In the marketing world, you hear a lot about micro-marketing, niche
definition, and so forth. But not a lot about WHY this kind of focused
and disciplined approach is important.
Here's the deal: You cannot (REPEAT:
CANNOT) expand your market to the size it naturally wants to be if you're vague and sloppy about who they are.
Just yesterday I was on the phone with a colleague, Yvonne Divita,
with whom I'm cooking up a majorly cool live event on publishing. In
the course of just a few minutes we whittled our market down from "Just
anybody on our lists and blogs" to experienced corporate and wellness
coaches, semi-advanced crafters who want to make a living from their
business, and possibly therapists who want to break out and have been
in practice at least five years. (Don't worry, you can come too, even
if you don't fit those niches. )
I hung up feeling
strong and inspired - I knew who I was targeting and just where to find
them. My action step: to find associations, SIGS and other groups that
reach exactly these folks.
And so, that's your
next action step, too. Do you know where your potential buyers and
readers and fans hang out? And if you don't, is it because you don't
know who they are?
This is what I like
to think of as "Micro Market Definition", and doing so can triple your
business and build your list like crazy. BUT - you've got to do your
homework.
First, determine
exactly how well you know your people. Imagine a typical person in your
market right now. What is she or he doing? Watching TV - and if so,
what's on? Or is she sitting at her desk, trying to figure out how to
pay her bills? And agonizing? Or is he looking out the window,
wondering where his own child is right now - the one who just moved
away from home.
This micro market
definition is different from niche-ing, because you already know your
niche, right? This is simply carving out a much more specific, detailed
picture of who supports that niche and actively wants what you're
offering. More importantly, it's understanding
the exact emotional frame of mind of your market.
We're not talking
about the usual, boring stats like age, marital status, geographic
location and education. Instead, determine the psyche of the person
you're selling to, their current highs and lows, and what the big needs
and wants are that define their lives.
By knowing this, you
can design a website, a blog, an ezine, bonuses and infoproducts that
speak right to their hearts. And so you can effectively solve their
problems, deliver your work, and live your life's purpose.
You want to think
empathetically. For instance, if you decide your market is teens going
through major life transitions (parental divorce, moving to a new
state, life threatening illness in the family, etc.), I want you to
really put yourself in the position of that young person.
Here are some key questions that will help you micro-niche your own business:
- Are they reachable by industry or by
some other situational classification, like Empty Nesters, teens about
to go to college or recent retirees? Or are they distinguished by a
life situation like depression, recent millionaire, or weight loss
support group attendee?
- Exactly
where within their niche are they (i.e. not just "life coaches" but newbie life coaches considering a career in wellness but looking at
several different options, maybe six months out of training
- What is their biggest need right now? Where do they go looking for support or advice?
- If
they're niched by industry, what level are they? (Managers, mid-level
clerks, executives, CEO's, solo pros, work-at-home Moms, etc.?)
- How do they spend their lunch hour?
- What do they do for fun?
- What keeps them awake at night?
- Do they hang out with other people in their field? Where?
- In
addition to their work (if they're niched by industry) where else do
they tend to congregate? (i.e. Life coaches who are also Unitarian
Universalists, or Dentists who are into yoga.) (Yes, it is possible to
go a little too tight here - but an interesting exercise. This works
best with really big niches, like empty nesters or chiropractors.)
- If
there's a gender slant to your niche, can you identify what's unique
about this group. (Note "women" is not a niche. But "women who recently
lost weight and are newly into healthy eating and approaching menopause
are.")
- Are there any
upcoming situations that your micro-market is facing? (i.e. New mothers
who are about to give birth, or college graduates about to start
looking for a job.)
By having the
discipline to sit down and really dig into your market - and possibly
even get some help from surveys or focus groups with your potential
market - you can lock in on who they are with much greater precision.
Think of it as the difference between a mature business and one that's
only taking baby steps.
Go forth and conquer!
