Small Business Academy by Dr. Karl Ruegg » Marketing Tip #6 Ideal Client and Niche Market by Dr. Karl Ruegg

Marketing Tip #6 Ideal Client and Niche Market by Dr. Karl Ruegg

Posted by Dr. Karl Ruegg on February 10, 2018

This presentation will continue our process of developing your ideal client profile one of several critical important business fundamentals that directly impact the ultimate success of your business this presentation may represent a major turning point in both the life of your business and your life as an entrepreneur we’re going to take the final step toward carefully selecting the niche market that resonates the most with your ideal client as well as with your individual passion so why is this important let’s say you happen to stumble across your competitors marketing one day and guess what it looks exactly like your marketing in fact most of the ads say the exact same thing is yours best price excellent quality great customer service been in business for 25 years satisfaction guaranteed and so on here’s the problem when you look like your competition you’re doomed to compete on price forever you see it’s human nature to always want the best deal and it doesn’t matter what you buy everyone wants to feel like they’re getting the best deal fortunately for you the best deal doesn’t mean the lowest price seriously price is one of the last things that most prospects consider however when you look exactly like your competition prospects have no way to tell who offers the best deal so they naturally default to the business that offers the lowest price what prospects really want is value who will offer them more value in relation to the price being charged your prospects will pay you a much higher price as long as they feel the value they receive is greater than the price being charged the only way small business owners can create extraordinary value is to position their business as being unique and that requires you to stop being all things to all prospects you must position your business into a very specific and well-defined in each market once you select the niche market you will position your business for market domination you will position your business in a league all its own and your business will become the obvious choice for all prospects who are looking to buy what you sell selecting your niche market gives you the ability to pinpoint your target prospects when you pinpoint the prospects that use your products or service then you can produce far more focused advertising and promotional programs and offer far more compelling inducements to motivate these prospects to buy what you sell for example consider a personal trainer at a health club they continuously advertise their services by saying that they help people lose weight and get back into shape nothing wrong with that and that is indeed what they do but was that message compelling did that message literally reach out and grab your attention did the message practically force you to request their services probably not in fact it sounded exactly like what every other personal trainer says they do as well but what would happen if i advertised that I was giving away a free ebook titled how an extremely busy mother of three lost 19 pounds of ugly fat in just 8 weeks and how you can get the exact same results or even better think that just might grab the attention of all new mothers facing this common problem think they would respond in droves for that information of course they would and in that ebook I would highlight all the major benefits I provide that caters exclusively to new mothers such as a specialized diet plan tailored specifically for their body type and hectic schedule an exercise plan they can easily do while the baby is sleeping how my club provides babysitting services with staff that has received specialized training and newborn care and so on think some of these mothers just might want to hire me as their personal trainer but how about this wouldn’t ninety-five percent of all the content in that book lie to most people across the board especially with some slight tweaks here and there how tough would it be to slightly alter that ebook and retitle it and say the only step-by-step fitness and weight loss program designed specifically for the bride-to-be that’s guaranteed to get you in the dress of your dreams and fast think that just might attract some prospective brides to be and while we’re at it what have we altered this again and added another new title to the cover that read the only step by step fitness and weight loss program designed specifically for prospective grooms that’s guaranteed to having you look as good as she does on your big day and fast would this instantly grabbed the attention of any guy that’s about to take the big plunge you bet but why would these work so much better than simply saying I help people lose weight and get back into shape the answer is simple prospects today are looking for expertise they want to do business with the best of the best just saying you help people lose weight and get back into shape sounds just like every personal trainer on the planet so there’s absolutely no incentive for me to take action after all I can get this service just about anywhere from anyone but when you start to specify new moms or brides-to-be or prospective grooms you have now positioned yourself as the specialist in those markets and as a result you will position yourself as the dominant Authority and win the majority of the business these specific areas are called niche markets and position in your business into a specific niche market is your key to massive business success don’t forget that we have included a workbook specifically for this presentation it will help you to reinforce the information i’ll be covering and act as an ongoing resource that can quickly review in the future as we go through the presentation some of the wording on the slides will appear in big red lettering those are the key word and ideas you want to capture we formatted your workbook so you don’t have to rush to take notes just right in the keywords you see highlighted in red this should make it easier when you want to refer back to the information at a later time and help reinforce the fundamentals you’re going to need to grow your business previously we went over the basic process that’s required to help you identify your ideal client profile we discussed the process you need to use to discover your demographic and psychographic profiles and now we need to help you identify and select an appropriate niche market one that caters to your personal passion while positioning your business as unique let’s quickly recap why an ideal client profile is so important for your business how selecting a niche market begins to change everything about your business and how it will enable you to build the business you’ve always wanted you first identified your ideal client