In my many years of being an entrepreneur, and teaching thousands of entrepreneurs to start and grow their businesses, there are a handful of fundamental, over-arching killer mistakes that most entrepreneurs make — and this is the one that I think is the BIGGEST of all.
Most businesses that fail, or ideas that never become profitable, can be traced back to this land mine that has blown up a lot of entrepreneurs.
I’ve made this critical mistake myself several times in the past, and if you’re an entrepreneur, you’re probably doing this RIGHT NOW, without even knowing it.
Falling into this trap yourself is bound to result in one or both of the following:
(a) your business never grows into a successful, profitable one and it just sucks your time and energy ..
.. or ..
(b) the business fails completely, and you end up having to shut it down.
What’s crazy is that on a logical level,
it seems SO obvious that you need to be clear on what your target market is .. yet SO many entrepreneurs make this mistake, it’s clear to me that “common sense” is just not that common.
If You Think Your Target Market Is “Everyone”,
You’re In Serious Trouble
Whenever I ask someone who their target market is and they answer with something along the lines of “everyone” or “my product can help anyone”, I know I’m dealing with someone that’s probably struggling in business.
Here’s the problem — like most things in business success,
the RIGHT thing to do is counter-intuitive .. it goes against the grain of what you would THINK would be the right answer.
Ultimately, if you’re in business, chances are you are trying to help people solve problems (hopefully at a profit).
Ultimately, that’s what being an entrepreneur is – someone who solves problems at a profit.
So you’d THINK that the right answer would be that the BIGGER your market, the better your business will be. And, you’re afraid of “excluding” anyone because you want to help everyone .. so you define your target market much too broadly.
This will KILL you in business.
The reality is that
the vast majority of people out there are NOT your target market .. no matter how much you think they are!
This is a resistance point I reach with a LOT of students.
“But Greg .. I’m a chiropractor and EVERYONE can benefit from chiropractics..!”
“But I sell dining room tables, and EVERYONE needs a dining room table.”
“My website shows people how to live a better life, and that is something EVERYONE wants!”
.. and on and on and on.
CRITICAL POINT:
Your business success will be defined by how
clearly and specifically you target your market.
Want proof?
Look at successful businesses. Are they really trying to appeal to EVERYONE, or have they
identified a specific market, and that is precisely WHO they’re speaking to and targetting?
Think about the following examples.
Can you describe the target market that each of these businesses target? Do these successful businesses try to appeal to everyone, or are they VERY clear on who their target market is?
>>
Whole Foods (the organic/eco friendly supermarket in the US)
>>
Abercrombie & Fitch (the clothing retailer)
>>
Tiffany & Company (the jewellery and gift store)
>>
Wal-Mart (the world’s largest retailer)
Here’s another way to ask the question — for each of these companies, who is definitely NOT the target market?
For example, the last 2 examples have target markets that are
VERY, VERY different.
Tiffany & Company is high-end, ultra-exclusive and luxury brands where people pay a LOT of money for quality.
Wal-Mart is almost the reverse of that — targetting people looking for good value and low prices.
They both target completely different markets .. yet they’re both major brands that have made a LOT of money, and have a LOT of customers.
When I walk into
Abercrombie & Fitch, I am turned off immediately when I enter the store. The music is blasting, the lights are turned down really low, and all the people working there look like they’re 12 years old. It feels like an underage club, and I’m not a member.
This happens because I am NOT their target market. Their target market is young, hip and “cool” kids looking to be seen in cool clothes.
And that’s the by-product of a really well-defined target market as well.. not only does it HIGHLY appeal to your target market,
it REPELS anyone that isn’t in your target market.
You don’t want to waste time and money marketing to and speaking to people who are never going to buy from you .. so it’s OKAY that some people are turned away by your marketing, when they are NOT in your target market.
That’s right.
When you nail your target market correctly, the following 2 things happen:
1) Your target market is
highly attracted and compelled to learn more about you
2)
You repel and turn off a lot of the people who are NOT in your target market
Success in business is NOT about being liked or trying to help everyone .. it’s about being really clear about who your target market is, and giving THAT market exactly what they need to solve their biggest problems.
What do you think? Post a comment below and tell me what you think about this post.
If you’ve learned anything and you want me to do a training video on the subject of “Choosing Your Target Market” let me know .. if we get enough comments posted here saying YES then I’ll create a training video specifically for you!
So – post your comment below, and share this article if know someone that would benefit from it.]]>
139 Responses
Great post, Greg. I'd love a little extra guidance as my company markets our current core service to a specific segment of the music industry – the independent touring artist. We plan to meet the needs of a second segment (major label touring artists) with a second service we're now creating, and a third service we're bringing to market will meet the needs of … you guessed it… all performing artists. lol So, my question is how do we "narrow" the target market?
I'll be sharing more ideas on how to narrow and focus .. so stay tuned!
Great post, Greg. I'd love a little extra guidance as my company markets our current core service to a specific segment of the music industry – the independent touring artist. We plan to meet the needs of a second segment (major label touring artists) with a second service we're now creating, and a third service we're bringing to market will meet the needs of … you guessed it… all performing artists. lol So, my question is how do we “narrow” the target market?
I'll be sharing more ideas on how to narrow and focus .. so stay tuned!
