How To Make Sure You Select The Right Target Market...

How To Make Sure You Select The Right Target Market

Workbook

• We have previously discussed the importance of separating your business from your competition

• You must stand out from the crowd

• This means your business must become unique

Make Your Business Unique

• Movie theaters are hurting financially, and many of them are now scrambling for additional ways to drive in revenue

• Smart theater owners are moving their theaters into specific niche markets and catering to a very select group of theater-goers.


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• When you niche your business into a narrowly defined market, you become unique… and you therefore instantly attract everyone that niche market appeals to

• You wind up attracting EVERYONE in that niche.

• Many niche markets have a substantial number of prospects waiting for a business to cater to their specific individual needs


• The Academy Theater in Portland Oregon is a second run theater renovated and restored to its original glory in 2006



• The Theaters at Canal Place in New Orleans caters specifically to the art house crowd


• These theaters are thriving… and yet they appeal to less than 10% of the total movie-going public

• Since they give their niche prospects exactly what they want, they attract all the prospects in that market, and those numbers dwarf what they would attract as a typical offer-everyone-everything type of theater



• Small business owners MUST do this exact same thing

• We’re going to help you carefully select the niche market that resonates the most with your target customer… as well as with your individual passion

• This may be the single, most important exercise you ever perform as a small business owner

• Your entire marketing program depends on you selecting the proper niche market


• Best price

• Excellent quality

• Great customer service

• Been in business for 25 years

• When you look and say the same things as your competition, you’re doomed to forever compete on price

• Prospects want “value”

• Stop being all things to all prospects

Does Your Marketing Look Like This?


Selecting your niche market gives you the ability to pinpoint your target prospects

Personal trainer - help people lose weight & get back into shape

Benefits of Selecting Niche Market

“How An Extremely Busy Mother Of 3 Lost 19 Pounds Of Ugly Fat In Just 8 Weeks, And How You Can Get The Exact Same Results… Or Even Better”




“The Only Step-By-Step Fitness And Weight Loss Program Designed Specifically For The Bride-To-Be That’s Guaranteed To Get You In The Dress Of Your Dreams… And Fast”





“The Only Step-By-Step Fitness And Weight Loss Program Designed Specifically For Prospective Grooms That’s Guaranteed To Having You Look As Good As She Does On Your Big Day… And Fast”




These specific areas are called niche markets, and positioning your business into a specific niche market is your key to massive business success


Target Customer Profile

• You first identified your target customer’s physical profile

• Physical traits are only responsible for 10% of the small business success equation


• The remaining 90% of your success is determined by your target customer’s emotional profile

• The emotional profile identifies what it is that all of those available prospects in your universe WANT

•We often refer to their emotions as their “hot buttons”


Hot Buttons

Describe the problems, frustrations, fears and concerns that your prospects have when they buy what you sell

Define the emotions your prospects are experiencing

Attract prospects to your product or service as they look for a solution

Hot Button Examples

Dentist Office…

Wait timePaperwork

Car Mechanic…

Cost of having it repairedPrice exceeds estimate


Emotion Is The Key

• Since your prospects buy based on emotion, they’re looking for the business that will remove them

• That’s why the emotional profile represents 90% of your potential success

• The physical profile defines the prospects who have a logical NEED to use your product or service… whereas the emotional profile defines the prospects who have an emotional reason to buy… and they WANT what you sell

Emotion Is The Key

• The dentist can’t just say that “my practice offers fast service for the busy patient”

• When you know and understand the specific emotions that truly resonate with your target customer, you can then create a message that thoroughly compels them to buy what you sell

• It’s the dentist job to innovate their practice

• But if they do, they will easily dominate their market


Your target customers…

• spend the most money with you• buy over a longer period of time• love what you do• share your passion• send referrals• provide testimonials• never leave

Attract Your Target Customers

Auto Mechanic

• If you find an auto mechanic who…- Has extremely fair pricing- always provides you with excellent service- gives honest estimates- never overcharges

• Do you ever leave that business to go try someone else?


Auto Mechanic

• It comes down to knowing and understanding the emotions that your target customers are experiencing

• Your target customers often WANT different things

• You may have discovered this same thing in your business when you completed your own emotional profile worksheet

• Stop trying to be all things to all of your prospects



Child Care Profile

Child Care Profile

• What do those parents WANT?

