Business 101 – know your audience
I do a lot of work with business entrepreneurs. Most of them come to me with great ideas, products and services – and incredible enthusiasm. Unfortunately, in all the excitement, some have forgotten to research the two most important questions “Who is my audience?” and “Do I even have an audience?”
You can’t please all the people all the time
In any business, you need to define your market niche. In other words, the group of potential clients that you want to target with your product, service or expertise.
By investing your time in this incredibly important step, you make it crystal clear to the world (and in your own mind):
- exactly what you offer
- who it can help and why they should choose you
- how to attract your ‘ideal clients’, the ones you want to work with
- where and how to start promoting your business to them effectively
How to develop a market niche
While it’s imperative to make sure that there is a big enough market of people out there who need your product or service, it’s just as important that you like your clients too. Especially if you are selling a service or product where you have contact with your clients.
To develop your market niche think about:
1. If you run an existing business, what are the characteristics of your past and current clients? Which ones did you enjoy working with the most? Why? If you don’t have the luxury of past or current clients in this current industry, look at competitors audiences (places like industry blogs, forums, message boards are also a good place to watch them) and the type of people you have enjoyed working with in other industries.
2. Understand your unique abilities, skills and expertise – ask others to tell you the good and bad about you and your business.
3. Define your ideal clients – who do you want to work with day and day out?
Create a market niche statement
Your Market Niche Statement should include a clear definition of:
- who your ideal target market is
- their characteristics
- the problems or pain that they experience
- how you solve those problems
Important points to consider
- Is there room in the market for your business?
- Is there a clearly identifiable need for the benefits and solutions of your service within your target market?
- Can you easily communicate with them?
Defining your market niche is the first step in developing a focused and successful business.