This is the second of three clips I’ve made from my Up Next Charlie West presentation, target market and offer. When you delve into the world of business and marketing, you’ll hear phrases like “There’s riches in niches” and “own your backyard.”
In this ever-evolving world of marketing, it’s crucial to pinpoint your target market. You might be wondering, what exactly does that mean? Well, it’s all about finding the people whose problems align with your solutions. And you want this group to be as narrow as possible.
Now, you might be tempted to think, “What about marketing to that one person who’s the president of United Capital?” But niching down is not about marketing to a single individual; it’s about speaking to a group that shares common characteristics and needs.
Keeping your target market narrow is key. Why? Because the narrower it is, the more precise your message can be. In the past, broadcast advertising used to start with questions like, “Are you a homeowner in the state of West Virginia?” It was a way to qualify leads. You knew right away if you were in their target audience or not.
But times have changed with digital marketing. Nowadays, you can effectively target homeowners in West Virginia without such broad opening hooks. Your messaging can be more detailed and specific, addressing the unique needs of your audience.
It’s all about understanding where your audience hangs out and what they have in common. Research is your best friend here. You can ask friends or delve into more advanced market research. The goal is to identify the places and interests that connect your target market.
Let me share a legendary marketing story that perfectly illustrates the power of understanding your target market: Charles Atlas. Back in the 1920s and ’30s, he was just another bodybuilder selling courses. But he and his marketer, Charles Roman, did something brilliant. They recognized a target market—adolescent boys who faced bullying.
Instead of advertising in muscle magazines, they targeted comic books. This audience had a shared problem and a desire to get stronger. By addressing their specific needs, Charles Atlas achieved tremendous success, all with the same course he had been selling.
So, here’s the takeaway: your marketing message should be crystal clear and provide solutions. When crafting offers, always answer the question, “What’s in it for me?” Your audience wants to know what they’ll gain from engaging with your business.
Keep your offers simple and specific. Don’t try to offer everything under the sun. McDonald’s, for example, became a giant by starting with a concise menu before gradually expanding. Simplicity is often the key to success.
Understanding your target market is the foundation of effective marketing. By speaking directly to their problems, offering precise solutions, and keeping your messaging clear, you can create compelling offers that resonate with your audience. So, remember, riches are indeed in niches, and it’s time to own your backyard.