Step #3: Identify your target market
So far we have learned to:
The next logical step, is to identify your target market for the specific product that you wan to market. This allows you to zoom in on the specific needs and wants of your customers.
The first step to identify your target market, is to ask yourself these two questions:
- Who is most likely to buy my products?
- Who is most likely to join my business?
Now, I don’t know about you, but I’ve always been a bit averse to the idea of making the infamous “100 name list”.
The problem with making a list like that, is that it focuses your attention on specific people. People you know. Human nature will cause you to pre-judge those people, no matter how hard you try not to. Chances are, you will most likely screw up any chances of those people ever buying your products or joining your business, if you approach them first before having your own positive product results which they can see and before you have learned to identify who your real customers are.
In answering the question, “who is most likely to buy”, you should not focus on specific people you know, but rather “types” of people. These “types of people”, is another way to identify your target market. If you are selling nutritional supplements for example, what type of person will be most likely to be interested in what you have to offer?
- Sports people?
- Fitness freaks?
- People who are conscious about their health?
- Doctors?
- Dieticians?
- Personal trainers?
You get the idea, right? Now make your own “type” lists, or “niche market” lists, or “target market lists”.
After you have identified all the “types”, now start making a list of all the people you know who falls into the types you have identified. They will be your hot prospects. The first people you will present to. This is a much more targeted list and an important step in helping you to identify your target market.
On a side note:
I know that a lot of new distributors are scared or embarrassed to approach people they know from their list. Understandably so. However, let me ask you this: You have identified person A, let’s call her Jackie, as a perfect candidate for someone to try your products, as you know that she is extremely health conscious. Here is the reality. Chances are that if you do not approach Jackie about your products, somebody else will. It’s not about you. It’s about Jackie.
The same with the business opportunity. If you have identified that Suzie might be genuinely interested in making money from home, or starting a home business, chances are that if you do not approach her, somebody else probably will. I don’t know about you, but I’d much rather prefer that my friends and family is part of my business than that of someone else.
Your next step to identify your target market, is to ask yourself: what does my customer want?
All the people you have identified in each particular “type”, will have similar wants or needs.
For example, sports people will want to enhance their performance, have more energy, recover quicker after exercise, need proper hydration and re-hydration, build more lean muscle tissue etc.
These wants/needs, are going to be the “hot buttons” that you need to focus on, when you get the opportunity to present your products to them. (The topic of our next article.)
You will have to know your products well enough to know which products or product combinations, will benefit them most. Which of your products will address their “hot buttons”; their needs.
This way, you are zooming into the needs of your specific type of customer, also known as your target audience. Now, as you have seen from the above, it is quite possible for you to have more than one target market. It is however paramount that you do not try to approach each type or target group in the same general manner. You have to tailor your presentation to their specific wants and needs. What do they want from your products? Can your products deliver what they are looking for? If so, you have a “hot target market.”
All that is left to do now, is to package your presentation in such a way, that you will speak directly to the “hot” buttons of your identified target market. It’s like having a laser targeted presentation; speaking directly to the needs and wants of your customer.
In the next article we will look at how to package your presentation in such a laser targeted manner. For now, take the time to identify your target market for each different product and/or business opportunity you want to market. Until next time.
Here are the links to the 6 Success Steps for ease of reference once again:
#3 – Identify your target market
#4 – Package your presentation
#5 – How to get a new customer