Previous days in our challenge can be found here.
Welcome back! Now that you have your goal top of mind, we need to do one more thing before digging into your strategies and tactics. Today we're going to work on identifying your target market.
You may be thinking, "I can skip today! I've been selling X to X for several years now. I obviously know who my target market is." Or, you may be thinking, "Who needs a target market? I'll sell to or serve anyone will to pay me. Why narrow down?"
I hear where you're at in that, but identifying your specific target market will make all the difference for your business long-term. As you grow, you need to have a core market to consult and refer back to as you make decisions. If you create something for anybody, you end up creating something for nobody.
What is a Target Market?
Your target market is simply a group of individuals, with similar needs, likely to buy your products or services.
Can I Have More Than One Target Market?
Yes! But proceed with caution.
It's common for businesses to have more than one target market. For example, a baby product business may have a primary target market of new moms and a secondary target market of gift buyers.
It's important to have no more than 3 target markets at one time, especially when you are smaller and resources are limited. It's also crucial to make sure you are clear on which strategies are for which markets. If you use the same strategies and tactics across all of your target markets you will dilute your storytelling and your results.
Who is My Target Market?
Now it's time for the fun part. Let's identify your target market. In order to do this, we're going to look at two different groups of people: your current profitable customers and your ideal customers.
Current profitable customers are the ones who value what you do and are prepared to spend what you want to charge. They pay on time, are happy to fit into the way you work best and they love what you do. What motivates them to work with you? What do they value about what you do? (via The Brand Stylist)
Ideal customers are self explanatory - they're your dream clients (more on that later). We'll look at getting super-specific about this list on another day, but for now it's helpful to think big-picture.
If you subscribed to the challenge you will have a worksheet in your inbox. If you haven't, but you would like the downloadable worksheet for today's exercise, you can subscribe below.
Brainstorm the following factors, including as many details as possible. Then clean up your answers for a clear view of your target market:
- Age, gender, location
- Income, education level
- Pain points
- What do they do for fun?
- To relax?
- After work?
- How do they receive their news?
- Who do they trust?