When it comes to targeting a market many people simply look for someone who needs (or who they think needs) what they do and then they try to offer it to them.
This may be the greatest single recipe for small business disaster. May I be blunt here?
When looking for your ideal client there are three questions you must answer.
1) Do they “want” what I have? It does not matter if they desperately need what you have. If they do not want it for one reason or another, then you are sunk. You will kill yourself trying to convince someone that they should buy from you.
2) Do they value what you do? You must look for people who are already investing in the type, or at least the category, of service you have. Price shoppers will always be prices shoppers, do it yourself types will always be do it yourself types. Look for those who appreciate the extra they get from you.
3) Are they willing to pay a premium for what you do? This one is often overlooked and misunderstood. No matter what you sell you don’t need to compete on price. When you compete on price you find that there is always someone willing to go out of business faster than you. Raise your prices, explain what you do to add value, and look specifically for those select individuals and businesses that expect to pay a premium.
Now of course this opens up another can of worms. Once you find your ideal client, you must be able to communicate how your firm is uniquely qualified to solve their problems.
You see; marketing your business never really ends.
If you liked this post, check out our Ultimate Guide to Small Business Marketing Strategy.