Yup. I need to know how to choose it, then figure out how to market it. DO ZE VIDEO PLEASE!
Yup. I need to know how to choose it, then figure out how to market it. DO ZE VIDEO PLEASE!
Dear Greg, Wow, what an incredible post in that I have failed to get this right for many years and floundered around in my first coaching business and if we don't get this one concept down then all of the time, money and efforts is for Nada-Zippo! As ALWAYS, I just gain so much incredible insight from all of your postings! You really have a TALENT FOR TEACHING major concepts by breaking it down in very understandable terms. I cannot recall a single marketer who has your ability to simplify basic (or Apparently NOT so basic) concepts in such a profound way in which we silently say, "Now I get it"! So..in answer to your question as I am working with someone right now on what matters in our potential (Very Narrow) niche, I would be delighted, eager and grateful for one of your profound training videos. Odd that you have this as your topic when I just spoke with this person today and explained to her that we don't just randomly start this particular business idea-that there is an 'Actual' method!
So when the student is ready, the teacher appears!
With Gratitude and Joy, Catherine Ross
Thank you for the kind words. By the way, if you haven't already watched my 6 video series, go and check it out now! Go to http://www.EngagedEntrepreneur.com/free and you can register to get access to the entire series that go into detail about alot of the topics I cover on the blog.
Dear Greg, Wow, what an incredible post in that I have failed to get this right for many years and floundered around in my first coaching business and if we don't get this one concept down then all of the time, money and efforts is for Nada-Zippo! As ALWAYS, I just gain so much incredible insight from all of your postings! You really have a TALENT FOR TEACHING major concepts by breaking it down in very understandable terms. I cannot recall a single marketer who has your ability to simplify basic (or Apparently NOT so basic) concepts in such a profound way in which we silently say, “Now I get it”! So..in answer to your question as I am working with someone right now on what matters in our potential (Very Narrow) niche, I would be delighted, eager and grateful for one of your profound training videos. Odd that you have this as your topic when I just spoke with this person today and explained to her that we don't just randomly start this particular business idea-that there is an 'Actual' method!
So when the student is ready, the teacher appears!
With Gratitude and Joy, Catherine Ross
Thank you for the kind words. By the way, if you haven't already watched my 6 video series, go and check it out now! Go to http://www.EngagedEntrepreneur.com/free and you can register to get access to the entire series that go into detail about alot of the topics I cover on the blog.
Greg,
there are 2 key points you are not mentioning.
1) Fear! The trouble with targeting is you have to make the right choice. Or at least you feel you do. Show people how not to fail at this decision and it might happen.
2) The 2nd point will be on my own blog shortly. It involves Star Trek! Do you know what it is yet?
Who is this article for btw? Entrepreneurs or failures? Or those who can't make their mind up which they are 😉 (joke)
peter
Greg,
there are 2 key points you are not mentioning.
1) Fear! The trouble with targeting is you have to make the right choice. Or at least you feel you do. Show people how not to fail at this decision and it might happen.
2) The 2nd point will be on my own blog shortly. It involves Star Trek! Do you know what it is yet?
Who is this article for btw? Entrepreneurs or failures? Or those who can't make their mind up which they are 😉 (joke)
peter
Thank you for the good reminder.
I know where my target is. Now I have to find a way to reach them. I don't know where they go on the internet.
Thank you for the good reminder.
I know where my target is. Now I have to find a way to reach them. I don't know where they go on the internet.
Haha, hey Greg,
you hit me with that one! But the thing is…
…EVERYBODY needs my stuff! 😉
No, seriously, that's a problem I'm definitely struggling with. I'd appreciate you doing a video on the subject, especially about your ""My website shows people how to live a better life, and that is something EVERYONE wants!"-example. Honestly, I have a hard time coming up with good ideas for how to "niche down" on that example. Maybe something along the lines of "My product shows now-unemployed CEOs how to live a better life." or "Are you a housewife? Let me show you how to live a better life!"
Again, that's definitely a problem with my product… Any more ideas on this subject is appreciated.
Anyway, keep up the great newsletters! 🙂
Sven
What does 'live a better life' mean? What's the SPECIFIC OUTCOME they are looking for? That's how you start to get even more specific about who you're targetting. More on this when I post some more details on target market and finding your prospects.
Haha, hey Greg,
you hit me with that one! But the thing is…
…EVERYBODY needs my stuff! 😉
No, seriously, that's a problem I'm definitely struggling with. I'd appreciate you doing a video on the subject, especially about your “”My website shows people how to live a better life, and that is something EVERYONE wants!”-example. Honestly, I have a hard time coming up with good ideas for how to “niche down” on that example. Maybe something along the lines of “My product shows now-unemployed CEOs how to live a better life.” or “Are you a housewife? Let me show you how to live a better life!”
Again, that's definitely a problem with my product… Any more ideas on this subject is appreciated.
Anyway, keep up the great newsletters! 🙂
Sven
What does 'live a better life' mean? What's the SPECIFIC OUTCOME they are looking for? That's how you start to get even more specific about who you're targetting. More on this when I post some more details on target market and finding your prospects.
i agree. I'm trying to figure out should I try to lower my service fees to balance with the recession.
NO! Please don't do that! The way to respond is NOT to lower your fees.. again, this is the 'logical' thing to do .. yet it leads to killing your business.
