You might already know how important it is to know your target audience,
yet I can't overstate how important this aspect of our businesses can
be. Whether you are a coach, an artist or small business owner, it is
critical to know who your most important customers, clients or prospects
are, and why?
As a coach and consultant, I have chosen to make women my target
niche market. For most of my career I was a generalist. It was
important at first to work with a varied population and gave me a solid
foundation which I am grateful to have. Over time however, it became
clear where I felt the most passionate, helping women succeed and reach
for their dreams, brings me joy on a daily basis, which by the way is
key to avoiding potential burn-out. It was a risk to say that I was
cutting out 50% of the population, and I was actually advised against
it, but I believed deeply in my decision that women have a unique way of
being in the world-different than men-and it was important to address
their specific needs and concerns.
In the end I decided to trust that putting my focus and energy on
that 50% would help me clarify my message and define my platform. But I
wanted to be sure, so with a little research I found out that 48% of
working women provide at least half of their household's income, with
30% out-earning their husbands. Although women make up only 51% US
population, they account for 81% of all consumer and business purchases.
In the last 4 years, I have seen enormous growth in target
marketing to women. This has been reassuring and also lets me know
that women are now no longer a "trend," but are being recognized and
acknowledged as leaders and strong drivers of our economy.
Addressing your niche markets needs can be key to growing your
business. So it is important to solidify your message. Some of you
may be generalists and there is nothing wrong with that, yet if you are
attempting to reach a specific audience, it is important to ask yourself
if your message hits the mark? Have you kept track this year of where
your sales are increasing or decreasing? This can tell you in an
indirect way, where you are making an impact. Take some time this month
to review your platform.
Here is a simple way to begin to define or re-define your niche.
Remember to ask yourself the hard questions. Is it time to update your
platform and direction?
- Review your business platform and message to date, are you a
generalist or are you striving to create a niche
- Review your Profit and Loss statement-where is the growth, where
is it flat
- Review who your current clients are...why
- How are you reaching your niche market
- Why have you chosen this market
