{"id":55,"date":"2019-05-25T16:31:12","date_gmt":"2019-05-25T16:31:12","guid":{"rendered":"http:\/\/peakbusinessuniversity.com\/blog\/?p=55"},"modified":"2019-05-25T21:37:01","modified_gmt":"2019-05-25T21:37:01","slug":"how-to-find-your-target-market","status":"publish","type":"post","link":"https:\/\/peakbusinessuniversity.com\/blog\/how-to-find-your-target-market\/","title":{"rendered":"How to Find Your Target Market"},"content":{"rendered":"\n<p><strong>How to find your target market&nbsp;&#8230;<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"225\" height=\"224\" src=\"https:\/\/peakbusinessuniversity.com\/blog\/wp-content\/uploads\/2019\/05\/target-market-marketing-for-small-businesses.jpg\" alt=\"\" class=\"wp-image-58\" srcset=\"https:\/\/peakbusinessuniversity.com\/blog\/wp-content\/uploads\/2019\/05\/target-market-marketing-for-small-businesses.jpg 225w, https:\/\/peakbusinessuniversity.com\/blog\/wp-content\/uploads\/2019\/05\/target-market-marketing-for-small-businesses-150x150.jpg 150w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/figure><\/div>\n\n\n\n<p>Today you\u2019re\ngoing to learn how to find your target market of potential customers so you\naren\u2019t wasting precious time, energy and money on general, broad or blitz\nmarketing. So, the main questions you must ask yourself (and your target\nmarket) are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>What problem do they want help solving?<\/li><li>What will help them the most?<\/li><li>What do people really want to buy from me?<\/li><li>What related products are they already buying?<\/li><li>What is missing in these products or services that make it so their problem persists?&nbsp; <\/li><li>How can I make my products or services better and solve the problem once and for all?<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"How to Find (and Leverage) Your Target Market\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/yF5fN7VdKhs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Once you\nfigure out how to find your target market, you will know who is more\npredisposed to purchase your products\/services. Then, you find other businesses\nwith the same customer base who you can customer share with. Come up with an\nincentive and great arrangement to encourage both of your customer bases to\nshop at both of your stores. <\/p>\n\n\n\n<p>The basic\nconcept is this: <\/p>\n\n\n\n<p>You want to\nfind existing businesses who have the customer profile that you are looking for\nto market your products\/services to. <\/p>\n\n\n\n<p>Then strike\nup a relationship with those business owners to work out an incentive for\ncustomers to purchase from both businesses.<\/p>\n\n\n\n<p>As a result,\nyou have an audience to market to and they generate an added value from their\ncurrent base.<\/p>\n\n\n\n<p>So, how do you figure this out? There is a great formula from <a href=\"https:\/\/www.abraham.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Jay Abraham (opens in a new tab)\">Jay Abraham<\/a> you can follow with great success.<\/p>\n\n\n\n<p>LV = (P x F) x N \u2013 MC<\/p>\n\n\n\n<p>Here\u2019s what\nit all means:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>LV is the lifetime valuation of a customer<\/li><li>P is the average profit margin from each sale<\/li><li>F is the number of times a customer buys each year<\/li><li>N is the number of years customers stay with you<\/li><li>MC is the marketing cost per customer (total costs\/number of customers)<\/li><\/ul>\n\n\n\n<p>Once you\nknow how much you need to spend to attract a new customer, you will know how\nmuch of an incentive you can offer to a business to help attract new customers.<\/p>\n\n\n\n<p>So, here\u2019s\nyour step-by-step process:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Find companies who already have the customer base you are looking for.<\/li><li>Reach out to them with the intention of creating a win-win relationship.<\/li><li>Negotiate an incentive for them to share that customer base with you.<\/li><li>Focus your marketing resources to this group of predisposed customers.<\/li><\/ol>\n\n\n\n<p>If you need\nhelp working through this process, check out our FREE test drive for the most\ncomprehensive system of marketing tools and resources \u2013 click on the link below\nto get 5 free videos on how to jumpstart your small business marketing and not\nspend a single penny on marketing:<\/p>\n\n\n\n<p><a href=\"https:\/\/peakbusinessuniversity.com\/myguidedtour\/\">https:\/\/peakbusinessuniversity.com\/myguidedtour\/<\/a><\/p>\n\n\n\n<p>If you have any questions or comments, please feel free to\ncomment below.&nbsp; Hope this article on how\nto find your ideal target market was very helpful.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How to find your target market&nbsp;&#8230; Today you\u2019re going to learn how to find your target market of potential customers so you aren\u2019t wasting precious time, energy and money on general, broad or blitz marketing. So, the main questions you must ask yourself (and your target market) are: What problem do they want help solving? [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,2],"tags":[],"class_list":["post-55","post","type-post","status-publish","format-standard","hentry","category-marketing","category-small-business"],"_links":{"self":[{"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/posts\/55","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/comments?post=55"}],"version-history":[{"count":3,"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/posts\/55\/revisions"}],"predecessor-version":[{"id":61,"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/posts\/55\/revisions\/61"}],"wp:attachment":[{"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/media?parent=55"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/categories?post=55"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peakbusinessuniversity.com\/blog\/wp-json\/wp\/v2\/tags?post=55"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}