Ask yourself how you can ADD more VALUE so the price seems like a no-brainer .. instead of lowering your prices.
Lowering prices is a lazy response to competition and challenge!
Lana,
I agree with Greg. We raised our fees during the recessiond and worked our tails off to push through the Olympics in Vancouver when many of our clients were out of town. We marketed more and made ourselves seem sold out. Lifemoved grew by 15%m. Leverage your knowledge that is your value. Stop focusing on time fees. We are working on some outstanding online resources.
i agree. I'm trying to figure out should I try to lower my service fees to balance with the recession.
NO! Please don't do that! The way to respond is NOT to lower your fees.. again, this is the 'logical' thing to do .. yet it leads to killing your business.
Ask yourself how you can ADD more VALUE so the price seems like a no-brainer .. instead of lowering your prices.
Lowering prices is a lazy response to competition and challenge!
Lana,
I agree with Greg. We raised our fees during the recessiond and worked our tails off to push through the Olympics in Vancouver when many of our clients were out of town. We marketed more and made ourselves seem sold out. Lifemoved grew by 15%m. Leverage your knowledge that is your value. Stop focusing on time fees. We are working on some outstanding online resources.
How narrow should u focus..ie is focusing on people interested in yoga and holistic health too broad?
Yes.. that's too broad. What OTHER specifics are there that you can identify in your market?
How narrow should u focus..ie is focusing on people interested in yoga and holistic health too broad?
Yes.. that's too broad. What OTHER specifics are there that you can identify in your market?
Yes. J.
Yes. J.
Yes, post another video about targeting your niche!
Yes, post another video about targeting your niche!
Hi Greg,
If you know what type of customer you want and what age, finance then how do you find the research to see if that's what would work?
Thanks,
Carlotti
Hi Greg,
If you know what type of customer you want and what age, finance then how do you find the research to see if that's what would work?
Thanks,
Carlotti
Excellent article and so true. This has been CRUCIAL to the success of my business. When I first started my business ten years ago, I read the book "The 22 Immutable Laws of Marketing" by Al Reis and it says you need to be the first in the market, or if you aren't the first to create a new market and be the first in that market. Creating a new market for me was basically identifying my target market. I shoot wedding videos and I decided my target market is LDS Temple Weddings, so I market to LDS Temple Weddings, even going as far to target one exact location. I shoot 90-120 weddings per year, bring in six figures and was recently named one of the top 25 event filmmakers in the world… all because of identifying my target market and creating connections within that market. Not bad for a "wedding videographer"
Awesome case study – thanks for sharing David! So for anyone that's scared of defining their market too small .. this is a great example of how you start FEELING like you're too targeted long before you actually ARE .. so keep narrowing until you get uncomfortable!
Excellent article and so true. This has been CRUCIAL to the success of my business. When I first started my business ten years ago, I read the book “The 22 Immutable Laws of Marketing” by Al Reis and it says you need to be the first in the market, or if you aren't the first to create a new market and be the first in that market. Creating a new market for me was basically identifying my target market. I shoot wedding videos and I decided my target market is LDS Temple Weddings, so I market to LDS Temple Weddings, even going as far to target one exact location. I shoot 90-120 weddings per year, bring in six figures and was recently named one of the top 25 event filmmakers in the world… all because of identifying my target market and creating connections within that market. Not bad for a “wedding videographer”
Awesome case study – thanks for sharing David! So for anyone that's scared of defining their market too small .. this is a great example of how you start FEELING like you're too targeted long before you actually ARE .. so keep narrowing until you get uncomfortable!
This is exactly what I've been struggling with! I am narrowing down the niche, but so many people need my help. But I have found I work better with women over 45 because I speak their language, as I am in that category. I am a raw/vegan transition coach, showing people how to incorporate healthier choices to gain more energy, boost their immune system, loose weight. With 51% of America overweight, struggling with disease and showing symptoms of being sick and tired it's hard to narrow, with the exception of the fact that I can relate on more levels to those women over 45. So is that how I do it? Good blog, but I would like more.
This is exactly what I've been struggling with! I am narrowing down the niche, but so many people need my help. But I have found I work better with women over 45 because I speak their language, as I am in that category. I am a raw/vegan transition coach, showing people how to incorporate healthier choices to gain more energy, boost their immune system, loose weight. With 51% of America overweight, struggling with disease and showing symptoms of being sick and tired it's hard to narrow, with the exception of the fact that I can relate on more levels to those women over 45. So is that how I do it? Good blog, but I would like more.
Greg, this is your best post yet! In an overcrowded marketplace, many people forget this. Yes I would love a training session on this. Could you address these two questions on target market selection: 1. A process to identify our target market without going too narrow. 2. Top 3 strategies or tactics to start finding and connecting with the target market. Thank you!
Greg, this is your best post yet! In an overcrowded marketplace, many people forget this. Yes I would love a training session on this. Could you address these two questions on target market selection: 1. A process to identify our target market without going too narrow. 2. Top 3 strategies or tactics to start finding and connecting with the target market. Thank you!
This is great advice! I think that "target market" is also essentially about the identityof a company–it's image, what it's about at its core, or at least what you want to project. I'm in the process of writing a business plan, and this drives home just how crucial it is to have target market nailed down before going into business. I'd love to see a video about it!
