Three Reasons Why You Should Know Your Target Market


When was the last time you conducted market research? Are you sure of whom you're attempting to target with your services? Have you determined HOW you can assist them in overcoming their obstacles?
Or does all of this seem strange to you?

Understanding your target market is critical to the success of your company. While you may have a compelling message, is it reaching your intended audience? There is no way to know until you first determine WHO your market is and how to get them with your message.

Without this knowledge, you are engaging in what I refer to as "hope marketing," You just broadcast your message in the hope that someone sees and becomes a customer. Regrettably, that procedure is a waste of your essential time and abilities.

1. You are not Walmart, so avoid attempting to appeal to a mass audience. Walmart's success is contingent upon its ability to stock thousands of things that appeal to a diverse range of customers with various economic circumstances, all at bargain pricing. You do not have enough time in the day to serve as many people like Walmart, nor can you possibly stock thousands of goods. Determine your expertise and delve deeply. Simply because a niche – also known as your target market – is tiny does not mean it will not spend money. You'll discover customers for your services or goods if you target the right call.

2. Reduce your advertising and marketing expenses. You'll have to invest in advertising, whether it's on local radio stations, in local publications, or via sponsored Facebook posts. However, effective advertising is greatly dependent on reaching your target market. Again, focus on your niche market – no matter how tiny it is – since they will profit the most from your goods and services. They are the ones who are in need and will attentively listen to what you have to say, all because you hold the solutions to their prayers.

3. Understanding your target market can assist you in determining your teaching fees. Consider two perspectives: consider the target demographic you WANT to serve and the price range they can pay. Now view the price you want to give and assess if your desired market can pay it. If they cannot pay your 1:1 cost, try to provide a group coaching program or other self-study programs that they can afford. This activity may catalyze developing a library of items with a range of price points that will help you expand your circle of influence.

Finally, every firm must be aware of and comprehend its target market's demographics. This knowledge is even more critical for solopreneurs on a shoestring budget to use their advertising dollars properly. Determine precisely what your niche need, their challenges, and how to assist them in overcoming those issues. They will flock to you once they discover you can empathize and have solutions.

Marques Ogden, Keynote Speaker