Brand Foundation Podcast - Your Target Market
In today's episode, we're going to be dealing with target market. It is crucial to know exactly you are aiming your services at. The more specific, the better as you can be very precise in your message. By concentrating on one group you can begin to learn what they need in the short term, their longer term goals.
One of the biggest mistake in having a business is trying to sell to everyone. Narrowing down your market does not mean we are going to alienate everyone else and you are going to have fewer customers.
It's much easier to concentrate on winning the attention of one group, than it is trying to appeal to anyone who works within that industry. They all have very specific needs, wants and desires, and so it’s impossible to craft a compelling message that successfully addresses all of these in a way that positions you are their first choice.
Your connection deepens with each job. You learn more and more about them with each job that passes. Simply by spending time together working through their issues, you will learn what they are struggling with, what their dreams are why they picked you.
You have control over who you want to work with.
Who do you want to work with?
It doesn't always have to be a group you've never worked with. Sometimes it's easier to start with a target market with who you have had some previous experience of working with.
Maybe it's an industry you've grown up in or always been fascinated by? Any knowledge you can bring will give you an advantage, but this shouldn't be the reason you choose them as if your heart isn't in it, you'll lose interest further down the line.
Alternatively, it could be a group you want to learn more about? It doesn't matter which one, but the key is to pick one and dive right in.
What do you know about them?
You need to know as much as possible about this group, so do plenty of research. Try to find out what their pain points are, what are their more urgent short term needs and what do they dream of achieving with their life and business long term.
This knowledge builds trust. They will feel you understand them and can relate to them as you are learning about issues that go far deeper than superficial surface level problems. They will also appreciate your knowledge of their industry and your track record of achieving success for your clients.
Create specific marketing just for them
Knowing about your target in depth means that you can connect with them on a deeper level by using the language they understand and can relate to. This authenticity and dedication to their specific industry will make you stand out from the competition. In-jokes, cult heroes and niche phrases will all communicate that you understand exactly who they are, where they are coming from and what they need to achieve their goals both short and long term.
Find out where do they hang out
One of the other advantages of speaking to a specific group is that you can find out where their attention is and get your services in front of them. This could be through collaboration with respected influencers, writing articles for blogs they read, targeted Facebook advertising, going to conferences and networking events.
It's not forever
Most people are reluctant to concentrate on one target market as they worry that they will be stuck working with that target market for years. This doesn't have to be the case as you can try out working a specific target market for just 6 months. if you don't find it rewarding or discover something you don't like, then just change to another target market.
Eventually it will click and things will really take off and even if this does take a while, it will generate better results in the long term that doing what most people do at the moment and try and sell their services to everyone at once.