demographic profile demographics describe the physical components that make up the universe of available prospects who need what you sell these traits are important since you will use them later to find your ideal clients once you begin marketing to them but demographics by themselves are only responsible for approximately ten percent of the success equation for small business owners the remaining ninety percent of your success is determined by your ideal clients psychographic profile the psychographics identify what it is that all of those available prospects in your universe want we often refer to the psychographics as your prospects hot buttons hot buttons are described the problems frustrations fears and concerns that your prospects have when they buy what you sell they define the emotions your prospects are experiencing and it’s those emotions that are attracting them to your product or service as they look for a solution in most cases hot buttons are not dependent on an individual business they tend to be the same for every business in your market for example when you go to the dentist what immediately comes to mind that you find frustrating or concerned about isn’t it the typical long wait that we’re usually forced to endure when we go to their office for an appointment and then we get to fill out all the paperwork that we filled out hundred times before how aggravating or when something goes wrong with your car don’t you feel immediate frustration concern and possibly fear that it will cost you an arm and a leg to get it repaired or that the price you will eventually pay will dramatically exceed the estimate they gave you can you see how these hot button issues aren’t related to any specific business they’re common to the entire industry basically everyone shares in these same emotions whenever these specific situations intrude into their lives these are the hot buttons that small business owners must know understand and conquer this explains why the psychographics determine the success or failure of your marketing program since your prospects by based on emotion they’re looking for the business that will take these hot button issues out of their lives forever for the small business owner who does that that business will have a customer for life that’s why the psychographics represent ninety percent of your potential success the demographics define the prospects who have a logical need to use your product or service whereas the psychographics define the prospects who have an emotional reason to buy and want what you sell when you know and understand their emotions you can then create a message that laser targets their emotions a message that’s powerful and emotionally compelling this is a message that resonates deeply within your prospects attracts only those prospects who want what you sell and compels them to take a specific action but that message must be specific in order to be effective the dentist can’t just say that my practice offers fast service for the busy patient that’s called a platitude and no one believes them usually because they turn out to be false you may go to this dentist and find out that you wait just as long as you did previous dent disappointments when you know and understand the specific psychographics that truly resonate with your ideal client you then create a message that thoroughly convinces them to buy what you sell imagine a dentist in their marketing saying something like this I understand how busy my patients are today and waiting is the last thing you have time to do that’s why I offer a no wait guarantee for all my patients I see every patient within five minutes of their arrival or they don’t pay for the appointment how do you believe them is that putting your money where your mouth is now the question is this can this dentist deliver on that promise they better be able to and that may require them to innovate their practice in order to pull this off but can you see that if they do pull it off they will dominate their market waiting is a major psychographic trait for prospects looking for a dentist it’s a major hot button for almost every prospect who needs a dentist demographically we all need dentist at some point in our life but what we want from the dentist is to be seen at our exact appointment time the potential impact this type of marketing message can have on your business is enormous and immediate it’s a message that instantly attract your ideal clients and they’re the ones who spend the most money with you buy from you over a longer period of time love your product or service share your passion for what you do send your referrals provide you with testimonials and stay with you for ever if you find an auto mechanic who has extremely fair pricing has always provided you with excellent service and honest estimates and has never overcharged you in your life do you ever leave that business to go try someone else of course not that’s because each of these services our hot-button issues for all prospects who need repair work done on their cars if they find a business that takes these hot buttons completely out of their lives they will never leave it simply comes down to knowing and understanding the emotions that your ideal clients are experiencing but as you just witnessed with the automotive mechanic quite often your ideal clients want several different things from your business you may have discovered this same thing in your business when you completed your own psychographic worksheet unfortunately as we said earlier most small business owners try to be all things to all people the result they become nothing to no one they now look exactly like their competition and when everyone looks identical prospects have no way whatsoever to tell which business offers them the most value and that’s when they automatically default to the business offering the lowest price that’s the purpose of this presentation to help you stop trying to be all things to all of your prospects if you try to be everything to everyone there is no way for you to prove to your prospects that your business is unique and that it offers extraordinary value selecting your niche market will change all of this for your business forever previously you completed your demographic psychographic profile form on the psychographics I’d you recorded everything your universe of prospects could conceivably want from your product or service you may have listed just one or two things they want or you may have listed ten the number doesn’t matter what does matter is what you want when you operate a business and you spend your valuable time speaking with prospects and working with clients day in and day out shouldn’t you enjoy every minute of that time you owe it to yourself to be happy and to capitalize on that unmistakable passion you have for what you do this in turn provides your clients with a unique experience and extraordinary value this presentation