How to Define Your Target Market
By: Megan Pulsipher
When you first began your business, you saw a problem and thought, “I can fix that!” This was the whole reason you decided to start a business.
You have your awesome product, but now what? Your product doesn’t solve ALL problems, so you need to define your target market.
Deciding your target market can open a myriad of doors for you. Knowing who you are marketing to helps you create lead magnets that fit that audience. It also enables you to create your marketing funnel because you know what would fit that audience the best.
But how do you define your target market?
First, we need to know what a target market is. The target market is the most likely audience to purchase or benefit from your product. Others who fall outside this target may still buy or engage with your product, but the target market is the niche group of people you focus on the most.
When deciding your target market, look back at your product. What problem are you solving? Who is most likely to have this problem? Who is most likely to benefit from your product? This can be as narrow or broad as needed.
Here’s an example. You decided to start a business where you want to coach people on how to get their business financially healthy. That’s a pretty broad range and could work, but it’s still important to ask yourself the above questions. While asking yourself those questions, you realize you want to work with women who started a business but got lost in the financials and burned out. That’s a pretty specific target market.
From there, you can then tailor your marketing, your funnel, and your lead magnet to capture that particular client. This helps you work with the clients you want to work with and helps solve the problem you’ve created your product to solve.
We are wishing you all the success from the team that manufactures it!
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