YES, I Hear You!
Knowing your “Target Market” – “Ideal Client” – “Target Audience” is Critical but…
If you don’t have people who are dying for the solution you bring with your product or service, then you don’t have a business.
Yes! I just said that! You may have a super fun hobby on your hands–which is fine if you don’t want to make a lot of money.
However, if you want a business and a thriving one, you must have a product or service that someone is turning over rocks, combing through the internet, or talking about it constantly to their friends (who, by the way, wish they would stop “complaining” and get a solution already).
Then answering the question “who is my target market” is foundational to your success.
If you are struggling to get enough clients, or your marketing is not working and you’re wondering why everyone else is successful and happy and you aren’t, then keep reading.
There are 3 essential pieces in identifying your Target Market:
Your solution should be a life changer… Let me explain.
Life changing does not have to be dramatic, just impactful. One of the businesses I owned was called the “Exclusive Bridal Cruise” where I provided the best of the best bridal vendors, put them on a yacht in front of brides who were looking for their services, and set sail on a 2-hour harbor cruise in Newport Beach.
You may be thinking – that sounds awesome but it is not life-changing. Yes, it is. Getting married is wonderful but it is also a very stressful time. You are overwhelmed with choices, you must make many decisions, and you want to look back on this time as filled with good memories. Think about how much more their fiancé enjoyed planning the wedding with them when they found great vendors (without having to see 5 florists, 3 photographers, etc.) and made memories with their mother, bridesmaids or whomever they brought on the cruise with them. The wedding planning was fun, and a special memory was made for a lifetime.
How does your product or service impact your Target Market’s life?
Benefits sell and features do not. Features help your ideal client to decide to go with you as opposed to your competition. Features are very easy to come up with, but benefits are much harder. This may sound easy but in reality, it is not.
Features are often mistaken for benefits. We, as business owners, have worked very hard to make or have the perfect product or service. We can tell you everything about it – size, ingredients, organization, how long it takes, how much money it will save, how many years of experience you have, what degrees or certifications you hold and on and on. These, however, are features. Your prospect will not connect the dots themselves on how this solves their problem. We must tell them why they would want to purchase and what it will do for them. These are called benefits. Benefits tell how your product or service causes good changes in lives related to money, love or relationships.
In the example above, the benefits were about relationships. By providing the best of the best vendors, they improved their relationship with their fiancé and whoever was helping them with planning the wedding to make the process less stressful and more enjoyable. They didn’t have to go to bridal tradeshows and be overwhelmed and more confused than when they arrived. Their fiancé didn’t have to go through the process of being pulled into consultation after consultation in finding the perfect vendor. The exception being dessert and food–they’re the fun ones to hunt for!
The buying process has been turned upside down through new technology. How people buy (both when and how) has dramatically changed with technology.
A couple Christmases ago, I found myself in Target with my smartphone looking up reviews on different sewing machines in the price range I needed. I was also comparing pricing to make sure I got the best price–fully willing to go somewhere else if I found a better price. Here’s an interesting statistic: 79% of smart-phones users use their mobile to make purchasing decisions. That wasn’t the case 10 years, maybe even 5 years ago.
When you think of your Target Market, it is not just demographics (i.e. age, income, gender, industry…) or geographics (i.e. location, culture, country) but now you also need to understand psychographics: the mind and behavior of your Target Market. This includes values, lifestyle, social class, interest, beliefs, goals, and more. You want to be able to make a heartfelt connection and understand their buying habits and motivations.
Understanding and identifying your Target Market is a vital process for a thriving business. It should not be taken lightly or done quickly. For those who invest time into profiling their Target Market, the benefits are astounding.
Can you imagine being able to speak your Target Market’s language so well that they can’t wait to buy from you? How about spending less time and money marketing and having so many clients you don’t know how to handle them all? What about only working with clients you love to work with instead of being desperate and taking any client that pays?
The benefits of taking time and investing in thoroughly defining your Target Market are too numerous to mention. But think of all the restful sleep and enjoyment you will find when you have a well-oiled thriving business!
Bethany Sunny shows motivated entrepreneurs, speakers, coaches, and authors how to become visible so they can get more clients, close more sales, and grow their business fast. With over 25 years of experience as a business owner of 3 successful businesses, she enjoys impacting people’s lives through coaching, training and speaking. Join her on Facebook.