How to Carve Out Your Unique Market and Dominate It
One of the first things you have to know is that you don’t serve everyone. Whatever your business, you have a unique market. Your ability to define this unique market sets you on the path of business success. It is very necessary if you must be the king of your market.
As a coach, defining your unique market is important. It is the base on which your marketing stands. It also determines the marketing channels you use in your business. It gives you a clear picture of “who” and “what” your business is about.
If you don’t understand your unique market, you will waste tons of money on ads. Trust me; the cost of getting clients through paid ads is rising by the day. With a well-defined unique market, your ads get to prospects that convert. You will not be wasting time and money on ineffective marketing strategies.
Your unique market contains the people that need your unique services. They are the people you have a greater chance of converting. They have a common characteristic, and share similar interests. They also have specific, but connected challenges they need help with.
If you must rule your market, you must identify the people that need your unique services. Know what their unique challenges are and how you can solve them. When you define your market, it is easier to reach your ideal clients.
Here are strategies to help you define your unique market and dominate it.
1. Identify a Unique Challenge
The first step to defining your unique market is to identify a unique challenge. What is it that you can help people with? What problem can you help them solve? What solutions are you bringing to the table? All these questions will help you to have a frame of reference for your business.
As earlier stated, you can’t serve everyone. In the same vein, you can’t solve every problem. Identifying the particular challenge you want to solve narrows down your ideal clients.
As a matter of fact, your business is a reflection of the peculiar problem it solves.
Take LinkedIn for example.
One of the key challenges that they identified was the professional divide. They saw the difficulty for professionals to advance their careers and businesses. So, they created a platform for professionals and businesses to connect.
So their unique market is professionals and business people. They integrated tools for professionals to highlight their experiences in their industry. This makes it easier for other professionals to connect with them.
A lot has changed on LinkedIn now. But, the challenge they identified helped in defining their target market. Today, they are the king of business and professional networking.
Let’s also look at Netflix.
People used to pay heavy amounts to hire movies from blockbusters. The charge when returned late was too high. Reed Hastings, CEO of Netflix said he had to pay $40 for returning a movie late. He saw this as a challenge. And because he loved watching movies, he picked that as a market.
If you have identified overweight as a challenge, that defines your target market. You can go ahead and build your business around it. If the unique challenge you have identified is a poor savings culture, that is a market to delve into. You can help people save money to meet both short and long-term goals, and you get paid for your services.
The unique challenge you identify, is a potential market for you.
2. Focus Your Service on Addressing the Challenge
After you’ve identified a challenge, you want to build your business around this. If you can deliver it in a unique way that no one else can, and can tell the world about this as fast as possible, get ready to be celebrated.
Like Hastings, he started Netflix alongside Marc Randolph. He brought a unique solution to a unique challenge. As of January 2019, Netflix has 139 million global subscriptions. 58.49 million of those subscribers are in the United States. His passion for movies led him to create a platform that lets people watch it without the regular hassles from the blockbusters.
It is important that you are passionate about this. This is what will endear you to your target market. It is what makes them see you as their last resort for a solution. Your connection to their predicament will make you show empathy.
This impacts your marketing in a great way. People find it easier to identify with businesses that show a lot of empathy. They want to be sure that you understand how they feel. Truth is; your services will not appeal to them if they don’t connect with you.
Our business is to help talented professionals scale their businesses. The reason behind this was the struggle we went through to get our business standing. We knew that we could deliver value, but it we weren’t seeing the results.
The struggle continued till we discovered strategies that helped our business. We offer the same solution to our clients, and they’ve been getting great results. So, our target market is professionals, who know their onion, but struggle to get clients in their business.
Your services must take care of all the pain points of your target market. It must be very valuable to them. If it doesn’t solve their problems, then they will look elsewhere. They will move over to your competition.
3. Profile Your Ideal Client
In your target market, you have your ideal client. Those are the ones that fit into your client profile. Not all prospects that need the solution you offer qualify as an ideal client. If you want to stand out you have to be specific about who you serve and learn how to say no to people you can’t serve.
To profile your clients, one of the most common ways is to use demographics.
The demographic data focuses on information related to:
- Age: What is the age range of people who you desire to be your clients? It mustn’t be a specific number. You could use a range.
- Gender: Some services target only a particular gender. So, if you have a specific gender you want to attract to your business, you state it.
- Ethnicity: Some services are peculiar to people of a particular ethnicity. For instance, if you have a service that help people with tanning, your ideal client will be geared towards Caucasians.
- Income: This is a crucial demographic factor. You want to target clients that can afford your services. Beyond that, they should also be willing to pay. There are people who can afford your services, but are not willing to pay.
- Marital Status: Are your services designed for married people? Or are they for single people? Your services can also be for divorced people. For instance, a dating coach will target single people looking for relationships. The service can also go for divorced people looking to move on.
- Occupation: This is important. A financial coach might target both career and business people. But, a business coach might not need a career person as a client. The exception might be that the career person has a business on the side.
- Education Level: Are you targeting college graduates? Or do you desire to serve College professors. Now that’s an instance. There are many educational level your ideal client falls into. It’s your place to know which one fit into your ideal client profile.
It is important to know which of these demographic factors helps you narrow down the profile. Some of them might not be relevant, while some might be crucial.
For instance, your service is targeting business people. Their gender might be of no relevance in your profiling. But, you might be keen on their income. You don’t care if they are male or female, provided they can afford your services.
Another important way of profiling ideal clients is using psychographics. This is necessary as demographic data alone can’t give you the full picture of your ideal client.
In psychographics, you profile clients based on their activities, interests, and opinions. This is the AIOs of marketing.
A proper psychographic profiling will help you understands what motivates your ideal clients. You will have an idea of their psychological and emotional triggers.
According to a Harvard study, 95% of customers make subconscious buying decisions. This is because we are emotional beings. This is important in attracting your ideal client.
If you desire to stand out in your market, you need to bring in ideal customers. The perfect way to do this is by understanding their demography and psychographics. The demography shows you “who”, the psychographics tells you “how”.
4. Get in The Face of Your Ideal Client
If you have identified a unique challenge, and you have a solution, then you need to know how to reach your market. This is the only way your service is going to make an impact.
If you have a great service, but no one knows about it, you don’t have a business. Hence, you need to use effective marketing strategies in order to close in on your ideal clients.
One effective way to reach your target market is through targeted Ads. These Ads are specific and appeal to their needs and interests – thanks to the demographic and psychographic targeting.
Targeted Ads are very effective ways of putting your services in front of your ideal client. This ensures that the right clients are clicking on those ads. Trust me; it is a waste running an ad campaign that gets the wrong clicks. Every click to your ad costs money.
With targeted ads, your ideal client gets to see what’s relevant to them. Your ads can reach your client, but if it isn’t relevant, it will be a waste. The end result is an ineffective ad campaign that wastes your money.
Again, your ad must target the right demography.
For instance, you serve people who live only in New York City. Throwing your ads all over the country will be a waste of money. This is because it will likely get in front of someone in Ohio. The Ohio guy sees it, and gets interested. The next thing is to click. By the time you get on the phone, you realize he is not a fit for your business. The Ohio guy matched the psychographic profile, but is not a demographic fit.
These incidences occur again and again. And for every time a wrong potential client clicks on your ad, you lose money.
So, whether you are using Facebook, LinkedIn, Google, or Twitter, the approach is the same. Even if you are running the most budget-driven campaign, same thing applies. You have to get to the right people with the right message.
Are you ready to dominate your market?
Being the king of your market is the desire of every business owner. You want to have a huge slice of the pile. You desire clients to come in through the door at a consistent rate. This is possible if you can carve out your unique market.
I have detailed four steps you can take to achieve this. So, you don’t forget, let me recap them:
- Identify a unique challenge. That will form the building block for defining your market.
- Create a solution for the challenge you’ve identified. There will be no business if you don’t have a solution.
- Profile your ideal client. You need to know who is fit for the services you offer. That people have the challenges you identified doesn’t qualify them as clients.
- Get in the face of your ideal client. That is how you bring them through the door.
If you need help implementing these strategies in your business, we can help you.
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