will help you take the psychographic information you listed on your form and from the list of hot buttons select the niche market that matches and resonates with your true passion let’s look at our five previous business examples and discuss the potential niche markets that exist for each business if you recall three of our example businesses sold to consumers a daycare center a jeweler and a consumer attorney and the other two businesses sold to other businesses a business attorney and the consultant we also promised that we would discuss the obedience dog trainer as an added bonus example so let’s begin with our daycare business and let’s go through the entire process to reinforce the importance of developing your ideal client profile demographically we earlier identify the ideal daycare client as either male or female 21 to 45 years old single or married one or two kids between the ages of 3 months up to 5 years old employed outside the home and with an annual income somewhere between 20,000 and a hundred and fifty thousand dollars per year in other words any human being with kids under six that works outside the home and doesn’t have a friend or relative that can watch them during the day needs the services of a daycare center but then we asked ourselves this what do those parents want what is their psychographic profile what are their hot buttons one of their problems the fears the frustrations or concerns they have as they begin to face the reality that their situation is forcing them to place their young child into the custody of strangers what are they experiencing emotionally actually ask yourself what would you be experiencing I want to stop here again strongly and emphatically emphasize a major point we constantly tell small business owners every day that one of the most important skills they can learn and perfect is the ability to temporarily suspend their mindset and step into the mindset of their ideal client this is crucial to the success of your business that you master the skill one of the biggest factors for small business failure is what I refer to as the curse of knowledge as a business owner don’t you know every facet of your business that’s often a curse because you know too much and you tend to make assumptions you assume your prospects know what you know making those assumptions can destroy you as a small business owner you must learn to think like your prospects think just ask yourself what’s really going through their minds what are they feeling and experiencing emotionally what hot-button issues are at play what problems fears anxieties frustrations and concerns are they facing as they try to decide whether or not they will buy what you sell when you created your demographic profile we ask you to consider three different types of clients we ask you to define with your youngest possible client then a client that fell into the mid range of your age bracket and finally a client in the upper age bracket if you sell to other businesses we ask you to consider the age of the business and the size of it both in terms of revenue and employees the reason we ask you to segregate them in this manner is the simple fact that often these different segments want completely different things from your business and daycare look at the demographic profile the available universe of human beings that need daycare you see entirely different age levels represented here and they each want different things the young parents have just gotten started in the workforce and find themselves in entry-level jobs making entry-level wages the total annual income may be in the range of forty thousand dollars or so young parents as a rule don’t have a lot of money so they want a daycare that’s affordable emotionally price will be their main consideration that’s their top hot button but if you’re a 30 year old parent with a child three months to three years of age you have recently been promoted to a manager at your company and you have an annual household income of 70 thousand dollars or so you would want a daycare that would treat your child as if it were their very own you would want to day care that provides a loving nurturing and caring environment and you would be willing to pay more to acquire that type of daycare however if you were 40 year old male or female business owner or executive making a comfortable six-figure annual income and you had a child that was three to five years old and a rapidly approaching preschool you would want your child to some form of preliminary education that would give your child a head start on her education you would love to see your child received beginner reading skills beginner math skills or even basic computer skills the point is when it comes to daycare there is this single demographic universe that needs daycare but within that universe lies a multitude of psychographic and emotional want that divide that universe into specific segments it’s imperative that you define these segments as they apply to your specific business but once you do you must make a choice you must select the one segment that you want to specialize in the one you want to identify as your niche market it’s time for your business to stop trying to be all things to all people as a daycare owner it’s time to stop trying to say you offer all three segments everything they want because you don’t in fact you can’t how can you hire staff members with the skills necessary to provide a loving nurturing environment for kids and an entirely different staff certified in preschool education and then still claim to be the low-price provider in your day care market that’s absolutely no way but that’s what daycares do every day all over the country they advertise saying that they have the highest quality the lowest prices and well-trained staff and then they can’t offer definitive proof that they do any of it even worse all of their competition says the exact same platitudinous nonsense and daycares prospects don’t believe any of it prospects pick up the phone and call around then quickly discover that most daycare prices are the same they have the exact same staff to child ratio they serve the same bland foods and the TV acts as the primary babysitter it’s not what these parents want if you were the owner of this daycare you must realize there are three different and entirely distinct groups considering your services each one wanting something completely different from the others by selecting just one of these three groups and then creating a daycare that specializes in serving only that one specific group you now have a day care that you that stands out that has differentiated itself from all the others yes you’re deliberately choosing to leave the other two groups on the sideline but for those prospects who fall into the group you selected you will attract every one of them after all you have exactly what they want none of the other day cares do now here’s your dilemma which of the three segments do you select as your niche market which one becomes the single focus of your business although this is always an individual choice based on the preference of the business owner here’s our personal recommendation never make this decision based solely on the amount of revenue you make from a specific niche market revenue is an important factor just don’t let it become the sole factor in your final decision look over the available niche markets on your list and select the one that most resonates with your individual passion which one excites you the most which one are you willing to dedicate your life to that you will wake up every morning and can’t wait to get started which one will cause you to wake up thinking about what you do and go to bed each night thinking those same thoughts passion is the key to select in your niche market without it you will hate what you do and resent those you serve if you let money alone dictate your choice you will feel no passion for your labors life is simply too short to sacrifice your joint happiness or a few extra dollars as a rule when you follow your passion money often comes along for the ride when you’re passionate about what you do you’re constantly thinking up new ways to improve and build upon your business this in turn attracts more and more clients and adds additional revenue and profit to your bottom line if you were this daycare owner you need to ask yourself where your passion lies do you have a passion for wanting to help young parents faced with the bleak prospect of placing their young child into a daycare situation would you find unbridled pleasure in providing low-cost option to young parents that even though you’re forced to provide them with just the bare essentials in order to keep the price low you’re able to offer them enough services to provide those parents with complete peace of mind however consider one other variable besides passion when choosing your niche market ask yourself if you have any special advantages to offer that in each market these advantages should take into account your education do you have some form of special training or degree that your competition doesn’t possess what about your past experience have you done something in the past that gives your business of substantial advantage over your competitors are there any price advantages you have access to such as special deals an exclusive wholesale supplier or some form of acquisition that your competition can’t match as an example let’s say you have a passion for providing low-cost daycare option to young parents you find that you actually have a competitive advantage when it comes to offering this low-cost option you recently inherited a two story brick building from a deceased relative and the building is mortgage free and as an added bonus this building requires little to any modifications in order to house a daycare center since you have no mortgage payment that must be factored into your expenses you have an economic advantage that other area daycares don’t enjoy on top of that this building sits squarely in the middle of our of a major office complex where the location alone will bring you as many clients as you can handle without incurring any advertising expense these competitive advantages matched up with your passion for wanting to provide a low-cost daycare service to young parents in your community offers you the best of both worlds but what if you have a passion for wanting to provide a loving nurturing environment as your niche market ask yourself what competitive advantages do you possess if any in this area perhaps you have a degree in health and nutrition and you have the unique talent and ability to create a daycare that specializes in nutritionally designed meals you also have the means to offer a daycare with low staff to child ratio it ensures the kids get more individual attention and because of your specialized training you’re able to offer a daycare that requires the staff to attend monthly safety and CPR training classes you’re capable of teaching in this case you considered your passion first but then your background and past experience act to complement your passion by giving you a competitive advantage that other daycares simply can’t match what parent looking for a loving nurturing environment wouldn’t want to daycare run by a certified nutritionist and health care practitioner but what if your passion was to provide a daycare that specializes in educational opportunities in this case you may find a competitive advantage exist since you have a degree in primary educational development and you know others in this field who are themselves young mothers mothers who would be delighted to have an opportunity where they could teach part-time earn some additional income for their family and never have to spend time away from their own child if their child could attend the same day care and have other kids their age to play with matching your passion with your competitive advantage would give you a huge competitive edge in this market but please remember selecting your niche market should always take into consideration your passion first and foremost only then should you look at the competitive advantages you may possess as a secondary consideration let’s look at the jewel or who deals primarily in diamonds such as watches rings and bracelets demographically their universe is made up of both men and women 21 to 80 years of age single or married generally employed with an annual income ranging anywhere from twenty thousand dollars to millions this describes the available universe of humans who want at some point in their life need to purchase a diamond from a jeweler now let’s ask ourselves what do they want what is their psychographic profile what are their hot buttons what are the problems frustrations fears and concerns they have as they contemplate buying a diamond what are they experiencing emotionally just use the same process as before let’s start with our youngest demographic what do they want from a jeweler doesn’t it seem logical that once again price and affordability will be the primary hot-button issue for them in fact they would not only be concerned about the price but they also want an affordable payment plan since most prospects in this younger demographic probably can’t afford to pay in full for even inexpensive items but consider a 40 year old married woman or man preparing to celebrate their 15th wedding anniversary you may want to get his wife a diamond tennis bracelet or she may want to get her husband a diamond watch they’re older with more discretionary income and they may be in a position to easily afford a higher priced item they want to know they’re receiving the highest quality with the most value for the price they pay they’re not looking for the lowest priced diamond and looking for the diamond with the most value as long as