News flash ‼️ Your product or service isn’t a good fit for everyone.
There are even exceptions to seemingly “universal” offerings like Coke or iPhones (people watching their sugar intake and people outside of cell tower range, respectively).
I promise your target market isn’t 8 billion people.
But how do you figure out the right size niche audience for your business?
It’s not a numbers game. The right size market could be small (in the hundreds) or large (in the millions or billions), depending on what your business offers.
Here are 3 simple steps to identify your small business’ ideal customer (and incidentally define your niche):
- Consider the problem your product or service solves. Who has that pain point?
- Consider barriers like language, geography, credentials, timezone etc. Are there inevitable audiences your business can’t serve?
- Consider the customers you like to work with and the work you enjoy doing. For example, I enjoy B2B marketing more than B2C and focus on working with businesses in the B2B space.
Defining your audience can make your business more efficient across the board:
🌟 As you fine-tune your products or services (or introduce new offerings), you’ll have these buyers top of mind.
🌟 People tend to know people in the same space, so your customer referrals are likely to lead to similar work.
🌟 Your marketing can be tailored to this group (and tailored marketing is more effective).
🌟 You’ll earn a reputation for doing great work for a particular group, so the first step in the sales process (finding out if you and the prospect are a good fit) is usually done before you even start the zoom call.
Need help defining your niche and engaging your ideal customers? Let’s talk!