Define Your Target Market or Risk Failure in Your Small Business
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Define Your Target Market or Risk Failure in Your Small Business


Before you spend the time — or waste one
more dime — on splat marketing techniques, you need to know who you are looking for and
what they want. I’m Denise O’Berry and you’re watching
the little big show – your place for bite-size business tips that can make a big impact on
your business bottom line. I was chatting with a small business owner
about her marketing efforts the other day. She said, “I sent out 500 marketing brochures
the other day and didn’t get a single response. What a waste of time and money.” She also mentioned that a friend of hers had
encouraged her to join a weekly leads group. When I asked her what types of businesses
were involved in that group, her answer was, “Well, I don’t really know.” Then I asked her who her target market was,
and she said, “Well, everyone can use my services.” Oy! Many small business owners make the same mistake
using splat marketing for their business. They mail out “stuff” to people and wait for
the phone to ring. They join leads groups and wonder why their business isn’t growing. It won’t work if you haven’t taken the
time to target your market.You have to know who you are selling to and why they need your
services. Here’s a rule you need to live by: And it’s a tweetable. Everyone is not a target market. If you try
to be all things to all people, you will fail. Take the time to detail “who” your prospect
is and “what” you are selling them. Be as specific as you possibly can. Here are two tips to get you started. Number 1. Create a picture of your target
market. Get very clear on who they are. You’ll want to define what they like and dislike,
what their income bracket is, what their interests and values are, what and how they like to
buy, where they’re located at — as many details as possible. Number 2. Define what problems your target
market wants to have solved. This won’t necessarily be the same thing as what you
think they need to be solved, so get really clear on this. I’ve seen way too many small
business owners develop a product or service and then try to sell it. That’s a recipe for
failure. Find out what they want first and you’ll be successful. So there you go. Paint a visual picture of who your market
is and what problems they want you to solve. Then, and only then, determine how you will
reach those prospects. My bet is your marketing will then be right on target. Now it’s your turn. Have you determined
your target market? Who is it? Do you have a tip to share or help you can offer? Tell
me in the comments below. If you liked this this video please make sure
you hit that like button and subscribe to my youtube channel. And don’t forget to
tell your friends about it. And if you’d like more great tips and resources,
head on over to deniseoberry.com and sign up for my email list. You’ll be glad you
did. Thank you so much for watching! See you next
week. I can’t believe so many people believe everyone
is their target market. It just doesn’t work that way.

About Ralph Robinson

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24 thoughts on “Define Your Target Market or Risk Failure in Your Small Business

  1. Very helpful and timely for me. I'm trying to figure out if I need to add another direction or expand on the one I'm already work in. Thanks!

  2. Thank YOU Clare. I appreciate you taking the time to watch and leave a comment and question. More useful tips coming every week.

  3. Hi Clare — How cool! Yes, that should be an easy picture to draw (whether you actually draw it out or list it out). You can do that for your baker niche and also back pain. That can really help you focus on who to target. Here are the specifics you want to start with:

    – Gender
    – Age (a range is okay as long as it's not too big)
    – Race
    – Ethnicity
    – Income bracket (a range is okay here too)
    – Employment characteristics
    – Children
    – etc

    That should get you started. Holler back if you need help.

  4. I'm glad it was helpful AND timely for you Samantha! See my reply to Clare below for some specifics you will need to identify and give me a holler back if you have any questions.

  5. I've determined my target market. Mainly because I WAS my target market. The guy who had issues with women and dating. That makes it easy 🙂

  6. You bet that makes it easy! Good for you for recognizing that there were plenty of people out there just like you wanting the problem to be solved.

  7. Did you miss last week's episode of the Little Big Show? Here it is for your watching pleasure — new episode out tomorrow!

  8. One key to success is making sure you are focusing your efforts. This will be critically important as you move forward into 2013! This quick 3 minute video can make a difference for you.

  9. If I had a nickle for every work at home mom who told me her target market was "all moms" I'd be rich. Great advice! Keep 'em coming!

  10. Thanks Stephanie. Yep, not just WAHMs who fall prey to that. Way too many small business owners of all types do. Thanks for watching and taking the time to comment.

  11. I own a retail store and based on my sales and customers, I see two different target markets. I sell electronic cigarettes whose market are smokers how are wanting to quit or find a healthier alternative. Many of these customers only purchase these products and don't shop for anything else. The rest of the store is natural health products and gifts that are mainly purchased by women 30+ looking for healthier more natural products and gift items. How do you market to both on a limited budget?

  12. Hello — thanks so much for watching and subscribing! I'm assuming from your comment that the majority of your customers are women in the 30+ range looking for healthy items. That's who I would target. The others are one time buyers that don't really warrant your effort or budget.

  13. Thank you for replying so quickly. The electronic cigarettes are our main sales item and have the most return customers. However, you made me realize that by focusing on women 30+ I could cover many of my customers for electronic cigarettes and the rest of the store's products. Thank you.

  14. You're welcome. Sometimes just talking it through with someone else helps. I'm glad you took the time to ask the question. Please let me know how it works out for you.

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