Target Your Market Properly Or Die

You know, I talk to many business owners on a weekly basis—everyone from the freelance writer on up the business ladder. I was shocked to learn that most, and this might include you, don’t properly target their market.

Failing to target your market will lead you to either fail or be limited in success. Maybe you think you targeted properly? Let’s find out.

I’m not going to get into a long drawn out marketing session, but what follows will give you a great idea on how to properly target your market for increased business success.

Let’s say that I just opened a lemonade stand—yes it’s the classic business example. How do I target? Well, most business owners I talk to simply open their doors and hope the business comes in. That’s not right.

First, do you think that you and I have the same exact taste and preference for a perfect glass of lemonade? Most likely not. What if you and I were standing in a room of 1,000 people? Would we all like the same things?

For my lemonade stand to be successful, I need figure out my exact target. What will separate my lemonade stand from the others out there?

Example of a poor target: People who need lemonade.

Example of another poor target: Males who need lemonade.

The above two examples won’t get the job done. The second one leans towards males and may be a good start to follow up on, but alone it won’t do.

After much thought, I’ve decided to make the finest lemonade on the planet. I will target real lemonade connoisseurs who have higher incomes and expect and appreciate the finest of details in each facet of the perfect glass of lemonade.

Hence, my lemonade is priced higher than others. Now, let’s stop here. Do you see what targeting has done? I know whom to market to, what makes me special (or helps separate me into a finer group) and where to go with my business.

If Larry Lemonade, a typical guy who’s thirsty, comes up to my lemonade stand and sees my $29 price tag, he’ll choke and go to Discount Lemonade, where it’s only 50 cents. That’s okay though. He’s not my target.

I’m after a person like Thirsten the Third, who’s a successful entrepreneur and must have the finest lemonade there is. He balks at places like Discount Lemonade and has come to know my lemonade business as THE place for fine lemonade.

You can’t be al things to all people. If you don’t figure out what your exact target market is, you’re destined to a life of limitations.

While this article could have continued in more detail, I’ve given you enough to formulate a general idea about your own business.