Not everyone is a target even your products or service can benefit everyone. I did make a mistake once, targeting the wrong people. I guess that I neither understood their interest nor I spoke their language. I had lots of resistance from the wrong market segment. There is nothing more important than understanding your target market.
Target marketing is breaking the market into segments and then concentrating your marketing efforts on one or a few key segments.
If you identify your market segment, you can tailor your target marketing strategies to meet their expectation and to provide a solution for them. Target marketing is a part of attraction marketing strategies. With target marketing strategies, you can attract potential customers and clients to any kinds of products or service. If you are a solo entrepreneur, you should use this strategy, getting more customers by targeting less people. You are different from corporate business. You can build relationship with your potential customers more intimately, on a personal level. Your solution can be personalized to match with their expectation exactly.
Four Steps in Target Marketing Strategies for Solo Entrepreneurs
1. Who is your target market?
Ask yourself, “What types of people who might be interested in my products or service.” Look at your life, identify what types of people who become your friends and who are most drawn to you. Pay attention at whom you are attracting and people whom you are comfortable to talk with. Are they willing to pay for your products or service? Are they looking for solutions? Your market segment may not be too small. It means that you don’t have enough customers if your market segment is too small. How many number of searches in certain market segment are searching for the solution that you offer?
2. Know everything about your potential customers.
Write it down everything about your prospect: what is their age range, what they like, what are their interests, what is their problem/concern. The more you understand the need of your target market, you can speak their language and you can have empathy for them. Put yourself in their shoes: what are they thinking and what are their worries. You must know them well-their needs, hopes, desires and pain or worries.
3. Provide solutions to their need.
Many solo entrepreneurs highlight general benefits of their products or service. You must tailor the specific benefits to match with their problem. Your attraction marketing strategies work when you are able to provide personalized solution to their need.
4. Identify the competition
When you choose your market segment, look at the competition as well. Look for under-served market. Identify your competitors. Study and do the research what are their strength and weakness. Try to find a way how you can stand out from the competition. Give the reasons why people should choose you over your competitors.