"My target market is everybody." Is this statement true
for your business? If so, how is that working for you? My
guess would be that it's not working at all. I shudder
when a client tells me that their target market is
everyone. When you target everyone, it's too hard to focus
on anyone and you attract no one.
One of the most terrifying decisions an online business
owner makes is the decision to refine and define their
target market. Why? Generally because they're scared of
excluding people. However, the more focused you are in
your marketing efforts and the better you understand and
can define your target market, the easier your marketing
becomes. Really! And, what's even more astonishing is
that you'll soon begin to hear, "Well, I know you only work
with <xyz market> and have seen how successful they have
been in working with you, but I'm <abc market>. Will you
work with me, too, and help me succeed?"
What's the easiest way to uncover the characteristics of
your target market? Conduct informational interviews with
those who belong to that target market. Despite the fact
that most informational interviews are used by people
seeking a job in a particular market, you can apply this
concept to help you create a full description of your
target market. If you have no idea who that might be,
interview some of your favorite clients or
friends/colleagues that you think would make an ideal
client for you. Go through your contact database and find
prospects who meet your description and request to talk to
them about their challenges.
You can set up 30-minute interviews over coffee or over the
phone with people who fit your ideal client profile and ask
them a series of questions about things you want to know
more about that will give you insight into their daily
lives. Or, join in and participate in their online
discussion lists, forums. or blogs and research the kinds
of questions being posted. Find someone else who provides a
different offering to the same target market and ask to
send out a short survey to that person's contacts and to
find out more about them as a group.
Here are the questions you can ask in your informational
interview or survey. Some of these questions may not apply
to your target market, depending on whether you're a
business-to-business company or a business-to-consumer
company:
1. Demographics. Are they male or female? What age group?
What socio-economic or ethnic group do they belong? What is
their religious preference? What levels of education have
they completed? What is their marital status? Do they have
children?
2. Psychographics. What are their lifestyle preferences?
What kind of hobbies do they have? How do they spend their
free time? Do they tend to be conservative or liberal in
their lifestyle and political beliefs? Are they generally
introverted or extroverted?
3. Financial. How much do they make in a year? Can they
easily afford your product or service? On what do they
regularly spend money?
4. Industry. What types of occupations do they hold? Are
they part of a particular industry or profession? To what
groups and associations (real and virtual, personal and
professional) do they belong? Is there a list of them that
might exist somewhere?
5. Values and Beliefs. What are their beliefs? What
values do they hold dear? What is important to them in
their life and work?
6. Location. Where do they hang out in real time -- at
church, the local coffee shop, the hardware store, civic
groups or professional association meetings? What about
online in discussion groups, blogs, forums, online
networking sites? Do they attend conferences or trade
shows regularly? Can you open the yellow pages of your
phone book and find several listings that would encompass
your target market?
7. Information Gathering. What magazines, newspapers,
email newsletters, blogs, and professional trade
publications do they read? What television programs do
they regularly watch? What kind of movies do they see?
What kind of online videos do they view?
8. Connections. With whom do they do business on a
regular basis? Where do they network online and offline?
Who are their "natural referral partners", or other
businesses who cater to the same target market but offer a
different service? Whom do they trust and respect?
9. Communication. How do they prefer to interact -- in
person, by email, by webconferencing? Are there buzzwords
or industry-specific terms that they use frequently? What
gets their attention?
10. Problems and Solutions. What are the key
issues/problems/concerns keeping them awake at night? Are
they in enough pain that they're willing to pay you to
solve their problem? Where are they seeking assistance to
help solve the problem? What kinds of products and
services might they purchase to help solve this problem --
books, magazines, coaching, consulting, etc.?
Once you've completed several interviews, then compile the
information you have received and create a profile of your
target market. Based on the info in this profile, then
answer these three questions:
1. Are there enough of them to make them viable as a group?
2. Would I enjoy working with this target market?
3. Do you offer ready solutions that would help this
target market solve their problems?
If the answers to those questions are all "yes", have this
profile available to you as you plan your marketing
strategy, write your website copy, create information
products, write articles, blog, or compose your email
newsletter. When you fully understand your target market,
you are able to streamline and focus your marketing, and
you'll wonder why you ever waited this long to define your
target market!
----------------------------------------------------
Online Business Resource Queen (TM) and Online Business
Coach Donna Gunter helps independent service professionals
learn how to automate their businesses, leverage their
expertise on the Internet, and get more clients online. To
claim your FREE gift, TurboCharge Your Online Marketing
Toolkit, visit her site at http://www.OnlineBizU.com . Ask
Donna an Internet Marketing question at
http://www.AskDonnaGunter.com .
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