How to evaluate your target market and actually make money
Some of you might just be starting out in your business.
Some of you might have been in business for years.
All of you need to be able to measure your target market potential.
Evaluating your target market will help you design offers that actually sell!
In this post, I will talk about why it is important to do the groundwork, and some ways you can do this in your own business so you can make more sales.
Why measuring your target market potential is so important for making money
Every business needs a target market.
This is your defined audience. The people you are going to sell to on a regular basis.
Having a super specific customers to target makes your marketing so much easier!
But before you develop products and services, you need to make sure that it will actually sell.
I have seen SO many entrepreneurs get stuck because they create a product that nobody really wants to pay for!
This is why you need to evaluate your target market first.
If you put in the groundwork and figure out what people ACTUALLY WANT, you will make easy sales again and again.
Let's try an example.
Let's say you are a personal trainer for new mums.
You know your desired market (mums with new babies), and design an awesome 6 week post-partum work out schedule.
The problem? All they really want is daily support and encouragement to do simple exercises. Or they want simple nutritious snack ideas.
So you have put all of this time and energy into designing something they don't actually want!
Your time is valuable, so you need to do the research before you launch any new product or service.
Target market measurement examples
Now that we know WHY it is important, here are a few ways you can start to evaluate your own target market online.
1) Create an engaged community
You can create your own community so you can ask people!
Let’s use the same example from above.
If you are a personal trainer for new mums, you can create a Facebook support group especially for mothers with newborns.
Women can talk about their personal journey in a safe space, share tips, and swap stories.
As the moderator you can ask this highly engaged, highly specific group what they need the most- and then design a product or service for them!
A word of warning: this is not an “easy” way to measure your target audience. Facebook groups are increasingly popular, but they take a lot of love, dedication and consistently engaging content to be effective!
2) Give out free content
One way to determine what paid products will work is to give out free content.
This could be lead magnets for your email list, blog posts, social media posts, YouTube tutorials- whatever suits your biz.
Keep an eye on your analytics (how many people sign up to your lead magnet, which Instagram posts people are saving etc.).
Your stats will tell you what people are engaging with the most, and give you an idea about what will sell.
3) Get in Facebook groups
If you are a part of the She Owns It community, you know how powerful Facebook groups can be!
Your dream customers are almost definitely hanging out in these groups (remember: you'll need to join groups with your customers, not just other business owners).
Go into the search bar of engaged groups and type in keywords (e.g. “exercise”, “nutrition”) and see what questions people need help with.
4) Find beta testers
If your heart was calling you to design a 6 week exercise program for new mums, then find someone to test it out!
Design just a week's worth of content, and then ask a few mothers to try it out for free.
This way you can ask for feedback, see what works, and ultimately figure out what is going to sell.
If you want to make real sales, make sure that this is part of your marketing strategy every time you launch.
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Hi! I'm Rach
I'm the Founder of She Owns it. I love helping Kiwi women grow their businesses through mentorship, coaching and community.