One of the most important things any Nichepreneurs® can do is define their target audience. Ask yourself: Who is my
ideal customer? If your answer is "Everyone", you've got some work to do!
While it would be nice if every
single person in the world wanted your products and services, the truth is that
by trying to appeal to everyone, you often wind up appealing to no one.
Increase your chances for success by narrowing your target audience: selecting a
crowd of likely customers and concentrating on meeting their wants and
needs.
You might immediately know who your
ideal customer is. Great! Having a clear concept of your target audience is a
great first step. However, if you don't have a target audience in mind, it's
never too soon to start looking.
Not sure where to look? Don't
worry. Here are six strategies you can use to define your target audience. Use
these options as starting points: each one can be further refined to meet your
needs. Keep narrowing your niche until you find the one that's right for
you!
Look Younger:
Children,
especially teenagers and those just about to enter their teen years (known as
'tweens'), are big business. Direct spending by teenagers accounts for over
$150 billion annually, with tweens hot on their tails. Brand loyalties
developed during these critical years tend to endure for a lifetime.
Look Older:
The arrival of the
Baby Boomers may have been yesterday's news stories, but it's today's reality.
Those in or about to enter retirement have arrived at this stage in life
well-financed -- and ready to spend. They're also well-trained, if demanding,
consumers: they know that there's a product or service out there designed
specifically for them, and they intend to find it.
Explore a Common
Passion:
Consider your own personal
passions. Is there a target audience for your products and services among
people who share one or more of those passions? Could you offer financial advice
to NASCAR fans who want to get on the fast track to retirement? Is there people
in your quilting circle who might need small business advice? Shared passions
can create a bond and trust that extends into other areas of life -- great news
for your business.
Religious
Affiliations:
Religious affiliation is
certainly not a new way to niche, but it's a powerful one. In fact,
understanding the wants and needs of a particular religious community is a great
way to target your products and services. For example, clothing designers and
wedding planners who cater to the Latter Day Saint community in the Midwest
enjoy their success because they understand the modesty requirements of that
group and offer products and services accordingly.
Ethnic Groups:
Ethnic groups make
up some of the largest niches going. In fact, I hate to include this as a niche
strategy, but will do so with the caveat that you'll have to refine your niche
further. Targeting your services to the Hispanic market, for example, does
offer you some of the advantages that being a Nichepreneurs® brings. However,
because these groups are so large, and growing so fast, it would be a good idea
to further refine your identity.
Economic Class:
Every market segment
has a high end and a low end -- consumers who can afford to pay top dollar and
others who are far more price conscious. There's money to be made at either end
of the spectrum, but you need to position yourself carefully. Do your market
research to identify where the most lucrative opportunities lie.
Finally, don't forget the GEL
formula. As you narrow your niche, searching for your ideal target audience,
keep the following in mind. Your niche should be Growing, in an area you have
some Experience in, that you Love. If you're niching yourself by the age of
your target audience, you have nothing to fear: people continue aging at a
fairly steady rate, and birth rates in most of the world have been steady or
climbing for decades.
However, population changes and
socio-economic shifts mean that niching by religion, ethnic group or even
economic class can prove problematical. Do your market research to make sure
the group you're targeting is going to be around for a while: you don't want to
be the only florist specializing in traditional Chinese weddings when there
aren't any Chinese families in a hundred mile radius.
Good luck! Remember, your niche is
out there, just waiting for you to find it!
Click here to listen as
Jim Canterucci, author of Personal
Brilliance,
and the
host of "Personal Brilliance - Up Close & Practical Podcast"
interviews
me about my latest book,
Riches
in Niches: How to Make it BIG in a small Market."