Your Target Or Ideal Customer

... Identifying Your Target Market ...

Determining your target market is your first job as a Business Owner

It enables you to stand a much better chance of bringing in a high number of qualified leads to your business.

Qualified leads are the group of people who are most likely to buy from you - they have a current need, problem, or desire that your offering will solve or serve. These people are your target market, or ideal customers. Qualified leads are generally easier to convert into customers, so a high number of qualified leads mean a high conversion rate and, of course, more sales.

... An example of this going wrong ...

You own a hamburger business and are standing outside a large convention, waiting for the lunchbreak to take advantage of a huge rush of people in a short period of time (a great way to do business) to give away small hotdogs to generate customers for your business down the road. You have prepared all your toppings, flyers with simple directions, arranged for staff to handle the rush and stocked up mightily to ensure you do not miss a single prospect. The group comes out and you manage 25 free hot dogs given away when you were expecting 500.

... What went wrong? ...

You did not realize the convention was a health and wellness group comprising of 95% vegetarians ... morale of the story; if you are talking to the wrong audience, it doesn't matter how good your offer is - you are wasting your time. Talking to your target market is CRITICAL to successful Marketing.

So, your first job as a Business Owner is to figure out who your target market is, and how the people in it think and behave.

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As a Business Coach, I cover:

How your target market influences your Marketing choices

A step-by-step process for identifying your target market

Types of target markets

Examples of target markets

Market research strategies

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Generating qualified leads will make it easy to boost your Conversion Rate, because your prospects will already want or need your service.

A target market is simply a group of people with something in common - things like age, gender, opinion, interest, or location, - who will purchase a product or service. Your market can be broad or specific in scope, and it is unique to each business or industry.

Knowledge and understanding of your target market are crucial to the viability of your business. You must know if there is enough demand for your product, or enough interest and need for your service. You must know how to communicate with your customers and understand their thoughts and behaviors.

In advanced Coaching and Marketing, demographics and also psychographics are investigated.

Without a comprehensive understanding of your target market, you cannot make smart choices about your front end offers, Marketing Strategy, pricing structure, and product or service mix. It is kind of like driving a car with a blindfold on - you would be headed for disaster.

In addition, it’s essential to confirm assumptions and understand purchase motivations. Identifying your target market is not always easy, but I promise it will pay off in spades, so stay committed to your efforts with this.

Remember, audiences, trends, products, and services change, so stay ahead of the curve and keep on top of your market.

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PS: Do you regularly apply the information you have learned about your target market to refine your Marketing Strategies? Have clearly identified who your target market is, and how those people think and behave, so you can determine what to say and how to reach them?