Know Who Your Customer Is… and Who Isn’t. In marketing, your “Target Market” refers to the segment of the total market you’re going to market your service or product to in order to make a profit. This segment can also be referred to as your “target audience.”
As a marketer, it’s never a wise move to try and market to everyone. The old adage is “you can’t be all things to all people” is a very smart statement. In addition, it can get extremely expensive to try and sell everyone on your martial arts school. You just have to accept your studio is not right for everyone. It’s not.
The most savvy of business owners know exactly who will pay for their service and who will not. That’s because they understand their target market.
What You Can Target
Typically, marketers target based on demographics like…
- Marital status
The more specific you can be to identify your target market, the better. Don’t just stop at “adults with money.” You need to break it down further… Adults ages 18-45, some college, single, in good health, making $35,000-$50,000, own property, have internet access, who live within a 15 block radius of the martial arts school, and own a car.
Adding this level of specificity will help give your school direction and help you craft more targeted messaging.
How do you Determine Your Target Market
For starters, look at what you like to teach and what you’re good at. Then you have to determine if there is an audience willing to pay for it. In other words, if I’m really good at the nunchakus, will people seek me out to teach them and are they willing to pay me top dollar? Not likely. You also have to make sure that the people in your geographic area are interested in what you have to offer. It’s a process and takes time to find the right combination so don’t get too frustrated.
Don’t just go after the same market as your competitors. It’s not always a good strategy. By looking at who your competitor is marketing to, and more importantly who they are not marketing to, can lead to a potential market niche. Everyone in my area taught either just kids, or adults and kids. No one was just teaching adults. To me, it was the perfect fit, it was profitable, and so I became a specialist.
Ask yourself such questions as…
- Who is most likely to pay for this service? Men or women?
- What is their income level?
- How far away do they live from my martial arts school?
- How educated are they?
- What is their marital status?
- What appeals to them the most? Self defense… demo teams… character building… self confidence… etc.
- Are they price sensitive or wiling to pay a premium?
You need to know who you’re marketing to so you can build your marketing message around them. If you don’t know who you’re talking to, your messaging won’t resonate with your prospects and you will loose out on attracting the right people to your martial arts school. Spend the time and find a profitable target market that exists in your local area. Once you do, it will be a lot easier to speak their language.
How did you determine your target market? What steps did you go through? Leave your thoughts in the form of a “comment” now by clicking the link below!