POP QUIZ: Define your target market in 10 words or less.
I WORK WITH...
3 down, 7 words to go. Take your time, I'll wait while you sort things out...
(Patiently humming the theme song from Jeopardy under my breath.)
What's that? You hate this exercise?! You'd rather walk barefoot over broken glass with a gorilla on your back???
Well, the good news is, you're not alone. I wish I had a nickel for every time I've heard a coach bemoan the need to pin down a target market. It's a pretty sore topic for most people.
The bad news is, you can't NOT define your target market and expect to have a successful business.
Because if you can't define your market, it doesn't exist. And without a market, your business has no reason to exist--in fact, by definition, it CANNOT be a business.
If you can't (or won't!) define your market, what you have there is an expensive hobby.
8 Tips for Defining Your Market
- Look for a pre-existing* group of consumers who share specific characteristics, behaviors or views.
- Make sure your core market also shares a common agenda or coachable issue.
- They must already be actively seeking information and solutions.
- They must already be motivated to invest in the solution.
- They must already have the financial resources to make the purchase.
- They must already have the authority to make the decision to buy.
- You should be able to reach and stay in touch with this market easily and economically.
- Your customer must be able to easily and immediately recognize himself or herself in the description of your target market. That's really the whole point, isn't it?!
*Do yourself a BIG FAVOR: Find an actual market that already exists. Don't bother trying to create a market out of thin air -- unless you're Apple and have a product as big as the iPod (and the marketing budget to go with it.)
Follow these tips and you're guaranteed an easy "A" on the pop quiz--and you'll get bonus points (more customers) for your biz!
Want some help nailing down your niche? Join me for a free tele-clinic, "3 Keys for Finding a Lucrative Coaching Niche" on Wednesday, Sept. 29, 5pm Pacific. Learn more and sign up now!
