Before beginning a new marketing campaign, I ask my clients an important question:
Who is the target market for your product?
Often, the response I get is:
My product is for everyone.
Even if this statement is true, marketing research shows that brands or products that try to appeal to everyone, generally end up appealing to nobody. On the other hand, brands and products with a clearly defined niche audience often end up reaching people outside of their niche.
It may seem counterintuitive, but such is the psychology of marketing.
So what does this mean to you as a business owner?
If you are already running an established business, you may or may not be reaching your intended audience. With a few adjustments, or even a branding makeover, it’s possible for you to increase your sales significantly.
The first step here is to define your ideal customer.
You can use someone you know as an example of this, or even create a fictional character to work with.
If you already have a business idea, chances are your product or service is based on a solution that people need in their lives.
Who are these people? Where do they live? Where do they work? How old are they? What is their gender? What do these people spend their money on?
Go ahead and map this out. Look for these types of people online. Find out what else they are interested in. This will help you to refine your approach and develop an action plan to reach them more directly.
The more specifically you are able to identify your target market, the more clarity you will have in terms of the direction you need to take to reach this audience.
Here’s an example:
Imagine you are a financial consultant. Who is your target audience? Literally everyone in the world who uses money.
You decide you want to reach everyone, because logically, that sounds like a lot more people, which should translate to more clients and more income. Makes sense, right?
You decide you want to be the go-to person for everyone who is willing to spend money on financial advice. You create a website, a business card, make some calls, send pitches to a number of individuals and companies, and you wait. No one responds.
Why? Because marketing doesn’t actually work that way. You are just another regular financial consultant who is not being noticed in a sea of many other financial consultants who have taken the exact same approach.
Sure, this may get you a few clients. Maybe even enough to keep you afloat. But will this really help you to meet your long term goals for business growth and financial freedom?
Imagine you are a financial consultant. You decide that your services are not for everyone.
Perhaps you wish to charge premium rates. Perhaps you would rather work with fewer, higher paying clients so that you can have more freedom to focus on other things that are important to you.
So what’s your first step? Define your target audience. As specifically as possible.
It’s important that you have a personal connection with the target audience you want to reach. That way, people will perceive your authenticity. So find something you have in common with these types of people.
Maybe you really love music. Perhaps you always secretly wanted to become a rock star. What if… you could actually become a rock star financial consultant who offers your services to successful musicians?
So you find a way to make it happen. You decide to become the go-to financial advisor for the entertainment industry. You define your brand accordingly. You market yourself as a rock star financial consultant. You network. You make connections in the music industry and you reach out to them.
It’s okay to start small. One baby step at a time. Before you know it, these steps become giant leaps, and your business begins to grow exponentially. Sooner or later, you find yourself riding the momentum.
You may even become so successful as the rock star financial consultant, that people from other industries begin to approach you. You might end up with film stars or celebrity chefs as clients. All because you decided to become a financial consultant for rock stars, and you marketed yourself accordingly.
This would not have happened if you had chosen to be a regular financial consultant who tried to reach everyone.
See the difference?
Are you ready to apply this in your business? If so, ask yourself who your ideal client is. Determine what you have in common with your ideal client. Use this overlap as leverage. Market yourself accordingly. Reach out to people who are like your ideal client. Network.
This will help you to define your brand and reach the people you would love to work with.
Of course, it always helps to work with a professional agency that has experience in brand management and can help you develop a strategy to reach your ideal audience.
Feel free to get in touch for a consultation if this is something you need assistance with.