When was the last time you did some target market analysis? No, for real…think about it, when was the last time you really looked at your ideal client? Do you know exactly **WHO** you’re trying to reach with your goods and services? Have you identified **HOW** you can help them through their pain and problems?
Or _does this all sound all too foreign to you_?
_If it does sound foreign, no worries – we can help you recover from this costly error! But I need for you to keep in mind going forward, this is a basic step in business 101 that should NEVER be left behind again.
Why? Simple really, as small business leaders, we should NEVER ever forget who it is that we are called to support and serve – never.
Okay, that said…_
Knowing your target market is an integral part of running your business. Sure, you can have a solid message but is your target market hearing it?
There’s no way to know unless you can identify **WHO** your ideal client and market are and how to get your message to them. Without this information, you are practicing what I call “_hope and a prayer marketing,_” in which you’re just throwing your message out there and HOPING someone notices and becomes your client.
Sorry to say but that process is a waste of your valuable time and dime! So, let’s tuck in…
1. You’re not Walmart so don’t try to appeal to the vast population.
Walmart’s success depends upon carrying thousands of products that appeal to a wide variety of people of varying economic levels, all at discount prices.
You don’t have enough time in the day to serve the same number of customers as Walmart nor can you possibly carry thousands of products. Identify your niche and dig down deep. Just because a niche – aka your target market – may be small, doesn’t mean they won’t spend money.
If you’re targeting the correct market, you’ll find people willing to purchase your services or products.
2. Save money on your advertising and marketing costs.
At some point you’ll need to spend money on advertising, either on local radio stations, in local magazines, or sponsored ads on Facebook. Successful advertising, however, highly depends on reaching your target market.
Again, target your niche market – as small as it may be – because they are the ones who will benefit the most from your products and services.
They are the ones who are struggling looking for solutions to their challenges and problems! They will listen carefully to what you have to say, all because you have the answers to their problems.
3. Knowing your target market will help determine your consulting, coaching and advising prices.
Approach this from two perspectives: (i) think about the target market you WANT to serve and do some research into what price points they can afford. (ii) Now think about what price you’d like to offer and determine if your ideal market can afford those prices.
If you discover they can’t afford your 1:1 pricing, consider offering a group coaching program they can afford now.
This exercise can be the impetus to creating a library of products of varying price points, which will attract even more people into your community and circle of influence.
In the end, every small business must know and understand the demographics of their target market.
For solopreneurs running on limited budgets, this information is even more critically important so you can invest your marketing money wisely.
Discover exactly what your niche needs (aka ideal client), what their struggles are, and how to help them overcome those struggles. In return, they will flock to you when they realize you can relate and that you have answers to both, their pain and problems.
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