There are a lot of varied answers that you will get to this question. Some business owners will tell you that their marketing budget drives everything they do. Others will say that they market to the masses hoping to interest a certain small percentage in their product.
Still others will admit that they don't really know what direction their marketing is taking them - they just run a few ads and hope for a certain return on their investment.
I recently read an interesting article on what was called "customer-centric marketing." The idea is that every customer is a unique and different individual with varying tastes, needs, expectations and desires.
Not only that, but each potential unique prospect for your business extracts a certain amount of cash out of your business as you attempt to turn that prospect into a paying customer. Some prospects are located and "converted" fairly inexpensively. In other words, you didn't have to do a lot, or spend a lot, to gain the customer.
Other customers may stay on your prospect list for a long time. They may require that you spend quite a bit of time and effort in turning them into a paying client. So customers cost varying amounts when you think of your marketing in terms of what it takes (costs) to gain a single client.
In addition, some clients are worth a lot to your business, once gained, and others aren't. Customer centric marketing means that you attempt to segregate customers by what they give to your business. In very simple terms, you want to grab and keep all the customers that spend more on your business than they cost you in out-going expenses.
Similarly, you try to "unleash" those customers that cost you more than they're worth. That's not a polite way to refer to customers; but the most profitable businesses will be those that minimize their expenses and maximize their income (revenue.)
Customer-centric marketing means that you, the owner, identify and focus your resources, time, and effort on those customers that are most likely to spend the largest amounts on your business and products.
It also implies that you look at your products and services. Are there some that are dragging down your business and require your time and money to market that don't really prove to be very profitable? You should get rid of the poor or marginal performers and concentrate on building a product line that is made of "winners" or those products that are unquestionably profitable.
Customer-centric marketing also suggests that you can target specific products and services to the needs or wants or desires of the specific, unique customer. Too often, businesses develop products that are targeted to the masses, but that never really fit the wants of the individual.
Solo businesses are the perfect model to develop and deliver custom, one-of-a-kind solutions and products that are tailored to the specifications of the unique individual customer. Such solutions can carry a hefty price tag because they are so specialized, so tailored, so custom-fit.
The solo business owner will generally find the customer-centric marketing strategy to his liking because he will be able to deal with fewer, but much higher-paying clients. In addition, the competition for the product will be much less because every solution is packaged on the spot.
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