Understanding your target group will lead you to faster growth of your coaching business. Entrepreneurs often make mistakes in this very step, since they can’t determine their target group or they overestimate the market in which they can do business. Go through the following 7 questions that will help you determine your target group.
1. Who would pay for my service?
Make a parallel: What kind of service do you offer and can this service be of any use to your clients? If you are offering coaching sessions like business coach, you will have totally different target group, comparing to someone who works as a life coach. Your clients would be the people who face difficulties in running their business, a team or a company. Take a look to see if those clients, that are faced with such problems, can see a solution in you and if they would want to pay for such services. Marketing sector often uses Google Keyword Tool in order to check how big a demand for a certain favor or a product is and if it makes sense to start a business in that area.
2. Do I overestimate myself?
At the beginning, you are completely in love with your idea and you believe in it so much that you are likely to overestimate the size of the market. You should not make assumptions, you should turn to your potential clients so that you could get more realistic picture about them and avoid extra effort, as well as marketing costs. If you want to do business coaching, you should get connected with the companies, directors and managers, make a survey in order to find out how many of them is interested in your favors and what makes you stand out among other coaches.
3. How do I complete marketing research?
You would like to explore market but maybe you don’t have sufficient funds at the beginning that would enable you to make surveys, tests with focus groups or any other activity that requests money. That is why you have a network of friends and contacts that could offer you feedback for free. Many of them will be willing to give you their advice or opinion in order to help you succeed in business. You can connect with entrepreneurs from other areas, because all of them have once completed the same job. LinkedIn is certainly the most efficient network for connecting with entrepreneurs, as well as with companies and directors (and it is free of charge).
4. Do I already know my market?
Based on your previous experience and knowledge, you probably think you know how the way your target group behaves and thinks. Business is not based on assumptions. Not only that you need to put yourself in the position of your clients, but you should also analyze them and talk to them. In addition to that, preferences and the needs of people change, that is why you should never limit yourself to one research, since it is likely for it to become out of date.
5. To what extent can I expand my market?
You should be prepared to redefine and expand your target group at one moment. For example, you have decided to start from the local community at the beginning. Later on, you can expand your business to neighboring cities and countries. We live in the age of the Internet and there is no limit to where and with whom you can organize your coaching sessions.
6. How has my competition started?
Evaluating your competitors’ marketing strategies can help you in defining your target group. Once you’ve defined your target group, you should never copy the approach of your biggest competition. Pick your style and approach because you want to stand out from the others.
7. How will I find future clients?
Once you start with defining your target group, you should at the same time start thinking about marketing channels that could help you reach out to them. Study the behavior of your clients, their methods for decision making and their demographics. If you decide to sell through your website and online marketing, you should primarily study their behavior online. The simplest way to do so is through analyzing Facebook and using Google Analytics, as well as different blogs and websites.
If you want to learn more, read our previous blogs: