Some business owners know their current customers aren't quite the right market. They don't pay enough, they don't appreciate enough, they're just plain wrong for your business.
And then you might start to fantasize about who the right customer might be. More education, more wealth, a different profession, a different industry... Anything besides what you have right now.
The problem is when you've never actually served anyone like that - or worse, never even met people in your target market.
It's like someone in a fading romance. When they look their partner, they see just the flaws. They don't have the passion anymore. So they start to imagine someone new: someone who looks different, has different interests, makes more money, whatever. They build up this binary: THAT fantasy, not THIS reality.
But then, they break up with their current flame and try to find this mythical creature they've imagined. Most people are either unable to find that fantasy (if you don't know anybody wealthy/educated/interesting yet, then it's a lot harder to find someone like that to pursue) OR they realize their fantasy but find themselves back in the same bland place because the problem was the way they conduct relationships, not their former partner.
I know someone who is always changing up his target market. Sometimes it's fitness professionals, sometimes it's real estate agents, sometimes it's nonprofit executives. No matter what market he pursues, he ends up with the same problems: he struggles to find clients, and the ones he does find are low quality (won't pay on time, don't appreciate his work, etc.). And then the cycle starts again with fantasies of a new type of client who will make his business dreams come true. Recently, he decided to settle on agriculture-related industries. He knows other people have success in that market and he thinks he can, too.
If he asked me, these are the things I'd ask him to consider before pulling yet another sharp turn onto a new path:
If you don't know anyone in the industry you're considering targeting, that means you'll need to break in from scratch. It's tough to break into a new market - that's why college kids do internships. It'll mean a lot of legwork just to meet these people.
If you're not already reading about the industry, it's going to require a lot of research to get up to speed -- and possibly meaning you'll burn your first few interactions by not being knowledgable enough.
If you don't care about their events, you might not be interested in what they do.
And if you're not interested enough to know people in the industry, read about it, or go to their events, do you really want to be around them every day in your business?
In short, these are clues that you're chasing a fantasy instead of fixing what's in front of you.
And then you might start to fantasize about who the right customer might be. More education, more wealth, a different profession, a different industry... Anything besides what you have right now.
The problem is when you've never actually served anyone like that - or worse, never even met people in your target market.
It's like someone in a fading romance. When they look their partner, they see just the flaws. They don't have the passion anymore. So they start to imagine someone new: someone who looks different, has different interests, makes more money, whatever. They build up this binary: THAT fantasy, not THIS reality.
But then, they break up with their current flame and try to find this mythical creature they've imagined. Most people are either unable to find that fantasy (if you don't know anybody wealthy/educated/interesting yet, then it's a lot harder to find someone like that to pursue) OR they realize their fantasy but find themselves back in the same bland place because the problem was the way they conduct relationships, not their former partner.
I know someone who is always changing up his target market. Sometimes it's fitness professionals, sometimes it's real estate agents, sometimes it's nonprofit executives. No matter what market he pursues, he ends up with the same problems: he struggles to find clients, and the ones he does find are low quality (won't pay on time, don't appreciate his work, etc.). And then the cycle starts again with fantasies of a new type of client who will make his business dreams come true. Recently, he decided to settle on agriculture-related industries. He knows other people have success in that market and he thinks he can, too.
If he asked me, these are the things I'd ask him to consider before pulling yet another sharp turn onto a new path:
- Do you know anyone in this industry?
- Do you read about this industry already? Do you know what's happening in their market?
- Do you want to go to this industry's trade shows, conferences, events, and meet-ups?
If you don't know anyone in the industry you're considering targeting, that means you'll need to break in from scratch. It's tough to break into a new market - that's why college kids do internships. It'll mean a lot of legwork just to meet these people.
If you're not already reading about the industry, it's going to require a lot of research to get up to speed -- and possibly meaning you'll burn your first few interactions by not being knowledgable enough.
If you don't care about their events, you might not be interested in what they do.
And if you're not interested enough to know people in the industry, read about it, or go to their events, do you really want to be around them every day in your business?
In short, these are clues that you're chasing a fantasy instead of fixing what's in front of you.
What will happen when this guy lands his agriculture client? Will it be the client of his dreams? Probably not. It'll more than likely be someone who doesn't care if their service provider is knowledgable, someone who values the cheaper price of inexperience, or someone who is just overall a mediocre fit. It could just be that he doesn't really know how to run his business, so the problem is with him, not the clients.
If you radically change target markets, you're essentially starting a whole new business. And you've experienced the same problems with more than one industry, then the problem might not be with your target market at all - it could be something in your business holding you back.
Instead of fantasy choosing your ideal client, the best target audience profile comes from people you already know and like (and preferably, have worked with before). Here's a post about how to figure out who your target market should be.
Instead of fantasy choosing your ideal client, the best target audience profile comes from people you already know and like (and preferably, have worked with before). Here's a post about how to figure out who your target market should be.
Struggling to find the right clients? Considering another target market shift? Contact me and let's break down the barriers to your business growth.
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