I know that most of my clients hear the term target market and target audience but, they still are not quite sure who they are selling to, who they are servicing and where their target audience is located. Many unfocused business owners spend most of their time attending networking events, conferences, seminars and they leave these events with more business cards, than actual business. Tailor made target audiences start from identifying why you are in business and what does your ideal prospect want. This will set the pace for your business profits months and years from now.
How do you find your target market? Where do you look for ideas? Once you have a target market in mind, how do you research it?
Here’s two things you can do right now.
Adapt to Suit Your Business Environment:,
- Find a market that is small enough that you can be a major player, but not so small that you can’t make good money. For example, you wouldn’t want to start a new online dating site because Match.com and eHarmony clearly have the market in a stronghold.
a) What you can do is find out what aspects of Match.com or eHarmony do not cover for the online dater?
b) What service can you offer to a member of these sites?
c) How can you help them prepare an image that will help them connect with their ideal date?
There are so many things you can create based on looking at your target audience and some of the concerns or problems that are not being addressed. This is called Instant Expert Branding.
- Do some targeted research. I recommend researching places that are out of the box. The best markets are markets that have a problem that needs to be solved. People who have problems are more willing to spend money. There are several great places to look for target market ideas.
a) Google Trends. Google Trends will give you a good idea of what things are hot right now. This can often help you identify new target markets and become a major player before others hop on the bandwagon.
b) Another great place to look is Amazon Magazines. If there’s enough of a market for a magazine, chances are there’s enough of a market for you to make money online.
c) eBay Pulse is another great place to look. Again, you’re looking for potential markets where you can become a major player.