This is great advice! I think that “target market” is also essentially about the identityof a company–it's image, what it's about at its core, or at least what you want to project. I'm in the process of writing a business plan, and this drives home just how crucial it is to have target market nailed down before going into business. I'd love to see a video about it!
Hi Greg,
Great statements, and right on the money. I believe my first business failed primarily because I didn't have the kind of focus on my target market that you talk about. Indeed, I thought that all companies could use my service, and didn't give that a second thought. Big mistake.
I'm starting up a new business, and trying to do it right this time. However, I'm finding it difficult to narrow it down more than I have already. Perhaps I've gone as far as I need to, but on the other hand I don't want to make the same mistake twice. Do you have any advice on "knowing when you have it right"?
Thanks in advance. I like the work you are doing, and really appreciated the videos on the Dali Lama, etc. Those were great speakers, with powerful messages…!
Hi Greg,
Great statements, and right on the money. I believe my first business failed primarily because I didn't have the kind of focus on my target market that you talk about. Indeed, I thought that all companies could use my service, and didn't give that a second thought. Big mistake.
I'm starting up a new business, and trying to do it right this time. However, I'm finding it difficult to narrow it down more than I have already. Perhaps I've gone as far as I need to, but on the other hand I don't want to make the same mistake twice. Do you have any advice on “knowing when you have it right”?
Thanks in advance. I like the work you are doing, and really appreciated the videos on the Dali Lama, etc. Those were great speakers, with powerful messages…!
Dead right. I`m in a new business, COACHING. I have skills in Wellness, leadership, life balance etc. I am a trained coach. My challenge as i speak is to target a specific group that need solutions to problems.
Dead right. I`m in a new business, COACHING. I have skills in Wellness, leadership, life balance etc. I am a trained coach. My challenge as i speak is to target a specific group that need solutions to problems.
You are so right!
I still remember my teacher 30 years ago in1978! teaching me exect that thing and how to be clear about it. How to include and how/who to exclude! How to pinpoint your market/niche. It is old wisdom but a new generation of entrepreneurs.
You are so right!
I still remember my teacher 30 years ago in1978! teaching me exect that thing and how to be clear about it. How to include and how/who to exclude! How to pinpoint your market/niche. It is old wisdom but a new generation of entrepreneurs.
Hi Greg
I found this article very interresting and informative.
I reccognized myself immediately.
Thank you
David
Lewis
Hi Greg
I found this article very interresting and informative.
I reccognized myself immediately.
Thank you
David
Lewis
Well now thanks for another thought provoking blogg. My challenge is that I simply do not know who my target market is. Most of my work comes from personal recommendation ie. people who I help pass the word on to friends, acquaintances, work mates etc.
Clients include, horse riders, business people, secretaries, dancers, builders, mothers, solicitors, nurses, babies, children accompanied by their parents. Ages range from birth to 85 years. Some come just to be fixed and others continue on for maintaining wellness, after they have been fixed.
Some come because they need to work out emotional and spiritual issues. Have tried advertising in various avenues. Seldom get work from advertising. Will ponder this.
Thanks Greg.
Well now thanks for another thought provoking blogg. My challenge is that I simply do not know who my target market is. Most of my work comes from personal recommendation ie. people who I help pass the word on to friends, acquaintances, work mates etc.
Clients include, horse riders, business people, secretaries, dancers, builders, mothers, solicitors, nurses, babies, children accompanied by their parents. Ages range from birth to 85 years. Some come just to be fixed and others continue on for maintaining wellness, after they have been fixed.
Some come because they need to work out emotional and spiritual issues. Have tried advertising in various avenues. Seldom get work from advertising. Will ponder this.
Thanks Greg.
OK – so that was easy – a broad statement about how not to appeal to everyone, and then skirting around the "hard" markets to identify, like chiropractics, and dealing with the "easy" self defining markets of WalMart and Tiffany's. It would be useful to deal with the "soft" markets like chiropractics and law for example. THAT would really teach something…While the topic is very well known and the advice important, the practicalities of how to do it in a less obvious market is not available, so not a very useful read at this point…
Hi Marion:
Sorry you're so negative. I apologize if you think I'm 'skirting' issues. Maybe it's because not everyone is a marketing expert like you apparently are. How about we try to help a lot of people at the same time, instead of just you? I can't teach everything in one blog post, so perhaps I'm trying to make the information practical and easy to understand for people, as opposed to 'skirting' issues. Have a look at every other comment here .. maybe it's not the blog that's the problem .. ?
Not sure where all your negative energy comes from, but we don't need it here. There's enough out of that in the world, and this isn't somewhere I'm going to cultivate more of it. And if that's what you want to create in the world, go ahead and start your own blog. That's the beauty of the internet – you're entitled to your opinions on your own blog!
Did you notice that I asked if people wanted a VIDEO training to help go deeper into the subject? Maybe my evil little plan is to provide MORE training on the subject?
By the way, you've done a great job providing a case study of understanding target markets. Mine is clearly defined, and I know that you are NOT in my target market simply through your comments. Thank you for helping me clarify that.
Hi Marion,
That really did sound negative and maybe you are frustrated with your business.
If so, ask your questions. Hopefully you will get the right answers to help build
your business.
