Let’s talk about how to define your target market for your part-time business aka your side hustle. Before we look at how you should define your target, let’s see how entrepreneur.com defines the term “target market”.
Target Market – Specific group of consumers at which a company aims its products and services.
To put it another way, this is the intersection between the group of people that are most likely to buy from you and the group of people that you would ideally want to do business with.
If you believe that your target market is everyone, than essentially it is no one. Always keep in mind that you only want to market to your target market but you will do business with anyone. This means that all of your marketing efforts are focused on attracting the customers that you want and are most likely to do business with you, but you will in do business with most people that are willing to pay for you.
For example, let’s take a look at Apple. Their target is the younger, more hip, rebellious group that wants to radically change the world but that doesn’t mean that they won’t sell a iPhone to my Grandma. They aren’t trying to attract my Grandma, no discredit to her of course, but they know exactly what they want their brand to represent and more importantly who their brand represents.
So when you are beginning to define your target market you want to break it down three levels, most people also call this “niching” it down. By narrowing your target market you are making your business more effective at attracting clients and customers.
This is how you should drill down your target market at least 3 levels. When I was defining the target market for my show, I started by saying that my target market is anyone interested in business. Business is an extremely broad topic because their are so many areas of business such as accounting, human resource, management, marketing and etc. I then said I wanted to focus on entrepreneurship, which is more focused than just business but is still pretty broad as well. Then I broke it down on more level and decided to focus on part-time entrepreneurship which is a very defined subset of entrepreneurship.
Unfortunately, some people are afraid to get this narrow because they believe this will limit their potential to make money. It is understandable why some people would believe that but you always want to come from a position of abundance and power. There are billions of people on this world and you only need a small tribe of people to find value in what you do and you are able to build a successful business. You are not narrowing your opportunity you are expanding your expertise to relate to your customer.
Defining your target market will not only make your business more profitable in the long run but also more fulfilling by eliminating the people that aren’t a pleasure to do business with. Making money is a good thing but it isn’t worth putting up with crappy customers.
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