Module 6: Identify Your Target Market
You have probably identified your target market in the past. But when it comes to offering a signature system, you can’t assume that your target market will be the same one you’re used to.
In this module, you’ll revisit your existing target market to assess its suitability and explore additional markets for your new signature system.
You’re about to launch something new in your business. As always, identifying the target market for your new offering is a crucial step for any entrepreneur. You need to decide who the ideal customer is for your signature system. In other words, who will be the best fit for the system you propose?
If you’re offering a program that complements or replaces a product or service you’ve already been offering, your target market might be the same as you’re used to. Or, it could be a subset of that if there’s a particular group within your existing clientele who could benefit from the system.
Your target market could be people who face the same challenges as you did when you devised your system for yourself, but who are at an earlier stage in solving those challenges.
You might also find you’re marketing to an entirely new audience if your signature system is a complete departure from your regular business.
Your current customers are the best people to target with a new offer. They already know, like, and trust you and ideally they’d be the first ones to buy. But are they the best fit for your signature system?
Now that you have your system mapped out in detail, you can assess how appropriate it is to solve your current clients’ challenges. You can tell if they have a need for this system and if the system addresses a problem they face.
It’s likely that you need to look outside your existing customer base. Look at it as a good opportunity try out new markets. This is a positive thing for your business.
It might also be an opportunity to start a whole new business separate from your existing one. Perhaps you’re tired of your current business and want to go in a new direction. Or, you want an additional business to bring in another source of income.
There could be a variety of lucrative markets for your signature system. Brainstorm potential markets who might have a need for the benefits you can promise.
You can always tailor your system later to other markets, but for now you need to choose the market you’ll focus on when it comes to launching your signature system program.
Decide who to focus on first by choosing the best fit between the results your system provides and people’s needs.
- You need to decide who your target market is for your signature system by looking at the best fit between the results you promise and people’s needs.
- Your current target market may not be the best fit for the system you propose.
- Quick Win: Assess the suitability of your system to your current market. How appropriate is this system to solve your current customers’ challenges?
- Brainstorm potential markets who might benefit from your new system and list them in the Action Guide.
- Pick the ideal target market for your signature system.