Jarrad Pouncil

Live Chat Q&A - How to Research and Find Customers in Your Target Market Niche

January 15, 2019

Transcript

Hey, what’s up Tyrone, thanks for joining. So yes tonight what I’m really talking about is your target market and your niche, and why that’s as important, particularly as a beginner’s business owner and why we struggle so much in the beginning when we start our businesses to really figure out who our target market is and we’re speaking to. So I’m just going to go over some things that I do with my clients, and some of the other people that I worked with to really flesh out what it is that they’re selling and who they’re selling to. And so you really want to get in the mind of the customer or the client, and so what I really explain to my clients to really do initially is to think about okay where my customers are hanging out, so it really kind of depends on what you’re selling.

So if you’re selling a consulting service say you’re a coach or a trainer and say health care space, so I want to start selling health care products, well healthcare is a really broad range so that niche isn’t quite defined yet, because you can be doing a lot of things in healthcare, you could be doing food, you could be doing beauty products, you can be doing fitness so there’s still a really wide niche. So if you’re in healthcare or health services you would want to niche down even further, so I focus on a certain type of health or maybe I’m helping people with diabetes increase their health through a certain program, so now we’re starting to get more deeper into know that niche and what their cause. So when you’re thinking about where they’re hanging out, it’s where they’re hanging out in person and also where they’re hanging out online.

Because today 2019, we have places like Facebook they were on now, Instagram where you can actually just go out and find your customers and the cool thing about Facebook is your customers come together and they’re there in one space and they’re already talking about a lot of the stuff that you’re going to want to ask them about their lives and how they’re using products today in their life. So when you think about your target market and your niche, those are some of the few things you want to start with. Some of the other questions that I think about when I’m talking to my clients really help them understand their market is what kind of keeps them awake at night, what are the things that when they go to bed that they’re going to be worried about in their life.

So for me as a coach for Millennials one thing that my clients may be typically worried about are student loans, they got these things or they got these loans they got for school and they’re trying to start their own business, but they’re still paying this debt so it’s really hard for them to invest in themselves. They also may be taking care of other family members and that plays a big part in how do you present and how do you market your product to people, particularly when a lot of times for us as a community we’ve been taught certain things around money and we don’t really want to go against those things like oh don’t go into debt, don’t place things on your credit card things like that where sometimes those things aren’t necessarily true.

For me really getting deep down and asking that question, like what keeps them up at night really helps me understand the mindset of the customer and then really be able to turn that around and market to them using that language. Some of the other things that I do also with my clients is ask them so what is your customer afraid of, like what is it that your customer doesn’t want to do, hey Joy thanks for joining and Andy thanks for joining, I’m talking about your target market and niche, feel free to drop your questions. I was just talking about what are some of the questions that I work with my clients to get them to ask their target audience, their market about their service and one of them was what are they afraid of, what’s keeping them up at night, what are the things that they’re afraid of are they afraid of losing their job? For example you’re in the health care niche and you’re doing weight loss, so are they scared of their health?

That’s a really big reason why people would want to solve their problem is their health, because if they’re going to die from this this is something they definitely want to get fixed and when we have that physical discomfort, people are more or likely more expedited to go through with what they want to do. So another one of the questions that I do ask my clients is what are they angry about, so in your target market what are the things that people just can’t stand, is a service provider that’s leading the industry just so trash that everyone doesn’t like it. So for example a cable, if you’re thinking about the cable industry I don’t know any cable company that really has a good user satisfaction rating because they’re so big and they don’t take their time to think about their customers as much as you need to as a new and upcoming business.

So what is your target market angry about, what is it that they’re not getting, it is something in their business that you’re offering that’s a solution, is it something that you can plug a hole in their life, what is it that they’re missing, so you want to think with that mindset when you’re talking to your customers and thinking about your target market and your niche. I also talk to my clients and encourage them to ask their target market, what their frustrations are or what are their top three frustrations that’s similar to being angry or frustrations maybe something in their life that just happens on a regular basis and they just can’t get over. Maybe where their frustration is they have to go to work every day, hey Darrell we got Stephen also joined as well, thanks for joining; talking about your target market and your niche please feel free to drop your questions in the chat.

