Defining your business’ target market is ABSOLUTELY CRITICAL to any small business.
Your “target customers” are those who are most likely to buy from you. Resist the temptation to be too general in the hopes of getting a larger slice of the market. Try to describe them with as much detail as you can, based on your knowledge of your product or service and how it will benefit them. There are billions of people out there and you only need a very, very small percentage.
Ask yourself some questions to help you define your best target market:
- Are your target customers male or female? Figure 75-80% of your target customers would be which? If it’s split, narrow it down another way but more than likely you can narrow down the gender.
- How old are they? Give an age range of 10-20 years max, otherwise you might have two target markets. Remember, the marketing messages towards different age groups will be quite different most likely depending on your product or service.
- Where do they live? Is geography a limiting factor for any reason? Can you narrow it down to specific zip codes or counties? The larger the geographical area you choose the more people you will find but the less likely you’ll be able to afford to market to all of them so narrow it down and expand out later. If you can work with anyone anywhere then you’ll want to narrow down your target market another way.
- What do they do for a living? You can get a mailing list by industry or profession and specific title for example if you know this. You can also do searches on social media sites these days by industry or profession. Do some searches and find huge pockets of people to connect with.
- What does their specific profession say about their lifestyle? Is it very busy with little time to shop? Do they use the Internet for their shopping, researching, news and event information? Would they be commuting more in their car? Do they read publications or listen to certain radio shows or online shows?
- How much money do they make? This could be significant if you’re selling relatively expensive services, products or luxury items. Most people can afford a latte. You can’t say the same of custom cars. Narrow this down to a specific range if you can and figure out where the majority of those people are looking, searching or hanging out.
- Are there kids in the household? What ages might they be? How many would there likely be? What does this say about their lifestyle – are they carpooling, or soccer parents where they are rarely home? Do they possibly eat out a lot or have less ‘family’ bonding time? Or are they empty nesters where they might spend more time at home watching television, traveling or reading?
What other aspects of their lives matter? Here are some examples to think about, see how your target market compares or how you can get more specific with them.
- You may need to then get more specific
- If you’re launching a roof-tiling service, your target customers probably own their homes. In addition, they probably own homes with older roofs; you can get a list of homes by their age.
- If you’re a realtor, you might be interested in targeting first time homebuyers in which case you might find them to be likely to live in apartments or rentals of which you can get a list of those too.
- If you’re selling your own individual artwork but you can’t create multiple paintings with the same picture, you may try to sell the unique pieces at local art shows rather than selling them online.
- If you’re a direct jewelry consultant needing women to gather for parties in someone’s home, you’ll want to go where many women meet like mom’s groups, women’s professional organizations or day cares.
- If you’re a business or life coach and want to coach only over the phone then you’ll most likely want to do more online marketing and make sure to have a really top notch website since that’s mostly what people are going to see for their first impression. You can network locally too but the more ‘known’ and credible you are online; the more people will want to do business with you.
- If you’re planning to open a custom-tailoring shop and need busy executives to come for three fittings, you may need to limit it to your local area.
Everything you do in your marketing, advertising, design, publicity and networking will depend on who your target market is and what matters to them. Making decisions on your marketing and advertising without fully defining your target market or knowing them in depth could be detrimental to your business and YOU COULD BE MAKING SOME COSTLY MISTAKES!
Our prospects (yours and mine) are very busy. People are busier than ever these days and we have to get really good at speaking directly to them with their language, not ours.
This is why this week I wanted to share more with you about what’s so important about your Target Market. What we need to think about, write about, sell, give and say so they pay attention more, engage with us more and then take action and buy! I have a video with different tips on this topic too.
Click the video to watch now!
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For more information on how to JumpStart your small business with creative ideas and a clear plan to reach your unique target market find out how to talk with me in a complimentary Strategy Session, go fill out the questionnaire at www.AskKat.biz.
Or better yet, attend the next Jumpstart Your Marketing & Sales Summit happening April 9-11, 2015 in Sacramento, CA! This 3-day content packed event will teach you and show you everything you need to create, do, implement and more to help make your business a lot more profitable and even automated so you’re not working so hard to “do it all”. I show you how to systematize so many things in your business, your marketing and your life so that you can reach more prospects faster! This is not a multi-speaker event, it is a true training seminar that I do twice a year. This will be the LAST time I do this event with this format however, new events are on the horizon! So come get your business and marketing plan sorted out for the next 1-3 years! Let’s do this!
Let’s plot out YOUR Big Picture Strategy now to get a jumpstart on your year!
The JumpStart Your Biz Coach, Speaker &
Author of the book, Love Yourself Successful
“Kicking YOU and YOUR Business Into High Gear!”
P.P.S. Ready to jumpstart your business in a BIG WAY? You probably need to be doing a LOT more marketing and sales – online and offline. I recommend you attend my next Jumpstart Your Marketing & Sales Summit, I promise this will be the most informative, useful business seminar you attend all year. Go check out what it’s all about and when: www.LiveBigEvents.com