How Viable is Your Target Market?

When we talk about working with our target market, sometimes we talk about an industry like real estate or coaching, and sometimes we talk about a type of person like a service-based entrepreneur or a professional.

As we start to narrow down our target market to be more specific (coaching -> life coach, etc.) it’s important to consider whether the market you are pursuing is viable.

Definition of viable: Capable of success or continuing effectiveness; practicable.

What we mean by having a viable target market is really that simple. We need to know that the market we choose to target is going to be able to be capable of helping us achieve the success we are working towards.

So what kinds of things do we need to consider to see if the market we are targeting is viable?

Here are a few considerations:

1. Is it large enough? It is important from a marketing perspective to focus your target market down as specifically as possible. But be careful of getting too specific – make sure you don’t ‘slim down’ your group of potential clients. For instance, if you are targeting realtors, maybe you decide that you want to work with female realtors that are selling the higher ticket homes in your local area. By getting very specific or targeted, you might be eliminating opportunity. You want to be sure that your target market has a great deal of people that you can connect with and network with, so that your pipeline of potential clients is very full. Keep your sights on the size of your overall target market to be sure it’s viable.

2. Do they work with virtual team members already? Wherever your target market is located, be sure that they have experience working with virtual support staff or team members. If they do not, you could spend more of your time educating them on how to work effectively with virtual support than you do actually supporting them. In order for your market to be viable, they have to have an understanding of how virtual work operates, and be willing to follow your lead for how you work in particular.

3. Are they spenders? This is one of the most important and yet overlooked pieces when finding a target market. Do they buy? When you are setting up your marketing strategy – it might look good on paper, but if the clients you are targeting don’t like to part with their money, you will struggle to sign them on a regular basis. Many virtual professionals I know like to work with non-profits or small business owners, and sometimes they find that they end up cutting their rate to get the work. Your business will not grow if you aren’t able to have a large group of people to target that values your services and isn’t worried about paying you for them.

There are so many considerations when you are deciding on your target market – but don’t forget to do a viability check on yours. It could save you lots of time (and even heartache!) if you assess them first, and then build your marketing strategy around that.

I’d love to hear your comments on this article!