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  • Who Is Your Target Market?

    July 5, 2018
  • Do you know your target market?  Do you even know what a target market is?  You may be surprised, many business owners do not and they use a general spray and pray approach.

    A target market is basically your ideal customer.  What do they look like?   Where do they hang out?   What do they do?   It is really important to understand this, or you don’t know who you are marketing to or even where to find them.

    When I first started my business, I was given this advice and I thought it was actually a little weird.  Why couldn’t I just put a call out to help financial advisers and go from there?   But what type of financial adviser did I want?

    So, I took the time to sit down and write down the type of person I wanted to work with, so I wrote something like this.  A male financial adviser, working from home but didn’t want to move into an office space so therefore didn’t have the space or desire to bring them into their home, they needed to be with a certain company, were married and had up to 2 children AND they drove a BMW!   Yes, I got very specific and I have a little love affair with BMW’s so why not make them drive one!

    You will never guess what!  My first two clients fitted this profile perfectly!   I was in awe that this worked.   Ok, to be honest maybe both didn’t actually drive BMW’s but one definitely did and the other had literally just looked at a BMW to purchase for his wife the weekend before we met.   Wow!

    Stories aside, why is it beneficial to set your target market?

    Clarity!

    By understanding what your ideal client looks like you know where to start looking for them and start getting a feel of how to market to them.  Then you can source places to market to them and what would appeal to them.

    Not only does it help with marketing, but it helps with you knowing exactly who to accept as a client.   I remember in my early days sitting in front of a potential client to do some work for them.  They had a high-end office space near the city and had a team of staff in their office.  So far from my ideal client, it wasn’t funny.    They offered me the opportunity to work with them in my business, but I knew that this wasn’t right for me as they just didn’t fit my profile of an ideal client, so I declined.   Just having this profile made it easy for me to come to that decision.

    A few years on in business I now have a broader target market and all my clients fits into the various profiles I have.

    One important note to remember is, although you may have your ideal client in mind, you will get people outside of that market who may come from referrals and this is perfectly OK.  If they fit with you in other ways, then bring them on board.

    My theory is, you have your ideal client ‘avatar’ so you know how to market, what happens around your marketing (like referrals) is outside of your control so run with it and have it work for you.

    It will happen!

     

    Paula is a Virtual Assistant and coach.   She is passionate about assisting other business owners to grow their business by focusing on the tasks that are more valuable and interesting to the business owner.

    If you want more information on how to work with Paula and her team, feel free to contact Paula at info@beyondthemaze.com.au