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Five Steps to Choosing Your Target Market
Everything to everyone, as they say in marketing, is nothing to no one. For coaches, who are programmed to want to help as many people as possible, this isn’t an easy pill to swallow. But if you want succeed as a coach, swallow you must. Focus is the key to success, not only for your coaching business, but also for the clients you serve. (Click here to see why.)
Knowing you need to choose a specific market is a great first step, but the second step is equally important: choosing the right one. Among your many options are markets that will grow your business, shrink your business, or end your business. The choice of market makes all the difference. Below is SavvyHippo’s five-step process to choosing wisely.
Step 1: Take Inventory
The first step to choosing the specific group of people you’re going to serve is to take a full inventory of your options. Think back to the niche you chose in Part 1 and make a list of every possible group that needs or wants what you have to offer. Consider age, sex, location, education, experience, career, family, interests, etc. Be specific.
For example, a vegan nutrition coach could serve semi-pro soccer players, new moms between 35 and 40, or cancer survivors who beat a particular form of the disease. Whatever the topic, your options are endless. In the space below, list as many potential audiences as you can. Who could benefit from what you have to offer?
Step 2: Narrow by Market Demand
The second step is to narrow your list by demand: which groups of people represent a strong and healthy market for your services? Unless there are people ready and willing to invest in your coaching, little else matters, so it’s vital to begin narrowing your list by market demand. In the space below, record all of the groups of people from your inventory that share the following characteristics:
- Aware: Are they aware they have a problem and are in need of help?
- Active: Are they actively searching for some type of solution?
- Accessible: Are they large in number and easily reached?
- Able: Are they able to afford and use your coaching?
Step 3: Narrow by Ability
Next up is ability: of the options that remain, which groups of people can you serve best? With the list you recorded on the previous page in mind, consider the questions below. Then make a new list of people that satisfy both demand and ability.
- To which groups of people can you deliver the best results?
- Which groups of people bring out the best in your abilities?
- Which groups of people can immediately put your coaching to use?
- Which groups of people will immediately see the value in what you have to offer?
Step 4: Narrow by Passion
Finally, we consider passion: of the options that remain after the second cut, which groups of people are you most passionate about serving? Often, but not always, you’ll do best which you love the most. As before, narrow the list of the previous page by considering the following questions. Then record your final options in the space below.
- With which groups of people do you (or believe you would) love to work?
- With which groups of people do you (or believe you would) hate to work?
- Which groups of people are you deeply passionate about helping?
- Which groups of people have a special place in your heart and mind?
- Which groups of people have you had positive experiences with in the past?
Step 5: Choose Your Market
After starting with an inventory of every type of person you could help with your coaching, you narrowed your choices down by market demand, personal ability, and passion. You should now have a small list of options that satisfy all three conditions. The only thing left to do is make your choice.
For a quick and easy way to follow these steps, download our free Target Market Workbook by clicking here.
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