Reason #2 For Not Making at Least $10,000 Per Month in Your Business
Not having a target market.
If I ask you who your target market is, would you answer, "Everyone is a potential client!"? If you answered this way, you likely make less than 6-figures per year in your business.
As a Life Coach I remain very specialized in helping people get out of debt and find or create work they love, but my market is not everyone.
Now, that does not mean that I cannot help almost everyone that comes into my office.
What it does mean is that I have identified the type of clients that are the best fit for the products and services I offer.
If you want your business to grow, you must do the same.
You may be reading this and thinking if you cut your market down in size while making it more specific, you will also be missing a good source of revenue.
Not so.
For instance, recently I met a Financial Planner who targets not only women (he just cut his market in about half), but successful women and their families.
Sure, he can probably provide the same great service to a single male in his late thirties, but what he has found is that the more specific he becomes, the higher his income climbs.
In our digital world we can go anywhere for anything.
Think about your own habits when you need a product or service.
If you need a marketing plan for your business, for your hair salon business, are you going to pick the one-size fits all firm, or are would you pay a little bit more to meet with the firm that specializes in hair salons? When faced with a choice like this, most businesses are like you; they will pay more for the plan specific to them.
Once you determine your target market it becomes much easier to reach them.
Why broadcast 1,000 mailings to every home within three miles of you when you can send 10 mailings throughout the year to only 100 women that are a good fit for your salon? The former may net you a 1% return if you are lucky, but the latter (repetition to a specific market) could net you a 40-50% return.
When faced with a choice, go narrow.
If I ask you who your target market is, would you answer, "Everyone is a potential client!"? If you answered this way, you likely make less than 6-figures per year in your business.
As a Life Coach I remain very specialized in helping people get out of debt and find or create work they love, but my market is not everyone.
Now, that does not mean that I cannot help almost everyone that comes into my office.
What it does mean is that I have identified the type of clients that are the best fit for the products and services I offer.
If you want your business to grow, you must do the same.
You may be reading this and thinking if you cut your market down in size while making it more specific, you will also be missing a good source of revenue.
Not so.
For instance, recently I met a Financial Planner who targets not only women (he just cut his market in about half), but successful women and their families.
Sure, he can probably provide the same great service to a single male in his late thirties, but what he has found is that the more specific he becomes, the higher his income climbs.
In our digital world we can go anywhere for anything.
Think about your own habits when you need a product or service.
If you need a marketing plan for your business, for your hair salon business, are you going to pick the one-size fits all firm, or are would you pay a little bit more to meet with the firm that specializes in hair salons? When faced with a choice like this, most businesses are like you; they will pay more for the plan specific to them.
Once you determine your target market it becomes much easier to reach them.
Why broadcast 1,000 mailings to every home within three miles of you when you can send 10 mailings throughout the year to only 100 women that are a good fit for your salon? The former may net you a 1% return if you are lucky, but the latter (repetition to a specific market) could net you a 40-50% return.
When faced with a choice, go narrow.
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