the value is worth the price that’s what they want but now consider a 65 year old married man preparing to surprise his spouse with a diamond ring for their 40th wedding anniversary or his spouse who wants to surprise him with a diamond watch what do they want over the years they have probably given each other several different diamonds in various configurations rings bracelets earrings watches and so on they both want something different something completely unique perhaps something custom-made or one-of-a-kind price to these prospects will be way down the hot button list in fact for something one of a kind they will be expecting to pay a premium price that’s what they want three completely different types of prospective clients all wanting different things from a jeweler again we see a single demographic universe that needs the services of a jeweler but within that universe lies a multitude of psychographic and emotional wants that divide that universe into specific segments the smart jeweler doesn’t try to serve all three markets but instead selects their niche market from this list of three diverse segments affordability quality and vow are you or unique custom made one-of-a-kind items again passion should be the driving force followed by any competitive advantage they may have in one area they select for the jeweler with a passion for providing the lowest price to their prospects they may have a relative who was a diamond wholesaler and who would sell to them at cost or they sell their products from a home office that allows them to completely eliminate any costly overhead the jeweler with a passion for providing high quality high value diamonds may have specialized skills in analyzing certain unique high quality traits and diamonds that other jewelers can’t match a skill that gives them the ability to recognize and bid on these diamonds and pick them up at a favorable price the jeweler with a passion for uniqueness may have years of past experience designing and producing one-of-a-kind items for specific industry such as the entertainment industry and is now offering that talent to the consumer market in every case just mentioned the passion background and past experience of each jeweller gives them a competitive advantage that other jewelers simply can’t match remember the attorney who offers legal services to consumers demographically their ideal clients are both men and women 18 to 80 years of age single married divorced or widowed employed or unemployed and a household income between twenty thousand dollars and million dollars annually so essentially everyone of legal age at some point in their life will need an attorney but what do our individual groups young middle and older prospects want from an attorney what psychographics apply to this universe of prospects the 18 year olds are still raising hell as they transition from teen to adult they will want the services of an attorney primarily for traffic violations and DUI arrest for those that fall between the age of 25 and 40 they want an attorney to review the terms and conditions and their mortgage and real estate contracts as they buy their first and sometimes second homes the 40 to 50 year olds won an attorney to create their wills and set up trust funds for their kids and the over 50 crowd wants an attorney who can help set them up with proper financial planning that provides them with long-term security when they retire and about half of all of these different groups often want the services of an attorney to handle a divorce here again we see a single demographic universe of consumers that needs the services of an attorney but within that universe lies a multitude of psychographic and emotional wants that divide the universe into specific segments the attorney who selects a specific niche market based on their passion background and experience instantly positions themselves as unique and since they will specialize in just that one in each market they will be able to offer extraordinary value to their clients along with any competitive advantages they may have as well the exact same situation applies to the attorney who offers their legal services to businesses to business owners let’s review the demographics for them what type of businesses need the services of an attorney at some point they could be businesses just starting up from scratch or they may have been around for a hundred years for the ones just starting up they may have zero revenues whereas the 100 year old business may have a hundred million dollars in revenue the startup may be owned and operated by a solo professional with no employees and a single location where the older business may have a CEO 3000 employees and located in 20 separate states the startup may be a sole proprietorship or an LLC the owner of a majority corporation they may sell a product or service or in some cases both so demographically any business on the face of the planet at some point may need the services of an attorney but what will all of these businesses want from an attorney what are the psychographics that apply to this large and diverse group what needs markets do they need to look over and select from if you sell business-to-business begin with the most relevant factors that we’ll have the most influence when those businesses by what you sell those factors will include the age and size of the business both in terms of revenue and employees a start up with zero revenue and 0 to 5 employees will want an attorney to help them set up their corporate structure and create a business plan a one year old business with a hundred thousand dollars revenue and no employees will now want to start adding employees they will want an attorney to create their employee handbook legal employment contracts and protect their at-will rights a five year old business with 1 million dollars in revenue and five to 15 employees may want an attorney to set up profit-sharing for their employees provide guidance as they create an HR department and set up a retirement plan a ten-year old business with more than 3 million dollars in revenue and more than 15 employees will want an attorney to assist with their plans for expansion trademark advice securing their patent rights and implementing and exit strategy so when a business-to-business situation is present we still see a single demographic universe of business owners that need the services of an attorney but within that universe lies a multitude of psychographic and emotional wants that divide that universe into specific segments by selecting their niche market this attorney positions themselves as the specialist and if they have additional competitive advantages to offer as well they’ll be viewed as an expert in fact business owners demand specialization with those they deal with even more than consumers do the product or service of business owner purchases often has a direct impact on their clients and that