We are talking about what are the top three daily frustrations or why it’s important to learn about the top three frustrations of your target market, because your product is there to solve a problem and if your customer is having a problem on a regular basis, well that’s where you’re going to really make a difference and that’s really what you want to do is solve that problem not present something that you think is a good idea, but really understand their frustrations. And so when I work with one of my customers one of their frustrations is that they have to go to work 9:00 to 5:00 and they still have to listen to a boss and there are a lot of other things that they wish they could do with their time, instead of having to dedicate it to work and they don’t feel like they have enough time for themselves to invest in themselves and to invest in their business.

My customers are also frustrated that they haven’t had past success, they’ve been looking for a system and they’ve tried different things and nothing has seemed to work or they just haven’t seen be able to put the dedication for this, haven’t been able to accomplish their goals and stay on track. So for me knowing that my clients have trouble with that I then go out and design systems for them to really help them stay accountable, to really help them understand their target market and how to go through a process in their business as opposed to just throwing things against the wall and hoping that thing stick. So we got a question here, what if my target market doesn’t realize that they have a problem. So that’s when we get into the stage of educating your client or your potential market about the value of your service. In truth, not all people are going to be ready to buy, only really about 3 percent of people that you talk to are ready to buy right now in your business and the others aren’t necessarily at that point.

But by providing value say on Facebook or Instagram of posts, testimonials of the work that you’ve done, showing samples of your products, showing demos of your product, showing just even pictures of you enjoying things in your regular life to show that you’re a normal person, those are the type of things that your market would want to see and you just post those things on your on your Facebook page and on your Instagram and that’s the way for people who may be dabbling around or still trying to figure out what they want to do or maybe they don’t even know they can get more information about what you do and you’re targeting them for a reason and so you’re dropping the same information in the different groups on Facebook, so you can start nurturing your audience, that makes sense? Let me know if it doesn’t.

So what I also do with my clients is asking them what’s going on in their lives on a recurring basis, what’s up Albie thanks for joining. Talking about target marketing and niches, so one of the questions that I ask my customers to ask their niches, what are the trends that are occurring in your business or their lives that’s going to affect how they use your service and one of the examples is right now, the government is shut down so if you’re providing a product or service to government workers or you have a business in DC well guess what, if people aren’t going to work, if people aren’t taking the train to go to commerce and they’re not leaving the house they’re not visiting your business, well that’s going to be a real roadblock for you being in success because of the government shutdown.

Even in my business and my wife’s coaching business people get laid off, so they may not be able to pay the fees for your program or they may not be able to buy your product because the economy is so shaky and things in their household are unbalanced. So a lot of different things affect how we market and really thinking about how people go through their day-to-day lives and thinking about their journey, how do they go from somebody who’s not a customer, who doesn’t know a thing about your product to getting or for you to get them to the point where hey they want to be a customer, they know about your service, they trust you, they’ve seen your work and they want to move forward or buy your product and your service.

So what other questions do we have here, also ask them now what do they secretly desire, like what is it that they really want? Do they truly want to just be free, do they really want someone to just come in solve the problem and be like okay I’m done or do they want to take the steps and work through the problem themselves. If there’s someone like me they want to be hands-on, they want to be taught how to use a product or learn how to use the system on their own, other people just want someone to take it for them and maybe kind of hands-off, so it really just depends on your customer and getting to understand what they secretly desire it will also help you really figure out what they want long term and that’s not even important for just now. Because you want to build a relationship with your customers, you want to show them that you do provide value and it’s very likely that your current customers are going to be those who continue to buy your services in the future.

So you want to make sure that you do know about their journey, so that once they exit the stage where you’re all currently offering them products and services, that you have another product or service ready for them in their next day of their journey. What’s up Jeremy, thanks for joining, thank you Matthew, feel free to drop your questions or comments down in the comments box. So talking about niches and your target market and you also want to think about is there a certain way that these people think, are they more analytical, do they maybe think more on the emotional side and that’s going to also be a factor in how you promote your products and services to your audience.

For me I promote to mostly professionals and so they’re very analytical, very task-oriented, they’re goal-oriented, on their own they’re probably going to be good but a lot of times they just really want to plan something they can follow to get them to that point faster and that could be broadly applied to a number of other niches as well. So it’s just really about you understanding how your niche operates and what kind of mindset they are on a regular basis, and do they have a language that they speak. If you’re working with lawyers you’re going to have a certain lingo, if you’re working with doctors there’s going to be a certain lingo, if you’re working with a certain community there’s going to be a certain lingo. What I do my outreach or my communications I typically just kind of use my voice that I would use on a regular basis when I’m hanging out with my fellows or with my brother, because my target market is black men and we have a certain language that we use.

