In order to market your product or service, it is important that you target your marketing and sales efforts to a specific population of clients that are most likely to buy from you.
Identifying your market helps you to meet your clients’ needs. You have to find out who your clients are, what they want, what can they afford etc.
Targeted market ensures that your business is indeed catered to the right clients and it can sustain your business in a long run.
You don’t have to try to work with everybody, just work with the right clients.
Targeting The Right Segment Of The Market
A market is simply any group of actual or potential buyers of a product.
So how do you find out which is the right market segment to target? You need to identify what segment of your market is going to benefit the most from working with you. Understand what your business has to offer to your clients. Identify your product or service’s features and benefits. For example, anti-lock brakes; they are features on a car, but the benefit to the consumer is safety.
While features are valuable and can certainly enhance your product, benefits motivate people to buy. When you know what will make customers buy your product/service, you can identify your potential market.
Let’s say in this case, you can target a specific group of consumers with similar characteristics, such as families with young children. This is an example of market segmentation.
Determining The Qualifying Criteria
After identifying the potential segments within your target market, the next critical question is whether it would be profitable and feasible for you to pursue each identified segment that fits your business purposes.
To make this decision, here’s a list of qualifying criteria that you can take into account when you decide.
Are they financially qualified to engage your services?
What’s the challenges (problems/ improvements) the prospect is facing now in their business? How critical is it for the prospect to solve these challenges?
What is the client’s desired outcomes? What would they like to achieve in a specific time frame? What’s their goals? Is the expectation of the prospect realistic? Would you able to help them achieve their goals in a specific time frame that prospect wanted?
What kind of ‘dream’ clients that you are looking for? What’s your expectation toward your ‘dream’ clients?
Commitment & Determination
What kind of commitment required from the prospect? Do they have burning desire to achieve their goals? Do they determined to follow through your coaching advice?
What are the possible distractions that prospect are facing in his/her life that may distract his/her focus?