When was the last time you did some target market analysis? Do you know exactly WHO you’re trying to reach with your services? Have you identified HOW you can help them through their pain points?
Or does this all sound foreign to you?
If you’re a coach, it’s so important to know your target market. After all, you can’t provide the best service or product if you’re not sure who you’re marketing to!
By the way, we’re Cass + Tee, and we created Lovely Impact to help coaches, like you, succeed.
In this blog post, we’ll discuss some tips for figuring out your target market and how to use that information to reach success as a coach.
Let’s dive right in!
Table of Contents
What’s A Target Market?
There’s a lot of talk in business about “finding your target market.” But what exactly is a target market? And why is it so important to identify one for your business?
A target market is a group of people that you have determined are most likely to buy your product or service. When coaches talk about finding their target market, they’re usually talking about two things: identifying the characteristics of their ideal client, and then finding where those clients congregate.
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For example, let’s say you’re a business coach who specializes in helping coaches get more clients. Your ideal client is probably someone who is already coaching but isn’t getting the results they want and is looking for help to take their business to the next level. To find where these coaches congregate, you might look for online communities or Facebook groups where they hang out or attend coaching events and conferences.
Once you’ve identified your target market, you can start creating content and marketing messages tailored specifically to them. This will help you attract more of your ideal clients, and make it easier to sell them on working with you. So if you’re not sure who your target market is, now is the time to do some research and find out!
3 Reasons Why You Need to Know Your Target Market
Knowing your target market is an integral part of running your business. Sure, you can have a solid message but is your target market hearing it? There’s no way to know unless you can identify WHO your market is and how to get your message to them. Without this information, you are practicing what we call “hope marketing,” in which you’re just throwing your message out there and HOPING someone notices and becomes your client.
Sorry to say but that process is a waste of your valuable time and skills. Keep reading to find out why.
1. You’re not Walmart, so don’t try to attract the masses. Walmart’s success depends upon carrying thousands of products that appeal to a wide variety of people of varying economic levels, all at discount prices. You don’t have enough time in the day to serve the same number of customers as Walmart nor is it beneficial for you to attempt to carry thousands of products.
Identify your niche and dig down deep. Just because a niche – aka your target market – may be small, doesn’t mean they won’t spend money. If you’re targeting the correct market, you’ll find people willing to purchase your services or products.
➡️ Need more help in this department? Read our guides:
- How Do I Choose A Coaching Niche For My Business? >>
- 12 Unique Coaching Niches (Profitable and Fun!) >>
2. Identifying your target market can help you save money on advertising and marketing. At some point, you’ll need to spend money on advertising, either on local radio stations, in local magazines, or sponsored ads on Facebook. Successful advertising, however, highly depends on reaching your target market.
Again, target your niche market – as small as it may be – because they are the ones who will benefit the most from your products and services. They are the ones who are struggling and who will listen carefully to what you have to say, all because you have the answers to their prayers.
3. Knowing your target market will help determine your coaching prices. Approach this from two perspectives: think about the target market you WANT to serve and do some research into what price points they can afford. Now think about what price you’d like to offer and determine if your ideal market can afford those prices.
If you discover they can’t afford your 1:1 pricing, consider offering a group coaching program or other self-study programs they can afford now. In doing so, you can create a library of products that fit a variety of price points to attract even more people to your circle of influence.
Get To Know Your Ideal Client Avatar
Need a little help with getting to know your target market? We’ve got you covered!
In our Resource Library for Coaches, you’ll find a FREE worksheet to help you identify your ideal clients. You can use this worksheet to outline your ideal client’s hopes and dreams so you know how to talk to them.
Once you sign up below, you’ll have instant access to our entire resource library, including this free worksheet and so much more.
Final Thoughts – Why Coaches Need to Identify Their Target Market
Coaches, if you haven’t already — it’s time to identify your target market! By figuring out who your ideal client is, you can better serve them and attract more of the right people to your business.
In the end, every business needs to know and understand the demographics of its target market. For solopreneurs running on limited budgets, this information is even more important so you can spend your advertising money wisely.
Discover exactly what your niche needs, what their struggles are, and how to help them overcome those struggles. In return, they will flock to you when they realize you can relate and that you have answers.
Leave a comment below and let us know what tactics you’re using to identify your target market. We’d love to hear from you!