Last week I led a group of coaches in a discussion of “How to Build a Profitable, Purpose-Guided Business.” Not surprisingly, we focused on the topic, “Choosing Your Target Market.”
I know many service-based business owners who agonize over this decision. I did too, at first. “Just choose three to five groups of people you like to work with,” I was advised. Hence, my first mega-website was divided into three major categories — Coaching for Women, Coaching for Lawyers, and Coaching for Clergy. (My husband joked that I included everybody but male engineers.)
NOT a good idea! When you’re “targeting” more than one group, you’re spreading your resources too thin. Your time, your energy, your hard-earned dollars, your focus. You’ll confuse and maybe even scare away the people who are meant to work with you! My current business mentors have ingrained in me the mantra, “A confused mind always says no.”
[Take the pressure off. If you make a decision, try it on for size; and if your target market is not a good fit, guess what . . . you can change! Just don’t invest a fortune in marketing materials or websites until you’ll pretty darn sure you’re going to stick with that particular group for a while. And guess what else. Declaring a target market doesn’t mean you can’t work with somebody who doesn’t fit that particular profile–as long as you resonate with each other and it’s a good fit for both of you. Feelin’ the freedom?]
So, besides liking the people you intend to serve, what are some other factors to consider when identifying your target market? Try these:
- Do they have specific problems you can help them solve?
- Are they likely to pay someone to help solve their problems?
- Are they motivated and passionate?
- Do they gather in places where you can easily find them?
- Can you relate to them . . . really well?
If several groups come to mind when using those criteria, ask yourself the killer question: Who Needs You Most? There’s only so much “you” to go around!
We True Purpose™ Coaches are highly skilled in helping people get crystal clear on whom they’re meant to serve and how they’re meant to serve them. Reach out to us if you think you need some help.
To your success!