Good Luck,
Carol
OK – so that was easy – a broad statement about how not to appeal to everyone, and then skirting around the “hard” markets to identify, like chiropractics, and dealing with the “easy” self defining markets of WalMart and Tiffany's. It would be useful to deal with the “soft” markets like chiropractics and law for example. THAT would really teach something…While the topic is very well known and the advice important, the practicalities of how to do it in a less obvious market is not available, so not a very useful read at this point…
Hi Marion:
Sorry you're so negative. I apologize if you think I'm 'skirting' issues. Maybe it's because not everyone is a marketing expert like you apparently are. How about we try to help a lot of people at the same time, instead of just you? I can't teach everything in one blog post, so perhaps I'm trying to make the information practical and easy to understand for people, as opposed to 'skirting' issues. Have a look at every other comment here .. maybe it's not the blog that's the problem .. ?
Not sure where all your negative energy comes from, but we don't need it here. There's enough out of that in the world, and this isn't somewhere I'm going to cultivate more of it. And if that's what you want to create in the world, go ahead and start your own blog. That's the beauty of the internet – you're entitled to your opinions on your own blog!
Did you notice that I asked if people wanted a VIDEO training to help go deeper into the subject? Maybe my evil little plan is to provide MORE training on the subject?
By the way, you've done a great job providing a case study of understanding target markets. Mine is clearly defined, and I know that you are NOT in my target market simply through your comments. Thank you for helping me clarify that.
Hi Marion,
That really did sound negative and maybe you are frustrated with your business.
If so, ask your questions. Hopefully you will get the right answers to help build
your business.
Good Luck,
Carol
Great article! Now methinks I've been improved for better. Thank U Greg.
Great article! Now methinks I've been improved for better. Thank U Greg.
Thanks Greg,
It was awesome the way you broke this down for us in detail at the 90 day break out and VIP training but seeing it again was a good reminder of that process. Today I continue my survey adventure!
Thanks again,
Brian
Thanks Greg,
It was awesome the way you broke this down for us in detail at the 90 day break out and VIP training but seeing it again was a good reminder of that process. Today I continue my survey adventure!
Thanks again,
Brian
Absolutely right, Greg. Extra help in target marketing would be great!
Absolutely right, Greg. Extra help in target marketing would be great!
Hi Greg,
I just read your reply to Marion. Compliment!
I also share the opinion of most of the posts here: YES to the video trainings!
With great appreciation for your work,
Bettina
Hi Greg,
I just read your reply to Marion. Compliment!
I also share the opinion of most of the posts here: YES to the video trainings!
With great appreciation for your work,
Bettina
Hey Greg, thanks again for your advice on running a business, I always find what you have tried & researched very useful to what I'm trying to achieve as my particular market is a very niche one so it's nice to hear & learn from another who have already tried various options on creating & running an online business.
Thanks again.
Regards Dale
Hey Greg, thanks again for your advice on running a business, I always find what you have tried & researched very useful to what I'm trying to achieve as my particular market is a very niche one so it's nice to hear & learn from another who have already tried various options on creating & running an online business.
Thanks again.
Regards Dale
Thanks Greg…I've always heard about having a target market and for once you have made sense or better yet I am ready to listen and take action. I would love to see a training video. As a Direct Seller, I've always felt I could serve everyone, but right now my business is floundering and I'm getting tired…. As I wait for the video, I am going to begin seriously thinking about my target market.
Thanks Greg…I've always heard about having a target market and for once you have made sense or better yet I am ready to listen and take action. I would love to see a training video. As a Direct Seller, I've always felt I could serve everyone, but right now my business is floundering and I'm getting tired…. As I wait for the video, I am going to begin seriously thinking about my target market.
Personally, I think you hit the nail directly on the head.
The question is, who is my Target market? and how do you find them on the net?
I train people to peak another language.. I know at least part of my target market will be people planning a trip to this country,and another part of that market will be people who work or live near,someone who speaks this language.Their desire is to communicate with that neighbor,or co-worker who speaks this language.
So, How and where do I find them on the net,to be specifically targeting the right markets.
I've just begun,and my efforts so far have been slim,yet I dominate page one on Google for my key words.Being front page on Google will help, but I Know there is much more I can do,or should do.
Personally, I think you hit the nail directly on the head.
The question is, who is my Target market? and how do you find them on the net?
I train people to peak another language.. I know at least part of my target market will be people planning a trip to this country,and another part of that market will be people who work or live near,someone who speaks this language.Their desire is to communicate with that neighbor,or co-worker who speaks this language.
So, How and where do I find them on the net,to be specifically targeting the right markets.
I've just begun,and my efforts so far have been slim,yet I dominate page one on Google for my key words.Being front page on Google will help, but I Know there is much more I can do,or should do.
Excellent article. This is just what I needed to read. I will follow this guidance as a move forward with my fledgling business. Thanks.
Excellent article. This is just what I needed to read. I will follow this guidance as a move forward with my fledgling business. Thanks.
Greg, great article again! It answers my question from a long time ago. Even though everyone needs/wants products or services you offer, not everyone is ready to pay for them. Defining a right target market and developing marketing strategies specific to this group of people is a key to success.
Greg, great article again! It answers my question from a long time ago. Even though everyone needs/wants products or services you offer, not everyone is ready to pay for them. Defining a right target market and developing marketing strategies specific to this group of people is a key to success.
