Most small business owners and Entrepreneurs try to make their products and services appeal to everyone. The only problem with doing that is that your content and messaging ends up being so bland and boring that it ends up appealing to no one. Finding your target market is one of the most important components to the success of any business so I’ve put together a few questions for you to help you determine who your target market is. Enjoy & leave me a comment at the end!
Who can benefit from your product or service?
Often times a business is created for a specific industry or for a specific demographic and they become so narrowly focused that they miss out on opportunities that are two steps left or two steps right from what they currently are doing.
A great way to find the best target market is to explore many possible target markets. Make a list of all the different demographics or industries that could potentially benefit from your current product offering.
If you haven’t started your business yet, what are several some market segments that could get value from the product you are thinking about creating.
Who is most likely to buy your product or service?
There’s a difference between liking your product or service and buying your product or service. Unfortunately many businesses fail because they focused on a niche that really liked their product but few were actually willing to pull out their wallet to buy their product. It happens more often than you think.
When determining who your target market is, it’s important that you think about who can afford your products and services and who is actually willing and ready to pay for them.
What type of people do you enjoy working with?
The whole point of starting a business is to get paid for something that you are good at and enjoy doing. Even if you enjoy what you do, working with the wrong people can suck the fun out of things really fast. A major component of how to discover your target market is looking at the types of people you enjoy working with and being around.
It’s important that you find a target market or target audience that you enjoy interacting with on a regular basis. If you don’t like the people your product or service is designed for, it’s hard to care. When you don’t care your customers can tell.
Build your business around a segment of the marketplace that you thoroughly enjoy.
Who is your ideal client?
Taking it one step further, within the segment of people you enjoy working with, who is your ideal customer or client? What are the demographics of the one person that would be your perfect customer or client?
When you’re working with people that you really like, you don’t have to seek motivation to innovate and find new ways to add value to your customers. It’s something that you are compelled to do.
All of your marketing and messaging should be designed to appeal to your ideal customer within your target market.
Like this post?
If you enjoyed the information in this blog post, you might also enjoy a product that I created called the Strategic Marketing Compass where I walk you through a process, step-by-step, that shows you how to create a marketing strategy that achieves your desired results. Your business and marketing strategy is the back-bone to your business. If you know you need a better strategy and are open to some assistance in creating a rock-solid marketing strategy, the Strategic Marketing Compass is for you.
To learn more about the Strategic Marketing Compass, check out my blog post: Introduction to the Strategic Marketing Compass
Thanks for checking out my blog post! Please leave a comment below. Also, if you would like to get updates from me with free video trainings and marketing & mindset tips, make sure that you subscribe by clicking on the link below and entering your name and e-mail address.