How to find your Ideal Client and Target Market

by | Guide to Success Online, How to?

Defining your Marketing Goals Get Focused & Get Found eBook Chapter 5 Your Target Market with wooden dolls and text TARGET MARKET on paper clipboard

Everyone is always telling you to focus on your Avatar or “Ideal Client” to market to effectively! But how to do that!?
“Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves.” — Steve Jobs

What are the Steps to Find your ‘Ideal Clients’?

How to research what product(s)or service(s) you offer, what your key characteristics are for your ideal clientele and then who you might approach in a new business?
Researching your product or service, identifying your ideal clientele and determining potential partners or customers for your new business involves a systematic approach.
Tip: Don’t forget your Mission and Purpose when embarking on defining your ideal client!

Step 1. Market Research:

  • Understand the Problem: Clearly define the problem your product or service addresses. What pain points or needs does it fulfil?
  • Competitor Analysis: Study competitors offering similar products or services. Identify gaps in the market and areas where you can differentiate.
  • Customer Needs: Interview potential customers or conduct surveys to understand their preferences, challenges and desires related to your product/service.
    Don’t forget to check out Industry Forums for FAQ’s

Step 2. Product/Service Definition:

  • Unique Value Proposition (UVP): Clearly define what makes your product or service unique and valuable.
    How does it solve problems or meet needs in a distinct way?
  • Features and Benefits: List the features of your product/service and the corresponding benefits they offer to customers.
  • Pricing Strategy: Determine your pricing strategy based on production costs, perceived value, and competitive pricing in the market.

Step 3. Ideal Clientele Identification:

  • Demographics: Define the demographic characteristics of your ideal customers such as age, gender, location, income level and occupation.
  • Psychographics: Understand the psychographic traits, including interests, values, lifestyle and behaviour, of your ideal customers.
  • Needs and Pain Points: Identify the specific needs, challenges and pain points that your product/service addresses for your ideal clientele.
    This is VERY important to define

Step 4. Customer Personas:

  • Create Personas: Develop detailed customer personas representing different segments of your target audience. Include their names, backgrounds, motivations, and challenges.
  • Empathy Mapping: Use empathy maps to delve deeper into your personas’ thoughts, feelings, influences, and aspirations.

Young Woman Speaking On CameraStep 5. Partner and Customer Identification:

  • Strategic Partners: Determine potential partners who could benefit from your product/service or align with your business goals. These could be suppliers, distributors, or complementary businesses.
  • Customer Segments: Based on your ideal clientele characteristics, identify specific customer segments that are most likely to resonate with your offering.

Step 6. Networking and Outreach:

  • Industry Events: Attend trade shows, conferences, and industry events to connect with potential partners and customers. These events provide valuable networking opportunities.
    Don’t avoid them as you are shy or uncomfortable- Start talking! YOU are the salesperson for your business!
  • Online Platforms: Utilise social media, professional networks (e.g. LinkedIn) and online communities related to your industry to establish connections.

Step 7. Test and Validate:

  • Minimum Viable Product (MVP): Develop a simplified version of your product or service to test in the market and gather feedback.
    Don’t wait till it’s “perfect”!
  • Feedback Loop: Collect feedback from early customers or partners to refine your offering and ensure it aligns with their needs.

Step 8. Refine Your Approach:

  • Iterate Based on Feedback: Use the feedback received during testing to refine your product/service, UVP and targeting strategies.

Step 9. Market Entry Strategy:

  • Direct Sales: Approach potential customers directly through targeted marketing campaigns, cold outreach  or networking.
  • Partnerships: Approach potential partners with a well-defined proposal that outlines the mutual benefits of collaboration.
  • Online Presence: Establish a professional website, social media profiles and online listings to increase your visibility.

Step 10. Continuous Learning:

  • Stay Informed: Stay updated on industry trends, customer preferences and competitors’ activities, to adapt your strategies accordingly.
    Remember that research and planning are ongoing processes in business, not ‘set & forget’!
  • Regularly revisit your product/service offerings, ideal client profiles and targeting strategies, to ensure they remain aligned with market demands and opportunities.
    Don’t lose valuable time researching- call the Experts. Book a Free Call!