When did you last conduct a target market analysis? Do you have a clear idea of WHO you are aiming to reach with your services? Have you determined HOW you might alleviate their problems?
Or does everything sound strange to you?
Running your business success depends on knowing your target market. You may have a compelling message, but is your intended audience aware of it? Without this knowledge, you are engaging in what I refer to as “hope marketing,” where you simply broadcast your message in the hope that someone would take notice and hire you. That process is a waste of your important time and abilities.
These 3 reasons will give a detailed explanation of why you should identify your target market
- You’re not Walmart, don’t try to appeal to the vast population.
Walmart’s success hinges on its ability to offer thousands of items at low costs that appeal to a wide range of customers with different income levels. You don’t have as much time in the day to serve as many people as Walmart, and you’re unable to stock hundreds of items. Set a niche for yourself and focus on it. Even if a niche, or your target market, is small, that doesn’t imply they won’t make purchases. If you’re aiming for the right market, you’ll find customers who want to buy your goods or services.
- Reduce the expense of your marketing and advertising.
You’ll need to spend money on advertising at some point, whether it’s on local radio stations, in local magazines, or through Facebook-sponsored advertisements. Reaching your target market, however, is crucial for effective advertising. Focus on your niche market, no matter how small it may be, as they are the ones who will profit most from your goods and services. Since you have the answers to their requests, it is they who are struggling and will pay close attention to what you have to say.
- Identifying your target market will help determine your prices.
Consider this from two angles: consider the target demographic you “WANT” to serve and do some research into the price points they can afford. Now consider the price you would like to charge and ascertain whether your target market can pay those charges. If you find that they cannot afford your 1:1 rate, think about providing a group coaching program or another self-study course that they can now afford. This exercise can serve as the catalyst for compiling a selection of goods at various price points that will expand your network of influence.
In the end, every business must be aware of and recognize the qualities of its target market. This information is even more crucial for solopreneurs with tight budgets so that you may allocate your advertising dollars properly. Find out exactly what your target market wants, what their problems are, and how you can assist them in solving those problems. When they see that you can empathize and have solutions, they will rush to you in return.
Not Sure How to Get Paid What You’re Worth? Watch my next live stream…
Even after choosing a niche, so many of my customers struggle to decide on their coaching costs. Come see my upcoming live stream session on “5 Steps to Set Your Coaching Rates” if this task frustrates you as well. Although there is a process involved, it is far more satisfying than picking a random number at random. Go like my page so you’ll get a notice about this essential live stream.