The Difference Between My Target Market Vs My Market

Welcome back  here – and i am here today to answer one of the most pressing questions, small business owners struggle with, and that is what is the difference between my target market and my market. Now it’s not like any small business owner actually asks me that question, although actually someone recently did, but that was very random and an aside and most of the time people struggle with the idea of a target market and here’s. Why?

Because most of the time anyone could be a buyer of our product or service right, so you say Stephanie’s anyone could buy from me. They could be old; they could be young right.

You say: oh my gosh, I’m selling this ink right and anybody could buy this ink old people, young people, male female, identifies but non-binary whatever like anybody could buy this, but the problem is not.

Everybody is going to be the ideal buyer for this, and it’s not necessarily that i am going to only sell to a specific audience, but the point between understanding, your market, which could very well be anybody and your target market, which is your niche. The person or the ideal person you’re going to focus in on is that your target market is going to give you two really key important pieces of information that are going to make marketing so much easier, see as long as you’re marketing to your market you’re competing Against everyone, anyone everyone which means you’re competing with billions and trillions of dollars of marketing, spend if you can niche down and figure out two important pieces.

First of all, your target markets, demographics! Now your target markets, demographics are going to tell you. Where do i need to put my marketing message?

This is important where you need to put your marketing messages where they’re actually hanging out, where they’re going to be responsive and where they’re actually going to notice you, knowing that you only need to put your marketing message out into this small bucket right takes you From competing against trillions of dollars of marketing money to competing against millions, maybe billions, but probably just millions of dollars, it’s a massively different pool and it allows you to have a much bigger portion of that pool and get more response because they see you more consistently.

So, finding out their demographics tells me: where do i put my marketing message finding out their psychographics, which is the second key piece allows me to figure out. How do i craft a marketing message?

That’s actually going to resonate that my audience is going to see and go.

I need to buy that. I need to get that right. They see that and they resonate they want to make the purchase. So, the target market is your niche.

It’s the specific people you’re going to build your marketing for will other people buy.

Absolutely. Are you going to market to them? Not necessarily.

Are you going to exclude them in your marketing, not necessarily but you’re, going to design your marketing specifically for your target market or your niche? Now here’s the challenge right. Everyone comes back at me and says, but Stephanie. How do i find my target market? I’Ve struggled with this.

This is not easy for me. I really feel like i want to serve all of these people. So here’s where you start okay, start with what you do know now. Everyone’S gon na know something slightly different about their target market. Okay, you may know that you really want to target a specific psychographic, a specific mentality. Okay and that’s fine. So if you say look my people, i want to target the people who think like this. Then your job is to fill in the gaps and figure out what demographic thinks like this.

Here’s the key a lot of research: okay, a lot of research hours of research, but it’s better to spend hours researching than to spend months marketing to everybody and getting nowhere right. I know so. If you know your demographic or your psychographics great, then start to fill in okay, who does think like this?

Who are the types of people fill in the gaps you have and do the research to fill in the rest, sometimes target market research is making educated guesses. Now the key here is educated guesses.

This is not random. I think this is what happens. This is I’ve done a bunch of research. I’ve pulled together a bunch of info and I’m missing this data, and so I’m goon an make an educated guess to fill in that gap. Okay, here’s my best tip by the way for how to do these educated, guesses, um, google, uh, educated guesses.

The research right like doing the research go to google. It is your best friend, okay. So, here’s two quick examples for you about how to identify.

Let’s say you actually have some demographic info. How do you fill in the gaps from there?

These are two common examples. I get the first is Stephanie. All i know is their job or their industry. Okay. I had an example of this just recently where someone that we’re working with said Stephanie, all i know is that they are plant workers at a manufacturing plant. I don’t know if they are primarily male female. I don’t know if they are like what age range, they’re in i don’t all i know.

Are they work at this manufacturing plant?

Okay, so that’s actually helpful enough, because now we can go back and first research manufacturing plant workers right. What are the demographics for manufacturing plant workers across the us, and then we can start to narrow in on this specific geographic region? Okay, what are the demographics for manufacturing plant workers in this specific region and we can take those averages and now extrapolate out from there to figure out their hobbies, their family life they’re?

You know where they hang out online where they hang out offline. You know all of all that who their influencers are all that info just by knowing what kind of job they had or what kind of industry they were in. The other option is that i get someone who comes to me and says stephanie. I have a broad range of data on who my target market is absolutely worked with this as well. So, here’s how you handle that one you take that broad range, and you’ve got pages and pages and spreadsheets of data awesome.

So now we’re going to look for commonalities, so what i did with this person last week was we sat down because i had someone doing this exact thing last week too, so we sat down, and we broke out. Okay, what are the commonalities in this data? Okay, what are the top three counties that people come from and then what are the top industries? Okay, we don’t have the top industries all right. We do have the top three counties.

What else can we look at? Oh, what are the average revenues or incomes?

So, we did have that information, how many employees do they have on average great? So, we had this huge database huge spreadsheet of info, and we pulled out just key pieces. We said OKAY in these data in these ums in these counties, we want to target businesses that are roughly this size and then we ran it and looked for what are the common industries.

We grabbed the top three industries, and we used that so now we not only have their geographic range, but we also have the size of their company and we have the most common industries in that geographic range for that size, and now we can fill in the rest of the pattern we can start to say, okay, tell me about who owns these types of companies? Where do they live? Where do they work? What is their family life like? Who are their influencers et cetera, et cetera, et cetera?

It’s actually a lot easier than most people. Think it does sometimes take some out of the box thinking. So, if you’re struggling with this, you can hop on my calendar, i’m more than happy to spend 15 minutes just trying to brainstorm through this with you link is below talk to you guys soon.

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