3 Biggest Benefits for Identifying a Specific Target Market

August 24, 2011 by  Filed under: Marketing 

I asked one of my recent coaching clients: what is your target market? She responded: everyone can be a client to me. Does this response sound common to you? The truth is “Everyone” is not a target market because simply no company can serve everyone. You can never be everything to everyone.

I have noticed that many entrepreneurs fear to identify a target market because they think they will not find enough clients to serve. The reality is the more specialized you are, the easier it is to attract clients. Money is usually made from specialized fields not generalized ones. A specialized surgeon would easily charge significantly higher fees than a general practitioner. Clients will always place higher premium on specialized services. So the more focused and specialized you are the more you would be able to raise your fees for your particular service.

Another benefit of having a specific target market is that it will be easier to reach and quicker to respond to you. Imagine you are in front of a big crowd and you shouted “Hey you!” How many would respond to you? Most probably you will hardly get any response. Now suppose you shouted again “Hey YOU, Mohammed!” This time you will probably receive some response from people whose name is Mohammed. Others would still assume that you do not mean them and would not respond. After all, there are so many Mohammed’s in the crowd. Now suppose you refined your call further and shouted “Hey You Mohammed Ali.”This time the call is very specific and cannot be mistaken, so you will definitely get a response from Mohammed Ali. So you see how it works. The same applies to your target market. If your marketing message is not directed to a specific segment, you will have hard times getting any one to respond to your offers.

The last benefit I would like to share with you is that as a small business owner you probably are finding difficulty competing with the big guys. One way to enable you to compete is to serve a particular niche. So in your particular market find a niche that is under-served and think of ways to serve them. Small niches are in every industry and big companies do not have time for them. They are not worth their while. For you however, you can easily dominate a niche from which point you can start to think to expand to other niches. Niches give you the chance to be a big fish in a small bond. If you however choose to be a small fish in a big bond, you will be eaten alive by the sharks.

About the Author:
Wessam is an entrepreneur coach and the First Certified Guerrilla Marketing Coach in the Middle East. She helps aspiring entrepreneurs to start and grow their own successful service businesses.

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