Let”s say a fisherman went out to fish in the Pacific Ocean. Before going, he made the biggest, sophisticated net there was during his time. He learned all of the fishing tips and techniques available. He felt confident about what he was going to accomplish. He said good-bye to his friends and family before embarking upon his adventure. He knew what to do when he got to the Pacific Ocean… which was, to cast his net. He also knew the Pacific Ocean had all kinds of fish. Just the thought of casting his net in such a large body of water gave him great excitement.
At last he was in his ship and on the Pacific Ocean. He reached the spot suggested in his fishing courses; but he decided to go further for a bigger catch. He took a deep breath, thought about all he went through to get here. He cast his net! This was the moment for which he had longed and worked so hard.
He felt the weight of the net. He drew up the net carefully. How many fish could there be, he wondered. Just the joy of having caught so many fish on his first trip kept him going. He pulled and pulled. The task of drawing up the net into the ship was tedious.
He pulled with all his might and at last he got his net out of water. He dumped all of his catch on the floor. First, he was in awe of what he saw… He had caught so many different kinds of fish and other sea creatures. Then disappointment began to set in. Some of his catch seemed strange… he did not know what to do with them. How could he separate his catch? Which ones could he throw back into the ocean? This, he thought, would take so much time and energy. What could he do?
What would you do?
Target Market, as defined by biztazlaw.about.com is a specific group of customers which you have identified who have needs or problems which your products or services can fulfill.
Identifying a target market is a critical component to the formula of your success as a coach or business owner. Many opportunities open up for you with a target market.
Here are just few of the benefits of having a target market:
- You know what your target market needs and wants to solve.
- You become known and recognized in that specific market.
- You know where to find them.
- You know who they are and how you can serve them.
- You are seen as an expert.
- You can write directly to them.
Three Ways to Identify a Viable Market
1. Identify a market based on who you are, your experiences, and your expertise.
2. Identify a market that you’re surrounded by– Do you have exposure to many contacts in a specific industry? Or did you grow up surrounded by restaurant owners/managers, or people in politics, medicine, sports or other markets?
3. Identify your market arbitrarily. You do not need to be an expert in a particular market before serving them. Identifying a viable market you know little or nothing about should make you want to know more about that market; and in your efforts to learn more, you build and develop a strong rapport with this market.
What Makes a Market Viable: Three types of questions to Help You Find Out
1. Are the people in this market accessible? Can they be found in groups? Are there several ways through which I can get in front of a large number of them? Are there avenues available to access them?
2. How about the size? Is it narrow enough that I can stand out in the crowd and be able to connect with them regularly?
3. How about their purchasing power and desire? Is this market motivated to invest in their desired solution? Are the people in this market seekers who will invest in their personal and professional development?
Six Categories of Potential Viable Markets
- Professional Markets (Life Coaches, Financial Planners, Lawyers, etc.)
- Small Business Markets (Speakers, Web Designers, Home-based Business Owners, etc.)
- Holistic Practitioner Markets (Massage Therapists, Chiropractor, Herbalists, etc.)
- Entertainment Professional Markets (Producers, Directors, Talent Agents, etc.)
- Position Markets (CEOs, HR Managers, Call Center Managers, etc.)
- Your own… Do your research and come up with your own potential viable market.
Action Plan
Ask yourself these questions as you identify your target market… write down your answers.
1. Who is my market?
2. What do they value? Are they men or women? How old are they? What are their demographics? What experiences have they had or are having? What do they do for a living? What gifts and talents do they have?
3. What attracts me to this market?
4. What knowledge and expertise do I bring to this market?
5. What do I need in order to serve this market?