#MarketingTipMonday No. 90

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): 

  1. Consider the problem your product or service solves. Who has that pain point?
  2. Consider barriers like language, geography, credentials, timezone etc. Are there inevitable audiences your business can’t serve?
  3. 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!