Thursday, September 6, 2007

Steps To Identify Your Target Market

Answer a few questions… but I warn you not to answer them too quickly. This takes a lot of thought and consideration to do correctly.

Question: Who would like to buy what you have to offer?

Do not just say ‘Women’. That is a gender identification, not a target market. All women are not alike. They have a wide variety of lifestyles, values and interests.

Do not just say ‘Golfers’. That identifies a group of people who partake of a sporting activity but it’s not a target market. Among golfers there are huge differences. Are you targeting the ever so often golfer with a cheap tips video or are you targeting the lifestyle golfer who travels regularly to play in competitions.

Be very specific. ‘Start up Fundraiser Coaching Professionals”

Question: Why is she interested in what you have to sell?

Don’t say ‘She will like it because she is a Mom’ because there are no products that ‘all moms’ are interested in. (Unless it’s an Artificial Intelligence Housekeeper and I think even then you’d get a few naysayers.)

Be very specific. ‘Start up Fundraiser Coaching Professionals” will want to secure this product because it contains the tricks and skill builders they need to attract their first clients.’

Question: What stage of life is she in?

 Young & Single
 Young & Married
 Young Motherhood
 Middle Motherhood
 Late Motherhood
 Empty Nest
 Older & Single
 Older & Married

These stages of life are important factors in identifying a target market. How you choose to communicate with your potential clients, you will need to take this information into consideration.

What motivates a young married woman isn’t going to motivate an empty nester.

For example, if you want to reach young singles you’ll probably want to use graphics and promotional materials that look trendy and highly relative or popular to modern day media.

On the other hand, to reach older married people you will choose a more traditional style and convey a stability that will resonate with older consumers.

Question: How much money does she have to spend?

 Frugal
 Average
 Upper Middle Class
 Wealthy

Financial income brackets are one of the most important issues in choosing and communicating with your target market.

The financially strapped client will be attracted to messages that imply that they’re getting a great value or saving money. Wealthy clients will be more interested in hearing that your product is made of the best ingredients and created for distinctive tastes.

Some individuals will only be interested in products that clearly demonstrate that they’re cheaper than everything else. They’re so driven by their tight budget or their personal commitment to frugality that they’ll choose one product over another on price point alone.

And in the other extreme, there are consumers who will purposefully choose the most expensive service provider on principle. Maybe even just to be able to say that they hired the priciest ‘most exclusive’ provider – or perhaps because they believe that the higher cost surely means that they’ll get the best quality. (Which may or may not always be the case!)

For some, impressions are everything.

Can you see how it would be literally impossible to create one sales message that rings true with all markets?

If you’re having trouble thinking of a niche to target, let’s dig deeper.

Question: What core needs are effected by your product or service?

 Family, Relationships and Love
 Spiritual Life
 Creative Expression
 Recognition, Success and Pride
 Provision and Finances
 Health and Safety

If you are particularly motivated by any of these areas, this could give you a greater clue as to which niche to move in.

If you want to be a coach and ‘creativity’ is a buzz point for you, you can become a Creativity Coach. Or if Family & Friendships are really important to you, perhaps you would be a great ‘Relationship Coach’.

If your spiritual life is paramount, perhaps you’d build your business around the tenants of your faith and communicate this in a way that attracts others of similar beliefs.

Maybe you’re addicted to success tips and motivational tools. You could become the first ‘Success Driven VA’ and promise your clients a regular dose of motivation with every task completed. You’ll attract others who consider themselves very driven in the same way.

The rest of the story tomorrow. Until then. . .

Carole DeJarnatt

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