Questions To Help You Determine Your Target Group
If you are not sure where to start, as time goes by, you will develop a vision for your future coaching business. Think about what your brand will look like, how you would do marketing and sales. There are a couple of important things you need to start with if you want to initiate and sustain your business.
Understanding your target group will lead to faster growth of your coaching business.
Entrepreneurs often make mistakes at this very step if they can’t determine their target group or they overestimate the market in which they can do business. Go through the following seven questions that will help you determine your target group.
- Who would pay for my service?
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 coaching, you will have totally different target group compared to someone who works as a life coach. Your clients would be the people who face difficulties in running their business, team or company. Take a look to see if the clients that are faced with such problems can see a solution in you, and whether they would want to pay for such a service. The marketing sector often uses Google Keyword Tool in order to check how big a demand for a certain service or product there is and whether it makes sense to start a business in that area.
- Am I overestimating 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. Don’t make assumptions; you should turn to your potential clients so that you can get a more realistic picture of them and avoid extra effort, as well as unnecessary marketing costs. If you want to do business in coaching, you should get connected with companies, directors and managers, make a survey in order to find out how many of them are interested in your services and what makes you stand out among other coaches.
- How do I do market research?
You would like to explore the market but maybe you don’t have sufficient funds at the beginning that would enable you to do surveys, tests with focus groups or any other activity that requires money. However, you have a network of friends and contacts that could offer you feedback for free. Many of them would be willing to give you advice or opinions in order to help you succeed in your business. You can connect with entrepreneurs from other areas, because all of them were once in your shoes. LinkedIn and Xing are certainly the most efficient platforms for connecting with entrepreneurs, as well as with companies and directors (and it is free of charge).
- Do I know my market?
Based on your previous experience and knowledge, you probably think you know the way your target group behaves and thinks. Business is not based on assumptions. You don’t just need to put yourself in your clients’ shoes; you should also analyze them and talk to them. In addition to that, preferences and the people’s needs change; that is why you should never limit yourself to one study, since it is likely for it to go out of date.
- To what extent can I expand my market?
You should be prepared to redefine and expand your target group at some point. For example, you have decided to start in your 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.
- How did my competition get started?
Evaluating your competitors’ marketing strategies can help you to define 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.
- How will I find future clients?
When you start defining your target group, at the same time you should start thinking about marketing channels that could help you reach out to them. Study your clients’ behavior, 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 by analyzing Facebook and using Google Analytics, as well as different blogs and websites.
We hope we’ve helped you dig deeper into finding your target group. Read more of our blogs to learn about marketing, coaching skills and new techniques. We recommend the following: