The first step in identifying your ideal customer, your target market, is to look at your existing customers.
If you are just starting out in business and don’t have existing customers you still need to complete this step. I explain how in the video.
If you know your customers in detail this module may only take you 10-15 minutes. If you need to look at your customer data to obtain some of the relevant information, then allow longer to complete this step.
If you haven’t already done so, you can download the Course workbook in the Materials section.
Note: you need to watch the video to be able to mark this module as complete and progress to the next module.
Hi, welcome to the first module or the second module of understanding your target market. So this section is where we are going to work through, or you are going to work through identifying who your ideal client is, so the psychographics and the demographics of your ideal client or your target market.
You can see on the screen that we have a worksheet. This replicates the worksheet that you’re going to work through, starting with your 10 most profitable customers. I tend to say client so client, customers is essentially interchangeable. Because most of the work we do with our clients is ongoing, we tend to refer it to them as clients, but interchangeable with customers.
The starting point is identifying who your 10 most profitable customers are that you enjoy working with. The reason we put that caveat around it is because you can have profitable customers that you work with, but you don’t really enjoy it. So you don’t actually want them to be your target market. You want to enjoy the customers that you have and enjoy working with them or enjoy selling to them. Ideally you would identify your 10 most profitable customers that you enjoy working with.
Now, if you don’t have 10, if you’re a small business, that’s okay. If you find it challenging to identify 10, just put three potentially, or as many as you can in there. And if you are just starting out I would recommend putting names of the people in here that you know would be your ideal customer. You might know people who you identify with that you would go, that’s the type of the person I want as my ideal customer. You can put their names in there.
Now, the reason for doing this is that we refer the rest of the questions you think about these people when you’re answering the rest of the questions throughout this workshop, and that then gives you the characteristics of your already existing ideal client.