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How To Choose Your Target Market That’ll Gladly Fork Over Their Hard Earned Money!

By on July 21, 2015
target-market

I’m going to reveal to you what I’ve discovered in the past 40 years of info-marketing that could either put you on the road to success or freedom, or result in you throwing a bunch of money and time down the toilet.

The most important step to starting an information marketing business is choosing the right target market. And these are the specific steps you need to follow that could make the difference between making “some” money and making millions.

1) Find a hungry market. A good sign of this includes markets that have their own books in Barnes and Noble, periodicals, and spend a lot of money on advertising. It’s also a good sign if other information products such as ebooks, courses, seminars, and webinars exist for that market as well. Golf is an example of a rabid market that has a very high passion index. Every golfer wants to hit the golf ball 250 to 300 yards down the fairway and will try whatever driver, putter or other gizmo that will shave strokes off their score.

Think about what market you’re in regarding your coaching, consulting, or Internet marketing business. Is there a skill you’re extremely proficient at…such as selling, getting referrals, and marketing that other people in your market would love to pay to discover? Let’s say you’re a life coach whose schedule is booked solid because of referrals. That’s information other life coaches who could be struggling would want to know. Remember, as an information marketer you have to think of yourself as a problem solver. What problems exist in your market that you can easily solve and sell to your peers?

It’s best to start in an industry you know and are familiar with. You already know the problems that exist in your market and can already have affinity with them. It’s always best to “start with what you know” when it comes to information marketing.

Now here’s the beauty: if you have an interest or hobby outside of your business, you can use information marketing to monetize that too! If you love golf or went through a life experience such as a divorce or bankruptcy, you can easily wrap that experience, and what you learned from it, into an information product others can learn from.

For example, Stephen Snyder went through a gut-wrenching bankruptcy that wiped him out clean. However he was able to turn this adversity into opportunity by creating information products that help others going through the same predicament. His book Credit After Bankruptcy led to enormous success for him.

So don’t just think about your business—think about what hobbies or interests you can easily monetize with an information product. The key, though, is to make sure it “passes the test” after reviewing this chapter as to whether or not the hobby or interest represents a viable market.

2) Make sure the market is large enough and affordably reachable. For starters, it’s best to begin with markets that have a target of at least 100,000 prospects. If there are too many people, it’s usually too expensive to reach the target audience (like weight loss). But if the market is too small (raising healthy alpacas), you may not see the results you want. It’s not to say you cannot target larger and smaller markets, it’s just that it’s easier to shoot for a market that has plenty of prospects.

Think about your current Internet marketing, coaching, and consulting business. If you’re a sales trainer who teaches people how to close sales, you may want to choose a niche—let’s say financial advisors who have been in business for 5 years or less. This narrows down your target audience and ensures you can easily reach these prospects with your advertising.

3) Make sure the average transaction size for your market is large. A car restoration shop could easily get up to $10,000 or more per transaction, which means they can invest more in marketing themselves. A coffee shop might have to sell 2500 Mocha lattes in order to make $10,000 to invest back into marketing. This makes it difficult for these owners to imagine a positive return on investment for a newspaper marketing campaign. That’s not to say that smaller transaction-sized businesses cannot benefit from an information product—there are many marketers who create information products for restaurants who have smaller transaction sizes than a cosmetic dentist does.

The same goes if you’re thinking about creating an information product out of a strong hobby or interest. For example, golfers will spend thousands of dollars on equipment that will lower their scores by 3 strokes…versus if your hobby is running, the investment is very minimal—just a good pair of running shoes that can be had for only $100.

A good idea is to see what other people are selling in your market. Do several Google searches, get on other people’s email and mailing lists and get an idea of what other people in your market are selling information products for currently.

So look at your coaching, consulting or Internet marketing business right now—is there something that comes easier to you than your peers when it comes to workflow, getting clients, or getting referrals? Is there a hobby or interest you’ve always had that could result in a profitable information marketing business? Take 10 minutes right now to print out this page and brainstorm possible topics for a potential information product. You can do that in the space below. Then run your ideas through the “test” above to see if you have a viable idea that could augment your existing income or provide a more lucrative path toward wealth and success than your existing business!

Dan Kennedy

About Dan Kennedy

Dan is internationally recognized as the 'Millionaire Maker,' helping people in just about every category of business turn their ideas into fortunes. Dan's "No B.S." approach is refreshing amidst a world of small business marketing hype and enriches those who act on his advice. For more money-making marketing tips, tactics and strategies, go to www.GKIC.com

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