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How to Identify Your Target Market from Scratch in 7 Steps
By James Roche
The riches are in the niches - yet most entrepreneurs resist marketing to just one targeted market. First off, "everyone" is not your target market. If you’re serious about making money to retire with, you must niche. Problem is...if you have no idea where to start identifying which niche is THE ONE for you, how can you change lives with your product or service? I’m going to show you step-by-step exactly how to find your target market - even if you have no idea where to begin.
Every product, every service, every business appeals much more strongly to a specific group than it appeals to all people, yet most entrepreneurs get their clients by luck or accident. They throw their marketing message out like a fishing line into a vast ocean hoping the right people will bite. When you focus on ONE target market you leverage your time, money and energy...and you’ll get richer very quickly.
Here’s how to find your target market in seven steps...(The first five of these seven steps should take you less than 40 minutes total to finish. Use a timer.)
Step 1 - Brainstorm The Problems You Know How To Solve
You have a special gift. You can see things others can’t. All your life you’ve solved certain problems easily and quickly. What are they?
** 10 MINUTES (Set your timer): On a fresh piece of paper brainstorm all the problems you help solve. Think back to all the problems you’ve solved all the way back to childhood. Write for the full 10 minutes without hesitation or editing.
Step 2 - Brainstorm All The People And Groups That Struggle With The Problems You Solve
Whoever your niche is, they have problems they want solved. They are out there ready to pull out their wallets and hand you fist-full’s of cash just for solving their problems. Your task is to match those people with your ability to solve their problems.
** 10 MINUTES: On a separate sheet of paper brainstorm every person, group, business, organization that have one or all of these problems.
Step 3 - Identify Who You Naturally Attract In Life Right Now
Even if you don’t have a business started or you have no idea who your target market is, you still naturally attract certain types of people to you. And you’ve attracted them to you all your life. Pay attention to who they are.
** 10 MINUTES: On a fresh piece of paper brainstorm all the types of people you naturally hang out with and who naturally come to you for help. Don’t worry if they have the problems you solve - start fresh. Your goal for Step 3 is simply to identify the type of people that consistently come into your life.
Step 4 - Prioritize Your List Of Potential Target Markets
You should have two full lists of potential target markets: people you’ve naturally attracted and people who have the problems you solve. Start to clear the herd and see which target market rises to the top.
** 5 MINUTES: Go down the list of potential target markets five separate times for each of these five criteria. Ask yourself:
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"Do I like these people? Do I want to work with them?" If not, cross them off the list.
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"Do these people spend money to solve their problems?" If not, cross them off your list. (You’re in a business, not a non-profit. Be brutally honest and avoid being attached to results you WISH were true. Stick with the facts.)
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(For the list of people you naturally attract and hang out with.) "Are these people I naturally attract ALSO people with the problems I help solve?" If yes, put a star by them.
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"Does this target market share my values and worldview? Am I like them? Do I believe the same things they believe?" If yes, put a star by them. (People buy from people like them - people that "get it" - people who they know, like and trust.)
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"Can I gain easy access to this target market?" If yes, put a star by them. (Maybe it’s a specific geographic area they all live in. Maybe they go to events and meetings that you know about. Maybe they visit the same websites you do.)
Step 5 - Identify Your Top 3 Potential Target Markets
So which target markets on your list got the most stars? Choose the top three. (If there are more than three - follow your gut and pick only three.)
** 5 MINUTES: Circle the markets that have the most stars by them. Create a separate piece of paper for each target market with the most stars. Write the target markets name on top of each piece of paper.
Step 6 - Research Each Target Market
You’re now going to dive deep into each of these target markets and really see which one fits you and your business best. This is a science because you’re looking to gather enough information to make a clear business decision. This is also an art because you’re looking for what your gut tells you is right.
** ONLINE: Find websites already marketing to each of your potential target markets. Make notes on the paper for that niche. Find possible competitors, joint venture partners and resources where you can market to in the future.
** OFFLINE: Talk with members of this group - ideally, face-to-face. Ask them questions about their problems - what do they want? Listen for what they complain about because these will define what products and services you offer. Take complete notes on your paper.
Step 7 - Choose One Target Only
You’re ready to niche now. Resist the urge to have more than one target market...at first. Once you’ve mastered one group and your business systems are in place, THEN you can branch out and service more target markets. But in the beginning, make your life easy - stick with one niche.
Your goal throughout all seven steps is to become a big fish in a small, accessible pond - not a small fish in a big, crowded pond. You want to be the tropical fish that’s special, unique and easy to spot by all the other fish. This process takes time - be patient. The secret to identifying the right niche for you is interacting with your target market as much as possible because THEY have all the answers you’re looking for.
© 2006 - 2010, Info Marketing, Inc.
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