• What is their emotional profile?

• What are their problems, fears, frustrations or concerns they have as they face the reality that their situation is forcing them to place their young child into the custody of strangers?

• What are they experiencing emotionally?


Child Care Profile

• One of the biggest factors for small business failure is referred to as the “Curse of Knowledge”

• Business owners know every facet of their business

• That’s often a curse… because they tend to make assumptions that can destroy their business

• You MUST learn to think like your prospects think

Child Care Profile


Child Care Profile

Child Care Profile


Child Care Profile

• How can you hire staff members with the skills necessary to provide a loving, nurturing environment for kids… and an entirely different staff certified in preschool education… and then still claim to be the low price leader in your child care market?

• But that’s what child care facilities do every day… all over the country… and all of their competition is saying the exact same platitudinal nonsense

• Child care prospects don’t believe any of it

Child Care Profile

• As the owner of this child care facility, realize there are three different and entirely distinct groups considering your services… each one wanting something completely different from the others

• By selecting just one, then creating child care that specializes in serving ONLY that one specific group, you have a child care that’s unique… that stands out… and has differentiated itself from all its competitors


Child Care Profile

• Which of the three segments do you select as your niche market

• Never make this decision based solely on the amount of revenue you can make from a specific niche market

• Select the one that most resonates with your individual passion

• Passion is the key to selecting your niche market

Child Care Profile

• Child care owner…

• Do you have a passion for helping young parents place their young child into a child care situation

• Would you prefer providing a low cost option to young parents that offer them enough services to provide peace of mind

• Besides passion… ask yourself if you have any special advantages to offer your chosen niche market


Child Care Profile

• Advantages to offering low cost child care…

- recently inherited a 2 story brick building mortgage free- building requires little modification to house a child care center- building sits in the middle of a major office complex- no advertising expenses

• These competitive advantages… matched up with your passion offer you the best of both worlds

Child Care Profile

• Advantages to offering loving, caring child care…

- you have a degree in health and nutrition- you have the ability to create nutritionally-designed meals- you offer a low staff-to-child ratio that ensures more attention- You require the staff to attend monthly safety and CPR training

• Your background and past experience act to complement your passion by giving you a competitive advantage that other child care facilities can’t match


Child Care Profile

• Advantages to offering educational opportunities…

- you have a degree in primary educational development- you know others in this field who are also young mothers- their child could attend the same facility with kids their age

• Selecting your niche market based on your passion… then look at the competitive advantages you may possess

Consultant Profile


Consultant Profile

Consultant Profile


Workbook Forms

Niche Market

• All prospects today want to feel special

• They want to feel as though they’re dealing with the expert that can help them solve their problems, concerns and frustrations once and for all

• They want a business that stands out from everyone else

• They want a business that’s unique, understands them, caters to them, offers them extraordinary value and clearly communicates to them the uniqueness and value they will receive


Niche Market

Niche Market

• This is how we help small business owners all over the world build highly successful businesses

• All you have to do is follow the process we’re teaching you

• But you MUST develop your target customer profile

• It’s your job to select the one hot button that you have a true passion for serving, and make it your niche market


Niche Market

Niche Market

• If you’re struggling to identify the hot buttons for your target customer… then try asking them directly

• Interview them and ask your current customers what they want from a business like yours… or ask prospective customer’s if you’re a start up and currently don’t have any actual customers

• Ask them to tell you their biggest problem, frustration or concern they have when they buy what you sell


Niche Market

Next…

• We’ll complete the development process for your target customer profile by revising your physical information to reflect your new target customer in your selected niche market


Recap…

• Our main purpose is to help you continue to develop the solid foundation required to build a highly successful business

• Physical profile

• Identifies physical characteristics• Identifies who NEEDS what you sell

• Emotional profile

• Identifies who WANTS what you sell• Identifies emotional characteristics

(hot buttons) & is emotion-based

Recap…

• Hit your prospect’s “hot buttons…

- they pay attention to your message- they now want what you sell- you’re solving their problem, concern or frustration

• This leads to the creation of your marketing program that will generate real results ($$$)


Niche Market Worksheet

E-Learning Marketing System

Designed to get YOU results!



Additional Worksheets

Additional Worksheets

How To Make Sure You Select The Right Target Market...

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