Let’s get back to the basics for just a minute, can we, friends?
When was the last time you did some target market analysis? Do you know WHOM you’re trying to reach with your services? Have you identified HOW you can help them through their pain points? Who is YOUR dream client?
Does this all sound foreign to you? Like some crazy nonsense? Keep reading!
Learning and knowing your target market is super important to running your business. Sure, you can have a solid message ~ but is your target market getting it? Unfortunately, there’s no way to know unless you can identify WHO your market is and HOW to get your message to them.
Without this information, you are practicing what I call “hope marketing”. You’re just throwing your message out there and HOPING someone notices and becomes your client. Sorry to say, sister – but that process is a waste of your valuable time and skills.
1. You’re not Walmart, so don’t try to appeal to the majority of the population. Walmart’s success depends upon carrying thousands of products that appeal to a wide variety of people of varying economic levels, all at discount prices. You don’t have enough time in the day to serve the same number of customers like Walmart, nor can you possibly carry thousands of products. Instead, identify your niche and dig down deep. Just because a niche ~ aka your target market ~ may be small doesn’t mean they won’t spend money. If you’re targeting the correct market (note: YOUR PEOPLE!), you’ll find folks willing to purchase your services or products.
2. Save money on your advertising and marketing costs. At some point, you’ll need to spend money on advertising, either via email, in magazines, or sponsored ads on Facebook or Instagram (I know – scary stuff!). Successful advertising, however, totally depends on reaching your target market. So, again, target your niche market – as small as it may be – because they are the ones who will benefit the most from your products and services. They are the ones who are struggling and will listen carefully to what you have to say ~ all because you have the answers to their prayers (hallelujah, and can I get an amen?!).
3. Knowing your target market will help determine your coaching or program prices. Approach this from two perspectives: think about the target market you WANT to serve and research what price points they can afford. Now think about what price you’d like to offer and determine if your ideal market can afford those prices. If you discover they can’t afford your 1:1 pricing, consider offering a group coaching program, or maybe a shorter-term program or offer. Perhaps you can begin offering self-study or online programs they can afford now. This is a great starting point for folks who aren’t quite ready for the whole package but maybe want to get to know you and learn more about your ways. This will attract even more people into your circle of influence: your inner circle.
In the end, every business needs to know and understand the demographics of their target market. For solopreneurs running on limited budgets, this info is even more vital so you can spend your advertising money wisely. Discover exactly what your people need, what their struggles are, and how to help them overcome those struggles. Do your homework, and in return, they will come to you when they realize you can relate and that you have answers they’ve been seeking!
Not Sure How to Get Paid What You’re Worth, OR When to Raise Your Prices?
Let’s set up a time for a DISCOVERY CALL about COACHING OPTIONS! So many of my clients get stuck when it comes to setting their coaching or program rates, even after identifying a niche. Does this give you trouble, too? FILL THIS OUT. Can’t wait to connect!