In my last post “Are You a Crystal or a Magnifying Glass” we talked through the importance of having a laser-focused, clearly defined target market for your products or services. The next step is actually defining it.
News Flash
Defining your target market does not begin with market research, demographic analysis or a business plan. Defining your target market starts with you. It is a process of looking within and bringing your gifts, abilities and passions to light.
Some experts will tell you to look at all the things you could do and use that list to make decisions about your target market. Other experts will tell you that your target market should be one that has significant needs and lots of money. This advice is logical and at some point should be considered. However… what about what you want to do?
You see, you may be very good at a number of things, but that does not mean you love doing them. For example, I have a business coaching client who is incredibly gifted in accounting and has in fact worked for several CPA’s. As she looked at what to do on her own, it made logical sense for her to start a book-keeping business. She had the experience and a track record of proven success in the field. She received encouragement everywhere to pursue this line of business: her family, current boss and even her banker. When your deepest desire is is to start your own business and everyone is encouraging you in a one direction, it is tough to differentiate the “should” from the “want;” she struggled with that too.
How can you tell the difference between your “shoulds” and “wants”?
Should = draining, tiring
Want = energizing, exciting, sense of fulfillment and joy
There is a solid business reason for looking at what you want to do – if your business is something you love, something you are passionate about, you will have the energy to make it happen. If you do a “should” or a “could,” you will run out of energy. More importantly, people will sense your reluctance and be reluctant to do business with you.
For Your Reflection
Recognize that defining your target market is a process. Po Bronson with FastCompany says, “Almost all of the people I interviewed found their calling after great difficulty. They had made mistakes before getting it right. For instance, the catfish farmer used to be an investment banker, the truck driver had been an entertainment lawyer, a chef had been an academic, and the police officer was a Harvard MBA.” (See original article here.) Be patient with yourself as it may take time.
Also, to begin the process of defining your target market, ask yourself these questions:
- For what do you receive compliments?
- If money was not a concern for you, what would you do with your time?
- After what activities do you feel energized?
More on defining target markets coming soon.
Photo courtesy of jcoterhals.
{ 7 comments… read them below or add one }
Alicia,
I love the line, “Defining your target market does not begin with market research.”
Personally speaking, when I struck out on my own entrepreneurial initiative 12 years ago, my end goal was tapping my writing passion to build a career. Getting there was circuitous at times – and for the last 12 years I’ve tightened my careers industry focus and client base. It was based on listening to and honoring my personal, intellectual and emotional compass, and as you articulated so well, applying “a process of looking within and bringing (my) gifts, abilities and passions to light.”
It has not been easy, or without struggle and missteps, but it has been replete with exciting twists and turns, discoveries and victories.
I’m still learning, and the world and the people within always are changing, so the ride requires a bit of courage combined with hope, energy, drive and persistence.
Alicia, thank you for your insightful series of articles, a must-read for business owners, entrepreneurs and career transition seekers striving for more complete satisfaction and fulfillment in their day-to-day lives.
Jacqui Barrett Poindexter
@ValueIntoWords (Twitter)
Thank you for sharing your journey with us Jacqui. I’m happy to hear that you are right where you want to be. That is one of the reasons why you’re successful!
I’m glad you pointed out that these principles apply to job seekers. You are spot on!
Alicia,
Wow incredible! I just had this conversation with one of my clients yesterday and I lead him down the same path.
Thanks for a great post.
Ronnie
Ronnie, that is amazing! Thank you for the comment – the more people share, the more valuable the posts are.
There are several books I recommend as good resources on this topic: Strengthsfinder – Tom Rath; Now, Discover Your Strengths – Marcus Buckingham; 48 Days To The Work You Love – Dan Miller.
Great points Alicia. This is such an important concept – it begins with self-assessment and forms further definition from core skills + self-knowledge + raw enthusiasm.
It’s definitely an interesting journey and not simply a destination. Finding your true calling is an ever-evolving process! It can be a fun + rewarding experience when you allow yourself the freedom to explore options.
A nice reminder that it’s never too late to blaze a new path
“For what do you receive compliments?”
Speaking, writing, listening, understanding the big picture.
“If money was not a concern for you, what would you do with your time?”
Almost exactly what I’m doing now, just in more exotic locations.
“After what activities do you feel energized?”
Details. Multitasking.
I feel fortunate to be doing something very close to what I would describe as a calling. It came with much soul searching and a patient personal coach.
Thanks for the post.
Thanks for the comment Brian! I’m glad you are at a place in life where you’re doing what brings you fulfillment and joy!