Importance of Defining Your Target Market
I’m sure you can think of your least favorite client. What made them unfavorable? Was it their demanding personality? Perhaps it was the infrequent or untimely communications? Did they pay on time?
Chances are that you have often thought about this client and maybe even vowed to stay away from clients in the same industry. The purpose of defining your target market is that: You will know who you’re targeting, why you’re targeting them, how you’re attracting them, and when they are most capable and probably of purchasing from you.
Defining your target market should describe who you’re targeting, and should also tell who you are not targeting. Who you want to avoid is sometimes as important as who you are trying to attract. It’s important to determine what makes up your target market:
Demographics. How old were they? Did you and this client have kids that are the same age or could relate well? Demographics are quantifiable characteristics of a given population. There are subsets of demographics like their age, gender, life-cycle stage, lifestyle, and social class.
Psychographics. How would you describe their personality, values, attitudes, and interests? Psychographics are an important part of defining your target market that is often overlooked as it’s harder to quantify than demographics.
Ability to Pay. When do you want to be paid? How much do you want to be paid? (I hope this isn’t the first time you’re considering these two questions!) It’s good to define, in advance, your target client’s ability to afford your services.
Location. Is there a particular neighborhood, district, or state that you prefer to find customers? Location can also be the location you meet your target client. Maybe you can have great success meeting your target clients at a country club or at a fitness center.
Communication Preferences. Do your favorite clients text you at all hours of the night or call you repeatedly until you answer your cell phone? Communication is a vital part of business and it’s important to outline for your clients how you prefer to be communicated with.
Does your website accurately attract your target clients? Is your messaging attracting the wrong types of clients? Your messaging should have an attraction and detraction strategy. Essentially, your website, business cards, attire, connections, and personality should attract your target clients and simultaneously repel clients outside of your target market.