If I asked you, in an elevator, "Who buys your product or service?" could you tell me? Are you business to business? Business to consumer? What does your typical customer look like? What does your ideal customer look like? Who are your competitors? How are you different from them?
In a market saturated with choices, few companies have the luxury of customers coming to them because there is no place else to go. Unlike the post office, you aren't a monopoly. So knowing who you are going after, and what makes you different (and better), is pretty darn important.
Charen Smith writes, "Getting to know your market makes you aware of the individual peculiarities of the people that make up this particular sector." The more you know the people who buy what you sell, the more exactly you can market to them. The more exactly you market, the more "right" customers will come to you. So know your market... and your competition!
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