Islamic Finance, Business and Choosing a Target MarketJuly 12, 2019 at 10:20 am
Once our clients start to understand what Islamic finance can do, some think about starting a business. We can help by advising how a Trust will be set up to handle your Ijara mortgage needs. We can even go one step further with some business-type advice.
For example, here’ a few things that you’ll need to know about selecting the right target market. Generally, there are three steps that you will need to follow through on.
First of all, it stands to reason that you’re going to want to know who you are serving. In a business sense, this means developing a business plan. This document will help you to narrow down that segment of buyers that you want to appeal to.
Narrow Your Focus
It’s all about narrowing your focus. It’s a lot like the thinking you used when you decided to get an Islamic finance product to fund the venture. As a startup business, it’s important to make sure that you understand how important preparation is. As far as financing goes, you’ll want to stay sharia compliant.
It takes a little more clarity and work to define your best prospects. A lot of companies develop a product and put it on the market. It’s the first step for some in developing a real idea of who they should be selling to.
The first step in finding your target market is narrowing your focus. Once you’ve got a few sales under your belt, ask yourself who you really want to be dealing with.
Get to Know Them
Once you get a group of customers that you want to be serving, it pays to understand them a bit better. Here’s were a little research comes in. Gathering the information about this preferred group can come from different sources. Some businesses prefer to ask their frontline staff about people’s purchasing behaviors.
Other folks prefer to gather information from digital sources like social media.
Originally, our lease to own Islamic finance program was available to Muslims. However, the social justice aspect of these ijara mortgages has caught on.
Now a wide variety of people come to us asking about the possibilities of getting a sharia compliant loan.
Pick You Market
Once you have all the information, you can finally pick your target market. It’s important to make sure you don’t cast your net too wide when you’re looking for sales. If you do, you’ll wind up watering down your marketing messages and attracting less clients.
Here’s another interesting aspect of picking the right customers. Don’t make the mistake of looking for the largest number of customers or the people who spend the most overall. It’s important to align this group with the particular goods and services your business delivers.
Of course, as a practicing Muslim you need to consider your faith. That means that you should be looking toward Islamic finance and Ijara mortgages.