impact reflects directly back on them as an example if a small business owner hired a business attorney to develop a binding contract requiring another business to purchase a product on a scheduled basis and the contract contained misspelled words and incorrect terms and conditions that in competence reflects back on the business owner not on the attorney who wrote it this is a major reason business owners like to deal with businesses trying to be everything to everyone they want the expert the specialist this same situation applies to the consultant their job is to help small business owners to build the business of their dreams their demographic profile includes businesses that sell to both consumers and other businesses the businesses that come to them for help can be in start-up mode developing but they want to develop at a much faster rate they’re often stuck at a specific plateau and have no idea how to take their business to the next level or in the current economy they may find themselves in serious economic trouble and quickly going down for the count the typical consultant sweet spot would be business with fewer than 20 employees they have a viable business concept if they’re just starting up and the gross revenue in most cases is zero to three million dollars so demographically a consultants universe is essentially any small business under 3 million dollars in annual revenue today that’s around 30 million businesses in the US alone but psycho graphically they have to know what these 30 million businesses want what are the emotional hot buttons that are creating their problems frustrations and concerns as they operate their businesses every day what is it they want the consultant to do to solve their problems or eliminate their fears and concerns well the startup and the one year old business usually need to bring in some quick revenue at this stage of business each day is a struggle to simply survive so they want the consultant to help them make more money that’s their psychographic hot button the mid-sized business around five years old with 1 million dollars in revenue and five to 15 employees once the consultant to help them build their business now that they’re established they want help developing a sustainable process that sets their business up for long-term success but larger and older businesses often have their systems and processes in place this business owner wants the consultant to help them replace themselves so they have more free time instead of living on the job 24-7 in order to ensure their business doesn’t implode if they aren’t there are you starting to see a pattern here for both consumers and businesses in each and every case there is a single demographic universe that needs what each of these specific businesses sell but within that universe lies a multitude of psychographic and emotional wants that divide their universe into specific segments these segments are what we refer to as a niche market as a small business owner your job is to identify and define the most important hot buttons that top the list of your business in other words the top needs and wants that attract prospects to look to your business as the solution to their major problem frustration or concern this is what we asked you to do several modules earlier and then in our previous module we asked you to review your hot buttons prioritize them and begin to make this all important decision as to the niche market that serves your passion be sure to take into account any competitive advantages you may have for that niche market the smart business owner will list all of their ideal client psychographic components and then select just one that resonates the most with them personally in other words the one the business owner feels the most passionate about this is absolutely crucial that you do this if you truly want to create a highly successful business it all comes down to this all prospects today want to feel special they want to feel as though they’re dealing with the expert that can help them solve their problems concerns and frustrations once and for all they want a business that stands out from everyone else who offers a similar product or service in other words they want a business that’s unique they want a business that feels understands them caters to them and often offers them extraordinary value they’re also willing to pay a higher price to get this special treatment as long as the value they perceive they will receive exceeds the price they will pay and finally they want a business that clearly communicates to them the uniqueness and value they will receive for the business that does all of this your prospects will show up in droves the business that’s unique offers extraordinary value and clearly communicates these benefits and has the unprecedented opportunity to totally and completely dominate their entire market if I’m a parent with a child currently attending a local daycare and every day when I pick up my child I noticed they’re sitting in front of the TV watching Barney that begins to concern me as a caring parent I begin to wonder if that’s all they do with my child all day but the TV act as the babysitter if my child is old enough to talk I may ask them what they did all day and day care if the child says they watch TV all day that now confirms my worst fears no parent wants that type of situation for their child at the very least I would want the staff to take time out throughout the day and at least read to my kid or to have them engaged in playing games knowing this is happening at this daycare most parents would now actively begin checking out other day cares looking to find one that would provide a more stimulating environment for their child but when they call various daycares all the parents will hear are platitudes and generalities the daycares will say things like we read to the kids frequently throughout the day we serve the most nutritious meals or we have a very caring staff if you press them for specifics they can’t provide any that’s because they don’t specialize in any of these areas remember most daycares compete on price so they hire staff members that aren’t much older than the kids they watch the staff members haven’t received any specialized training in fact the majority of the staff will be kids straight out of high school who can’t find any other type of work they’re going to basically be present during the day and that’s it that’s not what parents want it’s not a daycare that’s unique it’s not a daycare that offers extraordinary value or that knows how to come indicate its true benefits in a compelling way but for the daycare that follows the process of just outline and that you have just completed for your business this daycare now knows there are three major hot buttons prospects look for in a daycare price loving environment and educational opportunities if I chose education as my niche market I have just