IDENTIFYING YOUR TARGET MARKET
A comprehensive identification of your Target Market is another one of the eight essential components that make up the foundation for building a profitable and sustainable business. The BizQuack definition of the term Target Market is a market that knows that it needs your specific product/service and has the funds to pay for it.
The following are examples of the wrong definition of a target market:
- Everyone needs a car so everyone is my market.
- A real estate agent saying “everyone needs a place to live”.
- An insurance agent saying “everyone needs insurance”
- Or an attorney saying “Everyone should have a will.”
We can cite many examples where people feel that they have an unlimited target market so they market to everyone. These markets remind me of an old Chinese proverb: “He who shoots an arrow into the sky and hopes a duck will intercept it, will go hungry”.
The knowledge that is needed to market to your ideal target market includes not only their need for your product/service and their ability to pay for it, but also where they are located, how they get their information and who do they trust. Understanding the pains and gains of your target market will help in the overall development of an effective marketing plan. Make sure to lead with your unique value proposition to stay ahead of your competition.
Research is a key ingredient for the development of an effective marketing program. Let me also share that you cannot wait to start your marketing program until you know everything there is to know about your target market. Spending too much time in research can create a bad “procrastination” habit.
In other words, start work on the identification of your ideal market and also start your marketing efforts. Marketing is in a constant state of change, thus the secret to success is to start now with a few facts and build as you go.
Work with your team, your mentor or advisory board to always tweak your target market. Stay ahead of coming changes and be the first to help them to also be on the cutting edge of products/services that they provide.
GET FOCUSED! EVERYONE IS NOT YOUR TARGET
Tips & Advice by Nick Petra – CFP, Mentor, and Founder of StrategicDuck and BizQuack
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