Still following on from things i took away from well the team at Xero know their market. The 1st thing i took away from #xerocon was how great Xero are at asking their clients what they want to see in the product. The 2nd thing was how well they know their market. After all if you don't know your market who are you selling to?

So why do I think Xero have done so well in knowing their market? First up they know the Small business market inside and out. They know the statistics of how many small businesses are in AUS, NZ and the rest of the world, they know the frustrations Small Business owners have keeping up with government red tape, and they know the volume of transactions that go through our financial markets. But most impressive is that Xero know who tends to recommend accounting software to the small business market.....yes thats

So yes Xero know the end customer the Small Business Owner exceptionally well, but they also know the accountant who is the primary target in the sales cycle. Accountants have been frustrated for some time now having to wait for data to be able to give proactive advice to clients. In comes Xero to solve that problem and also make the Small Business Owners life a whole lot easier.

So how does that relate to your business? Are you marketing to the same person who is your end customer? Do you have a middle man like Xero does? Do you know how big your market is? Do you know their frustrations? Are you actually solving their problems or are you making life worse? If you are building a product are you building something you want and like - or what the market wants and likes?

Knowing your market will have a dramatic impact on your business. You can then be clear on your branding & marketing. If you know who you are targeting then you can suit your brand to that target. You can then also be clear on your product. Who is it for exactly and why do they need it?

So this week's challenge: Take the feedback you have from your customers from last weeks challenge and build on that by getting to know your market.