Can you even remember the last time you did a little bit of target market analysis? And if you have no clue what I'm talking about, or if it's been a while, we need to talk!
You have to know exactly who are the clients you want to serve with your products and services. It is imperative to understand their pain points and how you can help them solve those problems. This is how you develop messaging that speaks directly to your ideal client. You have to “call them out” in your content. If you're not doing this, then you're basically just putting stuff out and hoping that it “at least resonates with somebody.” And that's just bad business.
If you really want to see growth in your business — and not be the cause of stifling it — then you have to stop wasting your valuable time and skills. Knowing your target market is just the beginning. Once you have a firm grasp on that, then you can stop making these three (3) HUGE blunders that are truly costing you.
Mistake #1 – You're trying to appeal to everybody “and their mama.”
As a coach, consultant, or other expert who provides a service, you have a very specific skillset and expertise that makes you perfect for helping the people you have a passion to serve. You have a particular niche that sets you apart from the crowd. With that being said, you shouldn't be trying to go after everybody as a client.
Because your expertise is so distinct — as well as your particular methodology and the way you work with clients — you have a very specific type of client that would be a good fit for your offer. The problem is, most solopreneurs and small business owners think they're leaving money on the table if they're not catering to everyone. You're really not, though. The point as a coach or consultant isn't to try to solve everyone's individual problems, serving the masses while “rolling back prices.” That's the fastest way to burnout and the slowest way to financial growth. Think about it: Who makes the most money — the general practice family doctor or the cardiologist who does specialized surgeries and treatment plans?
The goal isn't to become “the Walmart of your industry”, but the goal is to become a highly sought after niche expert. As one of my coaches says, “The riches are in the niches.” It's not about quantity. It's all about quality. And when you dig deep into your niche, along with the pain points and a clearly defined target client, you'll attract those who are ready and willing to invest in your solution. You'll knock your marketing out of the park every time because you're being more precise with the questions you answer for your audience and displaying to them that you're the perfect person to help them overcome. And speaking of marketing…
Mistake #2 – You're being too frugal with your marketing and advertising budget.
Listen, at some point, you're going to have to spend money on your marketing efforts.
Organic marketing, AKA free marketing, can only take you so far. And with the way digital media is now, it will take nearly forever — and all the energy you have — to you succeed at it.
And if you're going to put money into an ad platform, like Facebook or something, you want to invest enough to make a difference. Some people are so scared to “lose money” that they don't spend enough to even make a decent ROI (return on investment). So to them, it looks like they spent money “for nothing.”
You have to have a real budget if you want to reach your target market. Even if you have a pretty niche market or feel like the right audience for your offers is too small, consider how valuable it is to them to be able to learn about how you can help! They are the ones who will benefit the most from the products and services you offer. They will lean in to listen to what you have to say, especially if you're speaking to their struggles. You aren't being a sleazy salesperson — you're offering a solution that is an answer to their prayers.
It's not a waste if you're reaching the right eyes and ears. Marketing effectively, and specifically in terms of putting money into those efforts, is about investing in the right places. You have to know where your audience is so they can see and hear your message. What platforms are they using? Where are they hanging out? Where are they looking for their solutions? Once you know this, position yourself and your message in front of them.
Mistake #3 – You're not doing the necessary research to price yourself accurately.
Many people aren't doing any type of pricing research before putting their prices out into the market.
Often times, business owners look to those in their industry for pricing clues. They may feel that because they have a business that's similar to another business, then their prices should look the same. However, they aren't taking into consideration the other person's level of business expertise, the other person's audience, or even the research the other business owner did to determine those prices that they see.
In other cases, business owners are “selling from the customer's pocket” (as I heard another coach say). This means, they are trying to determine what they think their audience members can afford based on what they assume their circumstances are. Again, they aren't actually digging into the circumstances of their ideal client. They are just assuming these potential clients can't afford a higher price — for whatever arbitrary reason without actually asking them what they can afford — then they price themselves too low.
Do some research about the demographics of your target market. Read articles, conduct surveys, join online groups. Then ask yourself these questions: Who is it that you really want to serve? How do you want to serve them? And can that audience really afford to work with you? Will the price point you're setting bring you joy?
If you truly want to serve those you think can't afford high prices, though, then you have to consider switching up your business model in a way that the effort (what you need to put out) matches the exchange (what your clients pay you). This may mean you go from a one-on-one coaching model to a group coaching model. Or you create an online school with multiple courses to help guide those DIY-ers to a solution. Think of who you're attracting and what they really need. And put a price on it that is appropriate.
So, here's the final scoop — If you're pouring your heart, soul, and expertise into your business, then you must be strategic about how you market it. You can't succeed trying to cater to everyone. It's imperative to stretch that budget for targeted marketing. And PLEASE, price yourself accurately! Our businesses aren't just side hustles or hobbies; they're our legacy. And remember, in the vast world of digital entrepreneurship, it's not just about visibility, but the right kind of visibility. Let's not just aim to be seen, but to connect deeply with those who truly resonate with our message. So refine, pivot, and invest wisely. The world is waiting for the magic only you can bring!
If you're ready to remedy these mistakes and create a goal-setting plan that actually works so you can turn things around, then join us for our September workshop — The Art of Goal-Setting: 5 Creative Strategies for Impacting Change in Your Life & Business. When you have a plan of action that excites you and feels simple to implement, then fixing these mistakes in your marketing won't feel as daunting. Get all the details and register today! See you and your biz bestie there!
