Women in the Business Arena™ EP92: Do You Actually Know Your Target Market?
“So often, we design our whole business, marketing, and content around an ideal target market that we don’t actually know. There are all of these assumptions, expectations, and projections on this target market, but how well have we actually gotten to know the specific individuals in the target market?” - Sonya
Do you know how you get clients? Do you know what exactly you need to do to get more clients? If you’re like 99% of entrepreneurs, you would probably have to say no. In the business world, so much focus is placed on finding your avatar, your ideal client demographic. The problem is, most of the time, the “ideal client” we’ve created is inaccurate. At times, we think we know what our avatar wants because we assume they think and act, want and need what we want. Instead of listening to our ideal market, we superimpose their desires with our own. It’s important to know who we want to reach. How well do we actually know that target client?
“In order to look at a target market, you have to generalize. You have to find the consistent patterns across the board, not the one person who wants what you’re offering, because you won’t be able to reproduce that result over time.” Sonya
The best way to learn what your target market wants is to go to the source. Find your avatar and have some conversations. Surveys and polls aren’t ideal for gathering this data, because often people fill them out quickly and don’t give in-depth insight. Whether you seek out individuals through phone calls or speak with them in person, plan to spend significant time, around 45 minutes, learning what they really want, and finding out their real needs and pains. During this conversation, aim to only speak for 20% of the call. The most lucrative asset you can give the individual is your undivided attention. People often underestimate the value found in simply listening.
“People don't have realistic expectations of how long it takes to validate a target audience. Don’t wait until it’s perfect, work with what you have. But if you are trying to learn more, you need to give more time.” - Laura
Validating your target audience isn’t something that can be done in one or two conversations. In fact, we recommend that you make at least 20 calls before you begin analyzing whether or not your avatar is accurate. During these 20 calls collect data. What is working? Why did they say yes, or choose not to buy? If you have the help of a business coach or mentor, validating could be a six-month process. If you are analyzing the data and making modifications on your own, this could take up to a year.
Feeling overwhelmed? You aren’t alone. Finding your target audience is one of the most challenging aspects of having a business. Having support, someone to help you analyze the data, and make informed decisions with the expertise of marketing and business could make all the difference for you. Too many entrepreneurs have been stuck for years because they haven’t refined their avatar. Don’t waste time, money, advertising, and energy on an avatar that is inaccurate.
Some Topics we talk about in this episode:
- Introduction - 1:01
- We Don’t Know Our Target Audience - 4:56
- How Do You Actually Find the Target Audience - 9:12
- The Validation Period and Slowing Down - 20:34
- Wrap-up and Takeaways - 32:45
How to get involved
- Join the Women in the Business Arena Group on Facebook and continue the discussion starting next week! https://www.facebook.com/groups/womeninthebusinessarena
- Reach out to us - we’d love to hear more about where you’re at in life and business! Find out more at www.womeninthebusinessarena.com
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