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Almost every time I talk to clients about defining a target market, they stall, and they stall for some time. Many business owners want to delay defining their target market for as long as possible. This is because defining a target market means committing to working with a smaller group of people. Business owners are afraid to commit to working with a smaller group of people, because they are afraid they will miss out on all the clients they will not be able to work with anymore.
I can relate to that. When I just started doing business online, I was terrified about defining my target market. I was afraid that if I only market to a specific group, and not to everyone, I would put an artificial limit on the number of my potential customers.
I was getting some business, and I kept stalling about defining my target market, because I was afraid that I would not get any customers if I limited my marketing. Since I was stalling, it took me some time to finally define a target market for my business. However, once I finally defined a target market for my business, things changed. I became known as a go-to person for online marketing in my target market and my business exploded.
People I didn't even know started to contact me to tell me that they knew that I was the expert, and that they wanted to work with me. They wanted to buy my products and hire me to be their coach. I am in high demand, because I defined a smaller market for my business and put all of my efforts into getting known by this target market.
Many clients have asked me if they are limiting themselves by defining a small group of people who they would work with. The answer is absolutely no. When you commit to working with a smaller group of people, you have a much better chance to be seen as an expert by these people. When you are seen as an expert, many more people want to work with you, and you will actually win by getting more clients.
What if someone outside of your target market wants to work with you? That is fine too - if someone from the outside of your target market contacts you about working with them, and you want to work with them, go ahead. Defining a target market does not mean that you have to refuse clients from outside of your target market. You can still work with people who are not in your target market.
As you can see, defining a target market will not box you in. Rather, it will help you market your business better and actually get more clients.
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