Thanks alot I' M REALLY CLARIFIED IN THOUGHT ABOUT THE SUBJECT AREA.
Thanks alot I' M REALLY CLARIFIED IN THOUGHT ABOUT THE SUBJECT AREA.
Greg,
I found the information on the importance of identifying your target market very timely. I have made a career change and am having a little difficulty getting started. To identify my trget market might help me to not wste time and energy ( in the wrong places) I would be interested in more guidance with this topic. It depends upon which products I know best to suit different age groups.
Greg,
I found the information on the importance of identifying your target market very timely. I have made a career change and am having a little difficulty getting started. To identify my trget market might help me to not wste time and energy ( in the wrong places) I would be interested in more guidance with this topic. It depends upon which products I know best to suit different age groups.
This was awesome! It's so simple but I always overlook it and forget it constantly. I need something to remind me daily that this is true because the concept is so fleeting and we loose sight of it when we're trying to attract people. Something to help remind me daily would be great!!
Thanks a bunch!!
This was awesome! It's so simple but I always overlook it and forget it constantly. I need something to remind me daily that this is true because the concept is so fleeting and we loose sight of it when we're trying to attract people. Something to help remind me daily would be great!!
Thanks a bunch!!
Greg you are so completely right ! You've open my eyes to a big mistake I'm making, please make this video about choosing the right target market ! Thank you , Zahava
Greg you are so completely right ! You've open my eyes to a big mistake I'm making, please make this video about choosing the right target market ! Thank you , Zahava
Thank you Greg for the opporutinity to post a message, here. I currently hold a website that promotes a weight-loss program. The page is incomplete, but in the midst of getting it ready, I am attempting to determine how I could 'zero in' on a specific segment or niche within the weight-loss market. A video showing a procedure or methodology to achieve just that – regardless of sector – would be very, very usefull!
If planning in making such video in a not-so-distant future, you will probably find a great deal of entrepreneurs will rally in support of that endaevour. You definitely have my support there!
Thank you for all the great emails, too – very informative!
All the best
Thank you Greg for the opporutinity to post a message, here. I currently hold a website that promotes a weight-loss program. The page is incomplete, but in the midst of getting it ready, I am attempting to determine how I could 'zero in' on a specific segment or niche within the weight-loss market. A video showing a procedure or methodology to achieve just that – regardless of sector – would be very, very usefull!
If planning in making such video in a not-so-distant future, you will probably find a great deal of entrepreneurs will rally in support of that endaevour. You definitely have my support there!
Thank you for all the great emails, too – very informative!
All the best
I would appreciate a video on this topic, how to identify who is my target market and how to approach it.
Ursula
I would appreciate a video on this topic, how to identify who is my target market and how to approach it.
Ursula
I breed alpacas and I've managed to export a few live animals to Europe, but I am struggling to make local sales … would love to know more about "targeting" the right market!
I breed alpacas and I've managed to export a few live animals to Europe, but I am struggling to make local sales … would love to know more about “targeting” the right market!
Greg,
Thanks for the insight as I just started a new business having had sucess as a Rein member and building a small portfolio of properties it allows me to quit the day job and open my own printing and promotions business. I have been targetting specific industries and it is helping because I am educated in their need and what they require. Conversations are easier and spinning that off to other related target markets is easier and the referrals are amazing. Loved this article and I agree its not possible to be all things to all people. Focus is the key. I look forward to your emails and hope to see you speak at the Rein meetings in the future.
Regards,
Gerald
Greg,
Thanks for the insight as I just started a new business having had sucess as a Rein member and building a small portfolio of properties it allows me to quit the day job and open my own printing and promotions business. I have been targetting specific industries and it is helping because I am educated in their need and what they require. Conversations are easier and spinning that off to other related target markets is easier and the referrals are amazing. Loved this article and I agree its not possible to be all things to all people. Focus is the key. I look forward to your emails and hope to see you speak at the Rein meetings in the future.
Regards,
Gerald
Greg,
This post is incredible. I have been trying for years to successfully explain to people why they need to segment and choose their target markets and I think you just gave me the tools to do this.
If you take ten people's advice you get: Mediocrity.
If you are even trying to get 5/10 types to LIKE (engage with) the product, you will waste a huge amount of valuable resources.
If you want real SUCCESS you gotta focus on that 1/10, and know that the only way to get them to LOVE the product, is to get the other 9/10 to HATE it.
Wow, great post. I'm inspired and engaged 🙂
Greg,
This post is incredible. I have been trying for years to successfully explain to people why they need to segment and choose their target markets and I think you just gave me the tools to do this.
If you take ten people's advice you get: Mediocrity.
If you are even trying to get 5/10 types to LIKE (engage with) the product, you will waste a huge amount of valuable resources.
If you want real SUCCESS you gotta focus on that 1/10, and know that the only way to get them to LOVE the product, is to get the other 9/10 to HATE it.
Wow, great post. I'm inspired and engaged 🙂
Hi Greg,
Thank you for your article and yes I am a visctim of it myself…..
I Have a Far Infra red Sauna business and yes I do think that Everyone is my target, well I used to. And truth be told, everyone can use the great benefits of it. Stress relieve, weight loss, detox, relaxation, arthritis relief and I can go on and on.
