Most people start their business for a variety of reasons. Some are really passionate about something and they are committed to sharing it. Some want to improve the quality of their life and the lives around them. Some are just looking for a way to make money. Some just want to make a difference. No matter how they get started, most people decide what they want to offer and then go find the market to offer it to. This is the hard way!
Now, while this is a valid approach and has proven to be successful for some, it is not for most. Statistics say that 95% of new businesses fail within the first 5 years. That means only 5% remain in business, some just over survival – struggling to make ends meet.
How do you improve your odds? How do you become one of the very successful thriving businesses? You do what they do! Do your homework first! Find out what the people in your target market really need!
Ask them! What are the problems that they are having with your competition? What are some of their aches and pains? What are their dreams, their wishes & their commitments? What are their demographics, psychographics, & spending habits?
The more you know about them, the better you can serve them. The better you can serve them, the more loyal they will be to your business – causing you to be more successful – Ergo “The more you know about them, the more successful you will become”. Simply stated, find out what they want and sell it to them!
One way to approach building your business is to take some time and distinguish your “Ideal Client”. By getting clear about who they are, it becomes much easier to find them and present your offer. You want to identify Who, What, Where & Why…
Your “Ideal Client” is looking for what you have to offer at the opitimum level that you would like to provide it. Here are a few elements to help you along the way:
- Desire/Require – Your products or services solves a problem, fulfills an emotional need or supplies a requirement.
- Immediate Need – An acknowledgement or committment to acquire your products or services within the next 30-60 days.
- Means of Acquisition – Your offers are viewed as a “high value proposition” and they have access to the financial resources to acquire your products or services.
If you are currently marketing to individuals, companies or organizations that do not meet the above criteria, then you are probably not getting the results that you want!
Sometimes, we discount our prices or agree to jobs that end up costing more than they are worth in the long run. We may even find ourselves spending a lot of time doing business that really doesn’t allow us to best serve our clients.
The next area to identify is Who – This is the most basic group of your “Ideal Client”. Your target or niche market is not everybody. It’s fairly difficult to market to everybody unless you really have deep pockets. Even if you don’t, it may not be the best use of your marketing and advertising dollars. I recommend that you start with determining the best match for your products and/or services.
For example, if you are a Small Business Coach/Consultant, then your most basic group would be Small Business Owners and Managers looking to solve a particular problem or to achieve a desired goal in there business. You may want to become an expert in a specific area of business – like internet marketing, strategic planning, direct marketing, sales training, etc.
As an expert in direct marketing, you are recognized as someone that helps small business owners increase their sales using a combination of cost effective direct mail strategies. You can then provide the concept, copy writing, database, delivery & consulting as a part of your offer.
You can also write articles, books and special reports on your area of expertise to provide your current and prospective clients. Seminars and workshops are another great way to add value to your clients.
Another example would be if your were a mortgage broker, then your most basic group would be People Looking for Money to Buy a House. As a Retailer or Distributor, your most basic group would be Shoppers/Buyers are Seeking to Purchase Your Products.
Are you starting see what I’m talking about? It’s not everybody. It’s a very unique group that have that have the desire or require, an immediate need and the means to acquire.
The next area to examine is What – This is the Demographics and Psycho-graphics of your niche market. What do you know about them? Here are some areas to consider:
- Ackes & Pains, Challanges & Problems
- Vision & Goals, Wants & Desires
- Commitments and other Interests
- Ages, Gender & Marital Status
- Occupation & Income
- Residence & Automobiles
- Education, Training, Degrees & Certifications
- Savings, Investments, Money Management & Credit/Debt
- Family Orientation, Children, Siblings
- Recreation, Travel, Vacation
- Health, Well-Being & Spiritual Beliefs
The next area to take a look at is Where – These are the places where your “Ideal Client” can be found. It is helpful to identify locations and resources that are already providing products and services to your niche market. Here are a few to start researching:
- Newspapers, Magazines & Websites
- Television & Radio Shows
- Associations, Organizations & Groups
- Shopping Centers, Stores & Restaurants
The final area to identify is Why – This is probably the most important one of all. It defines your Unique Value Propostion. It’s what sets you apart from your competition. Your “Why” is the main reason your “Ideal Client” chooses you, your products and/or services. Here are a few components to consider:
- What is your Story, Life Experience and Professional Experience?
- What about your Accomplishments, Awards, Degrees and Accolades?
- What is it that only You Can Provide your Offer to Them the Way that You Do?
As you are probably beginning to see, it is much easier and far more profitable to identify your “Ideal Client”. All of your marketing messages, website content, referral partners and strategic relationships should be consistant with serving your client.
If you would like some additional support on Niche Marketing and Identifying Your “Ideal Client”, please listen to following interview with Results Life Coach of the Year – Bill Davis.
You can also call us at 336.790.4123 or click here to complete our online contact form.