Having a specific & clearly defined target market is NOT a luxury, it is the most important thing you need in place to run a successful business.
A target market is NOT “women entrepreneurs”, “non-profits” or Women, 25-55 who want to lose weight.
These broad markets used to be viable a decade ago, but today, specific is the ONLY way to succeed.
One of the arguments I get around keeping a broad target market…people like Tony Robbins or Marie Forleo target broadly. Look how well they are doing!
Yes, they have huge teams, huge ad budgets and years of success behind them. They are at stages that most people will NEVER get to.
The next argument is around scarcity. What if my niche is too narrow?
In two decades of working with businesses around the globe, I have never seen a niche too narrow. A target market can be unviable, but rarely too narrow.
Let’s put aside the fact that every industry right now is flooded and having a clearly defined niche is the only way to stand out.
The most important thing: Every single part of your business SHOULD be designed to serve your target market. I think many have lost sight of that.
So many women are getting into business for themselves and their freedom. That is great and definitely achieving freedom is part of what I teach...but the whole point of a BUSINESS is an exchange of value.
You have to have someone who needs what you are selling and willing to buy it.
You have to be able to speak their language and market directly to their pains and desires.
You have to reach their minds and hearts so they can see that you are the solution to their problems.
You have to actually provide a solution to a problem.
You can’t do any of that without a very specific target market.
You can see this constantly in the world and on social media. Everyone sounds the same.
Especially in the industries I work with: coaching, consulting, marketers, graphic designers, copywriters and wellness practitioners.
How many people have the same messages...the same promises..the same language.
Eventually, the market tunes out and nothing is relevant.
But what happens when someone reaches you? They feel like they are talking directly to you, not the million other people around you.
This is where the magic happens and it all starts with a specific and clearly defined target market.
This is the reason that I start with this in my Women in the Arena program.
This is the reason why so many businesses are failing...their market is too broad.