Is there such a thing as me doing a marketing campaign to create new interest by exposing new potential customers to all of the great health benefits a Sauna can help people with? If not, in your opinion what would be my target market.
Thank you in advance for your time.
Radek
Hi Greg,
Thank you for your article and yes I am a visctim of it myself…..
I Have a Far Infra red Sauna business and yes I do think that Everyone is my target, well I used to. And truth be told, everyone can use the great benefits of it. Stress relieve, weight loss, detox, relaxation, arthritis relief and I can go on and on.
Is there such a thing as me doing a marketing campaign to create new interest by exposing new potential customers to all of the great health benefits a Sauna can help people with? If not, in your opinion what would be my target market.
Thank you in advance for your time.
Radek
Yes, Greg, please make a video, it would be very helpful!
And thank you so much for valuable information you always provide!
Yes, Greg, please make a video, it would be very helpful!
And thank you so much for valuable information you always provide!
What a simple suggestion, yet the obvious isn’t so obvious sometimes. This is very very helpful, and a training video would be ideal. How do I know what my target market is, how do I find them? then attract them?
What a simple suggestion, yet the obvious isn’t so obvious sometimes. This is very very helpful, and a training video would be ideal. How do I know what my target market is, how do I find them? then attract them?
Now I realized how important it is to know your specific target market. The article is very enlightening. I’m working with the government sector that’s why I have very little knowledge background about business.
Now I realized how important it is to know your specific target market. The article is very enlightening. I’m working with the government sector that’s why I have very little knowledge background about business.
Yes, definitely interested in this subject. Client relations and unrealistic expectations have played a huge part in our downfall. The doors are now shut but they keep knocking. There are some very worthwhile customers and others that are not, but saying “no” to any of them has always been difficult. We feel used up and spat out – taking a break for now – but I don’t want to go back and keep pumping our finite resources into supporting those that don’t support us. We deal with closed “boys clubs”, high stress work environments and big company bullies – which I think are endemic in the aircraft industry, influenced by factors like tight deadlines, safety, high govt regulation, lack of parts & technicians & other complex mechanisms.
Yes, definitely interested in this subject. Client relations and unrealistic expectations have played a huge part in our downfall. The doors are now shut but they keep knocking. There are some very worthwhile customers and others that are not, but saying “no” to any of them has always been difficult. We feel used up and spat out – taking a break for now – but I don’t want to go back and keep pumping our finite resources into supporting those that don’t support us. We deal with closed “boys clubs”, high stress work environments and big company bullies – which I think are endemic in the aircraft industry, influenced by factors like tight deadlines, safety, high govt regulation, lack of parts & technicians & other complex mechanisms.
Yes, a training video on this topic would be awsome! I'm having trouble narrowing this down and would definitely appreciate guidance in this process.
James
Yes, a training video on this topic would be awsome! I'm having trouble narrowing this down and would definitely appreciate guidance in this process.
James
I totally agree with you and yet, my target market is very specific and sales are not forthcoming. When I started selling my product and telling people it was good for everything they didn't believe me and were turned off. So, I decided tio try one market segement, get them on board and then maybe try another market. Still waiting 🙂
I totally agree with you and yet, my target market is very specific and sales are not forthcoming. When I started selling my product and telling people it was good for everything they didn't believe me and were turned off. So, I decided tio try one market segement, get them on board and then maybe try another market. Still waiting 🙂
Hi Greg, I would appreciate a video about chooosing your target market. I hope you can do one soon. It would be helpful to lots of us. Thank you for this article, also. Joyful Blessings!!! Carolyn
Hi Greg, I would appreciate a video about chooosing your target market. I hope you can do one soon. It would be helpful to lots of us. Thank you for this article, also. Joyful Blessings!!! Carolyn
Dear Greg__Absolutely amazing post! So true! __I wuld very much apprecite it if you would share your thought on how to identify the right niche market. I have been investing in real estate for a few years now and have gotten great returns on minumum investments. I am passionate about teaching all my friends (who are interested) on how to do this and have decided to create a product around it. My dilemma is: What target market do i pick?__Thank you!__Anita
Hi Anita – I had posted previously about target markets, so reading that would probably be a good place to start. I would caution you that creating a product for your friends could be dangerous, since you may not be getting 'real' market feedback from people that know and love you. What you're looking for is a gap in the market, where there is a need and pain that isn't being addressed right now. So that's your key question – what solution are people trying to find right now that isn't out there? What could I create that would help them solve that challenge?
Dear Greg__Absolutely amazing post! So true! __I wuld very much apprecite it if you would share your thought on how to identify the right niche market. I have been investing in real estate for a few years now and have gotten great returns on minumum investments. I am passionate about teaching all my friends (who are interested) on how to do this and have decided to create a product around it. My dilemma is: What target market do i pick?__Thank you!__Anita
Hi Anita – I had posted previously about target markets, so reading that would probably be a good place to start. I would caution you that creating a product for your friends could be dangerous, since you may not be getting 'real' market feedback from people that know and love you. What you're looking for is a gap in the market, where there is a need and pain that isn't being addressed right now. So that's your key question – what solution are people trying to find right now that isn't out there? What could I create that would help them solve that challenge?
