this presentation from Point Nine, which simplifies how to approach customer acquisition. I’ve summarized the whole presentation into the table below, for your ease of understanding. So, who are you hunting for? Flies, Mice, Rabbits, Deer or Elephants?
The bigger the price of your offering, the smaller the number of customers you will need to get to a $100 Million, and vice versa.