Defining Your Target Market
Wouldn't it be more fun to sell to people who want to buy from you?
Wouldn't it be easier to sell to people with whom you share similar interests and values?
By using the three tools in this Target Market module, you will be able to:
1 - Identify and describe those who have chosen to work with you
2 - Gain a clear picture of your highest priority interests and talents
Your challenge: to integrate these two discoveries so that you will be able to accurately describe your target market.
Some Examples:
Client #1, a financial service professional, went through this discovery process and came up with the following Target Market description: Founder-managed light manufacturing companies with 15-25 employees.
Please notice the refinement of this Target Market as compared to the typical description of a Target Market: "working with small businesses." By going through the discovery process, our client was able to subtly, but powerfully, refine her Target Market so that her marketing efforts became more productive.
Client #2, a 35-year-old mortgage broker, found his Target Market: risk-taking female business owners, ages 40-55, single or divorced. They are willing to purchase his more aggressive investment vehicles.
As in example #1, you will notice that these Target Markets are not obvious, but with a little bit of digging with our discovery tools, you can identify the unique characteristics of the people who have chosen to do business with you.
It is important to remember this key point: YOUR TARGET MARKET CHOOSES YOU. Regardless of your interests or the kind of market you think you'd like to work in, the ultimate decision always rests with the buyer. That is why it is so important to answer this question: "Who has chosen to work with me, and why?"
The Target Market Process Has 3 Components
1 - The Invisible Market Matrix
Using this discovery tool will enable you to define your ideal or preferred client. (Please note: There are two items to download for this part. The first is a pdf file with instructions; the second is an Excel file worksheet.)
2 - The Forced Choice Process - Life Interest Inventory
This tool allows you to discover the interests of greatest importance to you -- not the interests you think you should have, but the interests that truly matter the most to you. (This pdf file provides instructions, samples, and blank work sheets to complete The Forced Choice Process.)
By completing these first two steps, you will discover the identity and nature of your Target Market. The most effective sales person is the one who consciously and intentionally works with people who are most likely to choose him or her, and also works with people with whom he or she may have similar interests. The purpose of this process is to provide you with the easiest and smoothest path to follow -- not the path filled with obstacles and objections.
3 - Referral Logs
By analyzing and evaluating referrals given and received, you'll be able to answer the following questions:
Are you giving or receiving referrals at all?
If the answer is yes in either category: Are these referrals in your Target Market?
If you are not getting enough referrals and/or they are not in your Target Market, what is your plan for correcting this situation? To the extent that you are not working with people who want to work with you, using your best talents and striving to work consistently in your Target market, your effectiveness will be compromised.
Please download all 3 packages below so that you will be able to discover your Target Market.
The Target Market program and worksheets are used with permission from Critical Contacts, Inc.
If you have any questions regarding the completion of the worksheets, you may call me at
(510) 898-3245 or e-mail me at nick@coachnickray.com
To save the worksheets below: Windows right-click, Mac click & hold.
Part 3
Referral Logs (pdf)