Defining Your Target Market
Do you know your ideal customer?
Many of our customers that come to us think that their target market is everyone. But I can guarantee you now, whilst you think your product or service is for everyone, you will be wrong. There are certain clients that your product or service is really suitable for. The question is how do you work this out?
This post will take you through the steps to working out your target market.
Look at your existing customer base.
Who already spends cash with you and what are they like?
Who would gain the most from your product or service?
And what do they gain? What are the benefits to them?
Where do your target market hang out?
Online, offline, networking events, bars, clubs, restaurants?
What do your target market do in their spare time?
Sport, holidays, reading, writing, sleeping, TV?
Who do your target market look up to?
Who do they aspire to be like, do they have work and/or personal aspirations?
What annoys your target market?
What really gets to them? Health , wealth , happiness… it will probably be one of these
What gives your target market the 3am sweats?
What we mean by this is what keeps them awake at night worrying?
How does your target market approach spending money?
Are they frivolous, cautious, what is their relationship with money?
Is age an important factor in buying your services?
If so what is their age?
Who do your target market hang out with?
They will have influencers, who are they, and do they listen to them?
Does your target market attend any exhibitions/trade shows?
If so which trade shows, would they buy from the show or are they just voyeurs?
Which groups, associations and clubs does your target market belong to?
Are they business people, sports enthusiasts, wine buffs?
Is your target market aware they need you?
Do you overcome a pain they know they have or maybe they need awareness raised first?
Who does your target market follow on social media?
This will give a huge indication as to the kind of things they are interested in.
Where do your clients live?
Is this important to your business, or can you help them online?
Do they buy on price?
Is your product price sensitive, and where do you fit in the price spectrum?
Of course you will notice that these questions are about the psychographics of what motivates your target market, this is much more useful to you than the demographics. (age, sex, location etc)
Remember: You have multiple target markets, so don’t put all your eggs in one basket, but do try and stick to a niche. If you are known for something in particular you are more likely to become the go-to person in your Industry.