This is most assuredly an area that has caused me much angst (as it has for so many other entrepreneurs) however I am getting closer to identifying my target after being hit over the head with this information by at least 6 superb entrepreneur business coaches like yourself. I was in that "everyone can benefit" mindset even though I've marketed other businesses and done so very well, it's not so easy when it's yourself 😉 that's my story and I'm sticking to it! I am grateful the veil is finally lifting 😉 thanks Greg!!!
This is most assuredly an area that has caused me much angst (as it has for so many other entrepreneurs) however I am getting closer to identifying my target after being hit over the head with this information by at least 6 superb entrepreneur business coaches like yourself. I was in that “everyone can benefit” mindset even though I've marketed other businesses and done so very well, it's not so easy when it's yourself 😉 that's my story and I'm sticking to it! I am grateful the veil is finally lifting 😉 thanks Greg!!!
I have an idea of three very different niche markets, how do I determine which will be best for my company?
I have an idea of three very different niche markets, how do I determine which will be best for my company?
I think this is a fabulous article. I have named a target audience but I don’t know that I am marketing directly to them.
Greg
This is an area desperately needed. Please please create a video for this.
Kind regards
Claire
I have the head knowledge that this is true, it is getting my hear in the same place and sticking with it. Real estate is TOUGH these days, and it seems my target market is at the lower end of the market and very time consuming. Although, now that I have typed that I realize by using Video #1 I could certainly change the time consuming part. A lot of what you are teaching, I have heard before, but I LOVE the way you break it down, into easy, doable, believable things to do. Thank you for sharing!!!!!
I would love to see a video on choosing a niche, because I have been very stuck here for the last few months.
I have identified my target market. It is comprised of two small groups, the first group is made up of a particular hardware and there are 300 of them in my area. The second group is made up of 40 users of a high end software package. My goal to turn 5% of the hardware users and 15% of the software users into my customers. I recognize this is a very small niche market,but it is one that I am extremely comfortable with and represents the income potential I am seeking. I have no desire to build a big or even medium company. Quite frankly I am striving to become the Authority Figure and do that as a sales/consultant person. I have had 75 employees and 7ML in revenue in the past. That is not what I want at this point in my life.I want a very small group of customers that see me as someone who takes care of them better than anyone else in the business.
When choosing a job, it’s smarter to specialize within your field so that you can simplify the job hunt and so that it’s easier for an employer to hire you rather than the competition.
Businesses that are average go the other way and try to appeal to everyone could take a lesson from how image marketing really works.
every article of yours’ becoming somethin like de gospel truth to me. i love them, infact im getin adicted to them it’s scaring me. i get inspired by them – like dis one. thanks soo much gregg…waiting for de video. now. lol.
This for me was my biggest AHA! moment reading this and its applying this that makes the focus of the article really come home.
“Here’s the problem – like most things in Business Success, the RIGHT thing to do is counter-intuitive .. it goes against the grain of what you would THINK would be the right answer.”
I was suppose thinking about targeting everyone but now I can see what you are getting at. I am not sure if what I have to offer hasn’t already been already thought of. The only thing I could offer that is different from other self help people is something from my own personal experience. I also have spent most of my working life driving taxis and I am not sure what I can offer from what I learnt in driving taxis. I don’t expect you to hand me everything on a plate without me doing any work on my part. It is just I feel that if I have something to give I am not sure what it is and how I can develop the knowledge into a money idea. If I choose what I may have learnt from my time driving taxis I am not sure which would be my target market taxi drivers or the public who travel by taxi. Then if I choose my self help experience I am still not sure what my target market would be. I am not sure what sort of knowledge learnt from taxi driving and self help experience would be appropriate to market as a knowledge product.
Target market: I too believed everyone should be my target market.
I realize the market I should target, but I always thought it went against my true motivation.
Thank you for helping us gain clarity by re-evaluating areas we need to focus on.
I think that is a great idea, and also how to find your target market would be of great interest
Thank you so much for your words of wisdom Greg. I am just trying to become successful in the field of Hypnotherapy and Hypnobirthing for fertility, pregnancy, birth and beyond and also have created a small range of organic aromatherapy products to compliment this holistic approach.
I realize now, that not everyone is interested in a holistic approach and that I should not take it personally or target this group. I attended a baby show recently and had a poor outcome. 1. Many people already had given birth. 2. The type of people attending were not interested in my products.
Best wishes,
Amanda
very helpful, now to figure out how to narrow my field and aim, instead of the shot gun approach.
Greg, while this post is dated 8-9-2010 (now over 10 months ago), this issue is of paramount importance – as would be a video that expresses your perspective and guidance on it. Count my hand as raised for you to create the video on the topic. It would be much appreciated.
Thanks Greg,
As allways you gave a lot of informarion with clear examples. Now I am passing Eben’s Gurublueprinttraining and he was the first from who I understood that you can not help everyone. That you must define your target, prospective customers who will buy from you.
And my problem at the moment is to develop my niche market.May be you can give me any suggestions about that and the mental shift from expert’s thinking to marketer’s one.
Best regards,
Pravda
Hi Greg:
But my products do target everyone, because we have over 415 of the most Regenerative products on the market place, so there is something for everyone from Connie
You’re still wrong to think everyone is your market, and that will keep you from ever reaching anywhere close to your potential in the business.
Just because everyone COULD be in your market doesn’t mean everyone IS.