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From the Desk of:
Antonio Coleman
Antonio Coleman
One of the most important things any Niche preener can do
is define their target audience. Ask yourself: Who is my ideal
customer? If your answer is "Everyone", you've got some work
to do!
While it would be nice if every single person in the world wanted your products and services, the
truth is that by trying to appeal to everyone, you often wind up appealing to no one. Increase
your chances for success by narrowing your target audience: selecting a crowd of likely
customers and concentrating on meeting their wants and needs.
You might immediately know who your ideal customer is. Great! Having a clear concept of your
target audience is a great first step. However, if you don't have a target audience in mind, it's
never too soon to start looking.
Not sure where to look? Don't worry. Here are six strategies you can use to define your target
audience. Use these options as starting points: each one can be further refined to meet your
needs. Keep narrowing your niche until you find the one that's right for you!
Look Younger:
Children, especially teenagers and those just about to enter their teen years (known as 'tweens'),
are big business. Direct spending by teenagers accounts for over $150 billion annually,
with tweens hot on their tails. Brand loyalties developed during these critical years tend to endure
for a lifetime.
Look Older:
The arrival of the Baby Boomers may have been yesterday's news stories, but it's today's reality.
Those in or about to enter retirement have arrived at this stage in life well-financed -- and ready to
spend. They're also well-trained, if demanding, consumers: they know that there's a
product or service out there designed specifically for them, and they intend to find it.
Explore a Common Passion:
Consider your own personal passions. Is there a target
audience for your products and services among people
who share one or more of those passions? Could you offer
financial advice to NASCAR fans who want to get on the fast
track to retirement? Is there people in your quilting circle who
might need small business advice? Shared passions can
create a bond and trust that extends into other areas of life -- great news for your business.
Religious Affiliations:
Religious affiliation is certainly not a new way to niche, but
it's a powerful one. In fact, understanding the wants and
needs of a particular religious community is a great way to
target your products and services. For example, clothing
designers and wedding planners who cater to the Latter Day Saint community in the Midwest
enjoy their success because they understand the modesty requirements of that group and offer
products and services accordingly.
Ethnic Groups:
Ethnic groups make up some of the largest niches going. In fact, I hate to include this as a niche
strategy, but will do so with the caveat that you'll have to refine your niche further. Targeting your
services to the Hispanic market, for example, does offer you some of the advantages that being a
Nichepreneur brings. However, because these groups are so large, and growing so fast, it would
be a good idea to further refine your identity.
Economic Class:
Every market segment has a high end and a low end -- consumers who can afford to pay top dollar
and others who are far more price conscious. There's money to be made at either end of the
spectrum, but you need to position yourself carefully. Do your market research to identify where
the most lucrative opportunities lie.
Finally, don't forget the GEL formula. As you narrow your niche, searching for your ideal
target audience, keep the following in mind. Your niche should be Growing, in an area you
have some Experience in, that you Love. If you're niching yourself by the age of your target
audience, you have nothing to fear: people continue aging at a fairly steady rate, and birth rates in
most of the world have been steady or climbing for decades.
However, population changes and socio-economic shifts mean that niching by religion, ethnic
group or even economic class can prove problematical. Do your market research to make sure the
group you're targeting is going to be around for a while: you don't want to be the only florist
specializing in traditional Chinese weddings when there aren't any Chinese families in a
hundred mile radius.
Good luck! Remember, your niche is out there, just waiting for you to find it!
is define their target audience. Ask yourself: Who is my ideal
customer? If your answer is "Everyone", you've got some work
to do!
While it would be nice if every single person in the world wanted your products and services, the
truth is that by trying to appeal to everyone, you often wind up appealing to no one. Increase
your chances for success by narrowing your target audience: selecting a crowd of likely
customers and concentrating on meeting their wants and needs.
You might immediately know who your ideal customer is. Great! Having a clear concept of your
target audience is a great first step. However, if you don't have a target audience in mind, it's
never too soon to start looking.
Not sure where to look? Don't worry. Here are six strategies you can use to define your target
audience. Use these options as starting points: each one can be further refined to meet your
needs. Keep narrowing your niche until you find the one that's right for you!
Look Younger:
Children, especially teenagers and those just about to enter their teen years (known as 'tweens'),
are big business. Direct spending by teenagers accounts for over $150 billion annually,
with tweens hot on their tails. Brand loyalties developed during these critical years tend to endure
for a lifetime.
Look Older:
The arrival of the Baby Boomers may have been yesterday's news stories, but it's today's reality.
Those in or about to enter retirement have arrived at this stage in life well-financed -- and ready to
spend. They're also well-trained, if demanding, consumers: they know that there's a
product or service out there designed specifically for them, and they intend to find it.
Explore a Common Passion:
Consider your own personal passions. Is there a target
audience for your products and services among people
who share one or more of those passions? Could you offer
financial advice to NASCAR fans who want to get on the fast
track to retirement? Is there people in your quilting circle who
might need small business advice? Shared passions can
create a bond and trust that extends into other areas of life -- great news for your business.
Religious Affiliations:
Religious affiliation is certainly not a new way to niche, but
it's a powerful one. In fact, understanding the wants and
needs of a particular religious community is a great way to
target your products and services. For example, clothing
designers and wedding planners who cater to the Latter Day Saint community in the Midwest
enjoy their success because they understand the modesty requirements of that group and offer
products and services accordingly.
Ethnic Groups:
Ethnic groups make up some of the largest niches going. In fact, I hate to include this as a niche
strategy, but will do so with the caveat that you'll have to refine your niche further. Targeting your
services to the Hispanic market, for example, does offer you some of the advantages that being a
Nichepreneur brings. However, because these groups are so large, and growing so fast, it would
be a good idea to further refine your identity.
Economic Class:
Every market segment has a high end and a low end -- consumers who can afford to pay top dollar
and others who are far more price conscious. There's money to be made at either end of the
spectrum, but you need to position yourself carefully. Do your market research to identify where
the most lucrative opportunities lie.
Finally, don't forget the GEL formula. As you narrow your niche, searching for your ideal
target audience, keep the following in mind. Your niche should be Growing, in an area you
have some Experience in, that you Love. If you're niching yourself by the age of your target
audience, you have nothing to fear: people continue aging at a fairly steady rate, and birth rates in
most of the world have been steady or climbing for decades.
However, population changes and socio-economic shifts mean that niching by religion, ethnic
group or even economic class can prove problematical. Do your market research to make sure the
group you're targeting is going to be around for a while: you don't want to be the only florist
specializing in traditional Chinese weddings when there aren't any Chinese families in a
hundred mile radius.
Good luck! Remember, your niche is out there, just waiting for you to find it!
Niche Marketing Your Target Audience
