Determining the Needs of Your Market(s)
Once you have determined your ideal target markets, now it is time to determine their needs. What will bring you long term success in your market is having a finger on the market’s pulse in knowing what issues it faces, and how you can help.
Being a specialist is more than just targeting a specific group. It is taking this to the next step and determining how to frame your product mix to benefit specific issues your market faces. Let’s use the example from the previous example of a 35–50 year old dentist with an established practice and a family. Think of the areas that you can provide value to them that the generalists you are competing with won’t think of. If you don’t know, what a great excuse to speak with some dentists (or whoever your target market is). Approaching one saying “I am working with dentists like you and am constantly working to make my offerings as relevant and valuable as possible. Could we sit down for 30 minutes so I can ask you some questions about services that you would find the most valuable so I can continue to offer better service to my existing and new clients?” Not only will that be great market research for you, but it is likely to impress that dentist you are interviewing and you may get a client in your ideal market out of it because they are telling you EXACTLY WHAT THEY WANT from you!
Once you have done some thinking and research on what you market is looking for, offer that. Craft your products and services around solving the problem in their language, not financial jargon. That dentist will respond much better to “I help dentists like you balance your personal and professional finances by offering you tax advantaged investment options that can also benefit your employees to increase your retention of your top talent.” Rather than “I work with dentists to set up blah blah accounts and help you put your money where it needs to go.”
Knowing your target market is equal parts knowing what they want and knowing how to communicate that to them in their own words so it will resonate with them. You may feel like you already have a valuable service for your market but they are still not working with you. If that is the case, it is likely a communication issue and you simply need to take ownership of the fact that your messaging is not on point and do some market research to correct it. Remember, your message is just as important as the services you put together. Make it relevant and valuable to them specifically, and communicate it in their words.
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