So if you’re in a fitness market and there’s a language that they currently use or if you’re more of a professional services because there’s also a language that you use there. I worked in consulting for years and the language I use in that business differs from the language that I use in this business and that varies across websites, the communications that I’m sitting out on the blog and even talking with my client’s one on one. Kidney say yes right, that’s me I’m definitely kidding, we all got that, let’s see do we have any other questions in here, what strategies do you have to help you differentiate between what you think you’re supposed to want versus what you really want, what strategies do you have to help you differentiate between what you think you’re supposed to want versus what you really want?

So one of the strategies that I use to basically figure out what’s important over what’s really not is to write everything down and just kind of do a weight scale on how much impact will a task in my business have versus another and then really look at okay on a scale of is this going to take time and effort, do I have that? Is it something that’s going to lead to customers and that’s probably one of the bigger things, is the action that I’m taking directly going to lead to me getting customers or working with customers, because there are two things that are really important when you’re doing outreach in your business it’s talking to customers and getting those customers on strategy session calls and talks or getting them across the line for whatever your business is if you’re selling a product like mine or a service as well. What should you focus on to engage the customer?

Okay, I would say you would want to find out where they’re hanging out at, if particularly on Facebook there are a number of groups you can go out for a number of niches if you’re in health care, if you’re in education and if you’re in construction, finance, real estate there are all hundreds of groups on Facebook thousands of groups probably in Facebook and there are tens of thousands of people in these groups. So you want to go in there and figure out what they’re talking about, see the conversations they’re having and then you start engaging with the customers on there, telling them what you do, seeing if you can start answering questions for some of those peoples in those groups and you’ll learn a lot from just going through and reading the comments that people are putting and talking about the struggles that they’re having in their business. Let me know if you have any more questions Kenya, but thanks you David for joining, Oh David I haven’t seen you in the minute brother, how are you living?

Then Alexis thank you for joining and Joan, appreciate it. So we’re talking about target market here and just going over a few questions about what you should ask, and the last question I usually work with my clients or tell them as part of this exercise is to look at who else is selling something that’s similar to what they’re doing. A lot of us have these grand ideas when we get into business and we want to implement them and we think our shit is the best ever are, we are the new slice of bread or whatever that phrase is. But honestly there are people who have done what you’re doing in the past and they’re successfully and the easiest way to get success is to take what they’re doing and model it for yourself.

So you want to look at who’s been successful in your niche, who’s getting the type of clients that you want, who’s selling the products that you want and look at who’s that success way, how have they had that success, have they had it by doing marketing, are they doing podcasts, are they doing courses, do they have coaching so you want to look at the different aspects of their business and see what is it that they’re doing that you can take and apply to your business while still at the same time adding your own flavor, adding your own branding and adding your own package to what they’re offering. You also want to look at people who failed, because you don’t just want to look at the successes you also want to look at how people have maybe stumbled in your niche, how maybe there was a company in your niche that went out of business and you want to look at, what step did they take that led them down this path and how can I avoid those mistakes, how can I make sure that I’m on the right path.

And doing your research about the companies about what they’ve done good, what they’ve done bad and seeing what you can learn from both sides of those point is really going to be important for you when you’re looking at what other companies are doing. So all right guys, live is going to go up about 20 minutes, I appreciated everyone who joined, if you have any more questions Victoria what’s up thanks for joining, if you have any more questions about your niche and your target market feel free to drop them in the chat real quick, also want to talk to everyone real quick about my coaching business.

And so late last year I launched my professional coaching business program where I’ve been helping black Millennials optimize their focus and accelerate their financial independence, using one-on-one coaching and it’s been an eight-week program where I’ve been taking my clients through a couple of phases, where we we’re looking at doing exactly what we just did on this call looking at your target market, understanding where they’re hanging out, understanding how to speak their language and taking that information and turning it and putting it into our social media properties really be Facebook, Instagram, Twitter even LinkedIn on our website and then helping you develop the mindset around how to go out and get it business, how to sell your business and really understand the process of taking a customer from a prospect to someone who’s paying for your service and also showing you how to go out and do sales and marketing as well.

So that’s what I’ve been up to for the past few months down here in Florida, and once again I thank everyone for joining the first live chat, I’m going to be doing these fairly often in the future thinking once or twice a week, so if you have any questions feel free to reach out to me and everyone take care this evening.