How do I identify my target market?

You’re a small business owner, maybe you’re just starting up.  Knowing how to identify your target market is vital to help you be most efficient in selling and marketing your product.

I’m going to tell you a tale, a crusty old tale:

“Simple Simon
Met a pie man going to a fair
Simple Simon said to the pie man
Let me see your wares”

How often does that happen?  Potential clients walk up to you in the street and ask about your business and buy from you on the spot, maybe if you’re selling Mars Bars or Coca Cola or umbrellas on a rainy day.

Just imagine in a perfect world, in a perfect economy people would come to you and ask to buy from you, take moment to decide and then buy.  How great and easy does that sound?  As a small business owner, is that what you’d want and aspire to? 

It is possible that if everyone did come to you to buy, you would find it tricky to provide a service to all these people.  Could you work with everyone?  Do you have the time to work with everyone?   I imagine, the answer to the question is probably ‘no’?

Reality is that whilst there’s lots of people out there – you only need a few – a small group of people who really want your product.  So you must narrow down your focus, really pinpoint exactly who will buy from you. 

Our pie man in the story is selling apple pies, so he is looking for people who like apple pies, he doesn’t want people who like meat pies.  Simple Simon wants to buy an apple pie so that’s good, people who like Apple Pies are the perfect customers.  That’s his niche market.  What about customers who want to buy meat pies?
 
That’s why you need to find out who, and when I say who I mean ‘exactly’ who.  You must be very precise.

Steps to identify your target market
1. Ask yourself ‘Who’ are my target market?.  Write a list of who they are.

2. What are their needs.  How can I help them?

3 What are their concerns.  What can I improve for them?

4. What are their desires.  What can I give them?

5. What are their barriers. What’s stopping them buying from you?

6. What are their worries?  Why might they not buy from you?

The results of these questions will lead you to the beginnings of a marketing plan.

“Says the pie man to Simple Simon,
Show me first your penny;
Says Simple Simon to the pie man,
Indeed I have not any.”

That’s another link in the chain….sales……find out if they can afford you. 

About the Author: Sue Bown: Works with businesses and individuals to get better results, more efficiency, less stress AND more success. I play golf too, especially in the sun!

Twitter @thecoachingzone
Facebook: http://www.facebook.com/TheCoachingZone

Other blog posts:

Would you buy more time?

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Tagged with: Business Coaching • Marketing • Sales • Your Goals

Filed under: Business Coaching

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