become unique i have just separated my daycare from all others who are competing on price I have made the decision that I won’t compete on price in fact my daycare will be twice the price when compared to others when they call my daycare you will hear specifics not platitudes you’ll hear that my daycare limits TV time to a single hour each day with the remaining time spent teaching your child things like basic math skills basic reading skills and begin our computer skills and you’ll hear me back up that claim by telling you that my day care actually offers a guaranteed to our parents that their child will be reading at a first grade level prior to entering kindergarten or they receive a full refund of all fees they paid over the past year do you think that’s the daycare they now want and will price be much of a consideration these prospects want the daycare that specializes in education when they know that’s all I do and I communicate my benefits to them in specific terms rather than generalities then they know they’re working with the expert now I have that prospects undivided attention my message and uniqueness and value fully resonates with these clients the price shopper is no longer in this group I am aiming my sights on this specific niche market a niche market that demands an educational environment for their child and with my value-added services and my competitive advantages if any exist I’ll immediately begin to attract the entire universe of prospects who are interested in this niche market do you now understand why over the past several modules I’ve been stressing the importance of psychographics stressing that they are ninety percent small businesses success equation psychographics identify what your ideal clients really want when they go to buy what you sell and when you not only give them what they want but you give it to them in a unique way that’s loaded with value you’ve just made your business the obvious choice a decision to use your business over all of your competitors is now a no-brainer decision this is how we help small business owners all over the world build highly successful businesses all you have to do is follow the process I’m teaching you I also promised you I would apply the same process to our dog trainer he was a he has a deep love and a true passion for dogs he has a unique gift for working with animals many of his clients where this guy’s a dog whisperer he can absolutely get a dog to do anything he wants them to do and he uses love instead of intimidation to do that when he first came to us he was literally walking dogs for ten dollars an hour he said his true passion was obedience training but he didn’t know how to go about getting started in that type of business there was simply too much competition in that market and he didn’t have a clue how to position himself in order to attract more clients and build a viable and sustainable business he didn’t know his ideal client profile and he was paying a steep price now because of it he found himself trying to sell the services to people who expected him to walk their dog for free and because he was taking on any client that would hire him he was having trouble collecting payments from many of them in fact several of them felt they were doing him a huge favor just hiring him they didn’t see the value in what he was offering he found himself being talked down to and several clients just paid him whatever amount they felt like paying at that time even to the point they were paying him far less than the set price they had both agreed to again since these weren’t his ideal clients the value of the service he was providing wasn’t being realized and that was obviously very frustrating to him this was not the business or the life that he had envisioned and he felt there had to be a better way that 20 finally called us for help and his frustration isn’t unique we hear this same sad story over and over on a daily basis from small business owners when we assess the current condition of their business this all stems from a lack of developing and ideal client profile and especially the psychographics with no ideal client profile he was only attracting individuals who needed his services once he took the time to create his ideal client profile only then was he able to identify who it was that truly wanted his services so he followed the exact process you have been following let’s take a look at his demographic psychographic form at the time he completed this he was walking dogs so who on the planet needs the service of a dog walker what would their demographic profile look like this group could be male or female eighteen eighty years old single or married typically employed which is why they need a dog walker or they could possibly be a retired elderly person who’s not physically capable of walking their own dog obviously they own one or more dogs and they have an annual income of twenty thousand dollars and up to whatever in other words every human being on the planet that’s of legal age on the dog works or is retired needs a dog walker but psycho graphically what does this universe want depending on your specific situation you may want several different things from him you would want someone to walk your dog if you got stuck at work or had to work late you would want a well behaved pet that has had obedience training you would want someone you knew you could trust to board your pet if you were going to be out of town for an extended period of time you might even want someone offering transportation services where they pick up your pet in the morning and drop them back off in the evening like a doggy daycare these are all potential niche markets for him and he had to make a choice from all of these possibilities and select just the one that resonated the most with his passion naturally he chose obedience training that one decision changed his life forever within 12 months of making that decision his monthly income went from six hundred dollars per month not per week per month to more than 12,000 dollars per month he recently purchased his dream home on five point two acres and due to the demands of his ideal clients added Kimmel’s on his new property so he could offer boarding services these new services along generated enough revenue in his first 30 days to cover his mortgage payments on his new home for six months he now works with clients who not only respect what he does they’re thrilled with what he does they pay him premium prices because he has a business dedicated to giving them what they want not what they need they send bill continuous stream of referrals in fact he doesn’t bother to market his services anymore he can’t keep up with the demand being produced from the referrals he’s getting and of course his clients are providing him with tons of unsolicited testimonials his goal for this year is to reach five hundred thousand dollars and more than a million dollars