The big misconception about the target market
Finding the best target market is often the major stumbling block of my clients. This makes totally sense. In fact, this is, by far, the most important success factor for any business.
But what is a target market? For many consultants, the target market is not what it’s supposed to be. Let me explain.
I see often consultants play in different games and markets. They believe they have the experience and the solution to serve multiple markets. Although this may seem right, they often end up spreading too thin and get average results.
They believe that targeting the big pie brings more results. They see their business as a number game. Why limit ourselves when there are more opportunities there, right?
In reality, if they look at their past results, they will notice that 80% of their results have been delivered to only 10-20% of all markets.
There is more though. Others are more selective. They pick up an industry because they have either great experience in that market or because they have a good feeling about it (there is money to spend on consulting, there is passion to serve these clients, there is easy access, etc. etc.).
These are important factors to select a target market, but they are not enough. In fact, very few understand the best target market is the one that can get the best results by implementing your solution.
Let me say again. The best target market is the one that can have the best results by implementing your solution.
Here are three things that I want you to seriously consider in the next 7 days:
1. Start with the solution
It’s all starts with your solution and the results you bring to clients.
Forget about services. It doesn’t matter. Clients pay you to get a specific result, not for anything else.
With this in mind, you have to understand where you can have a massive impact on client results. Not all industries and players can get the most out of your solution. For a number of reasons.
In other words, your ideal client is somewhere, and you have to find him.
When you do that, you realize where the real opportunities are for you and how you can build your authority very quickly.
2. Don’t stop at the top
Here’s the big misconception. Based on the first principle, your ideal target market is not necessarily an industry. It could well be a one-only link of the whole vertical chain of the industry.
But there is more. It could be one type of organization within the same link. Maybe a specific size of organization. Maybe it could be a newcomer. The options are many, but they are all subject to the solution you bring to the market.
In other words, the better you define your ideal client, the better is your target market.
3. One target market at the time
Once you have clarity on your target market, you can either go full steam and build your positioning, marketing message, website etc, or you can go step by step and test it first to validate your assumptions.
Regardless of your strategy, here’s the secret. You need to focus on one market at the time. I know what you are thinking. Why just one? Again, why limit my reach?
Because if you do that you can dominate that market better than anyone else. You can lead that market and build your authority and become the best go-to-person to solve their problems.
Here’s the good news. You don’t need to stick with only one market forever. Build your credibility and reputation in one market and then, only then, either to move to another target market or to offer another solution to the same. And build on this. You will also attract clients from other industries as they see you competent enough to serve them too.
You don’t need to be the leader in the world, but the leader in their world.
There are different routes to success. This the fastest.
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