Has anyone ever asked you what your ‘target market’ is? Hopefully your reply is instant and very focused (it is isn’t it)?
I’ve asked the ‘target market’ question to thousands of business people and I’m still surprised at how many of them struggle with a decent answer.
So, in this post I’m sharing a simple but effective strategy that will help you to identify your own target market or markets.
1 Take a look at your current and past clients. Group them into good, bad and (no not ugly) whatever other category you decide dependent on whether you’d like more of the same. Look for similarities in business sectors, size, location etc. that give you reason to either approach or avoid these type of clients.
2 Write down the descriptions you’ve formed of groups of businesses that:
a) Need or preferably ‘want’ your product or service.
b) Can afford to pay for your product or service.
c) Can be easily reached as a result of your marketing efforts.
d) Have similarities (like size, sector and location) that allow you to group them together.
Give each potential target market a one to ten score for each of your 4 parameters. (1 is poor, 10 is yeehaa) to give each a score out of 40.
Pick the top two or three (at most) highest scoring groups. These are (for now) your target markets. As of this minute all your time, money and effort should be focused on them.
This exercise should take you maybe one to three days to complete. Three days may seem like a lot of time but, should you need that long it’s still time very well spent. Most people won’t do this exercise, they’ll say it’s too difficult to find the time in a busy week.
Well, now you know at least one thing that makes successful people what they are. They find the time for important tasks and knowing clearly who your target market is, is very, very important
I’d love to know how you get on with defining your target market so please comment in the comments box below and if you’ve any questions I’ll get back to you as quick as I can.
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