next year he’s presently working with an attorney to begin franchising his obedience training centers all over the world our process helped him take a six hundred dollars per month dog walking business and turn it into the business of his dreams a business that feeds both his passion and his bank account now if a dog walker can do this do you think you might be able to do it too this is how we help small business owners build successful businesses I emphasize this not to impress you but to impress upon you that building a million-dollar business is not difficult yes it does require some dedication and effort everything in life that’s worth wild does but anyone with a passion for what they do and who is serious and committed to building their business and do this this is the process I’m training you on as we work together using the marketing development program we truly want you to achieve this same success in your business but you must start here you must develop your ideal client profile your previous assignment was to identify each and every one of your ideal clients psychographics also known as their hot buttons if you did you revealed the potential niche markets that exist for your business your business may have only one hot button or it may have 10 most often there are multiple hot buttons present in that case it’s your job to select the one that you have a true passion for serving and make that hot button your niche market I want to go back and review your previous demographic profile and then review the list you created for your psychographic profile I want you to feel comfortable that you have identified every available niche market for your business use the examples are included in your workbook and then transfer both your demographic and psychographic information into the updated worksheet in this week’s work book list the demographic traits on the left and the psychographic traits on the right just like we did in the examples if you’re struggling to identify the hot buttons for your ideal client then try asking them directly interview them and ask your current client what they want from a business like yours or ask prospective clients if your startup and currently don’t have any actual clients ask them to tell you their biggest problems frustrations or concerns they have when they buy what you sell even if you believe you do know what those hot buttons are consider verifying them with your ideal clients you may discover that you are off the mark in the first place or you’ll discover you had the hot buttons in the wrong order of priority most small business owners list low price as hot button number one only to discover after speaking with their clients that price wasn’t even a factor in their decision making process once you feel comfortable that all the hot buttons are properly listed look deep within yourself and select the one hot button that you feel a passion for providing to your clients that hot button is your niche market the moment you select it you separate your business from every other business that sells what you sell you become unique and you stand out from the crowd you no longer belong to the me to club everything will now begin to change in your business you will market your business differently you will create entirely different messaging messaging that will laser target the one specific hot button for your ideal client versus messaging and says you’re the same as everyone else the way you talk to prospects and clients will also change and all of this will begin to attract ideal clients in mass in our next module will complete the development process for the ideal client profile by revising your demographic information to reflect your new ideal client in your selected niche market this will be the final step in identifying your ideal client and it will massively benefit your business when you complete it let’s quickly recap what we’ve discussed as always our main purpose for this presentation was to help you continue to develop the solid foundation required to build a highly successful business that foundation demands that you know and understand who it is it represents your ideal client we highlighted the two major factors that identify your ideal client their demographic profile and their psychographic profile knowing your ideal clients demographic profile while very important only identify who needs what you sell it identifies the physical characteristics of your ideal client the psychographics identify who wants what you sell they identify your ideal clients emotional characteristics also known as their hot buttons when you know and understand their psychographics you also know and understand how to compel them to buy from you by appealing to their emotions by hitting their hot buttons your prospects will pay attention to your message and want to buy what you sell because it solves a major problem concern or frustration that has intruded into their lives having an accurate psychographic profile is the key step to eventually creating and developing a highly successful business one that’s unique provides extraordinary value and can effectively communicate its uniqueness and value to its prospects the real key to creating this type of business is for you to look over those hot buttons in your psychographic profile and select just the one that most resonates with your passion that selection becomes your niche market once you make this selection you position your business as unique you stop being all things to all people and you have now positioned yourself and your business as the expert within your niche market you will eventually convey this uniqueness in your marketing program a marketing program that generates real results are providing the powerful and compelling information needed to reach your prospects emotionally and upcoming modules will continue to build on this foundation and information please remember that we’re developing a process for your specific business a process that you will be able to duplicate over and over far into the future take your time and transfer all of your demographic and psychographic information onto the revised worksheet in your workbook select your niche market and then record your choice in the lower box on the right of that worksheet next we’ll complete this form by refining your demographic profile to fit your specific niche market will be continuously coming back to this information and future modules so don’t misplace your workbook each and every step continues to build on the previous ones so take your time as you complete each assignment and do the best job you can remember that a primary goal in the marketing development program is to help you quickly develop the process that will bring more revenue into your business each presentation brings us closer to accomplishing that goal so until next time here’s to your success

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