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Guest post by: Cheryl A. Clausen Become an Author

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In part one I showed you exactly where to look to identify your target market. I told you what to look for and how to look both externally and internally to find a target market that’s right for you. Let’s continue with the other important considerations when choosing a target market.

What’s the big outcome or the ultimate result the people in your target market want? Does that match the big outcome you want to help others get? If it does you have a great prospecting opportunity. If it doesn’t you’ll have to find a way to tie what they want in to what you have to offer. It can be done and it can be done very effectively.

How many people are in your target market? Now that you’ve identified a target market you need to check to make sure it’s large enough so if you were able to capture even a small percentage of the market you’d be able to meet your financial goals. However, it’s better to be a big fish in a small pond than it is to get lost among too many competitors so don’t eliminate smaller more specific target markets.

When you’re thinking about a target market realize there must be a way to obtain their full contact information. When they belong to certain groups or associations this is easy because when you join too you’ll get the groups roster or directory. If groups aren’t an option then you must have a way to collect that information yourself.

Can the prospects in your target market be further segmented? This can make it even easier for you to dominate your target market. Let’s look at an example. Let’s say your target market is convenience stores. You would benefit from refining that target market to convenience stores in Atlanta, Georgia. And then you’d further refine your target market to individually owned convenience stores in the Atlanta, Georgia area with at least 10 employees and $5 million in annual revenue. Your list would be much smaller, but your ideal qualified prospects would be much easier to find and focus on. Because your focus is now much narrower you can identify say 25 individual business owners you want to direct all your prospecting efforts toward. And that will provide a much higher return on your efforts than trying to attract all convenience stores as most are owned by large corporations that you won’t be able to easily reach and obtain as clients.

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