I like to define it as "the category of people that would buy from you without hesitation"
The "without hesitation" is important as, that's you addressing a pressing need for that particular person.
Examples:
I sell bookkeeping/financial advisory support for Startups/SMEs.
Target Market:
- VC-backed companies (why? because they have money they are required to manage and report back to investors). This discards any company that is not funded.
- Companies in non-traditional sectors like biotech (why? because it is less likely that they have someone business/operations oriented, as most of their team requirements is technical at the onset. And they're not interested in doing what many would consider admin work). This discards companies in fintech for example.
I also produce and sell sterling silver jewelry (yes, weird mix 😅).
Target Market:
- Women (70% of jewelry buyers worldwide are women)
- Specifically, those looking for (1) real precious metals (no "coated stuff"), and (2) nice pieces they can wear every day, but without having to spend on big brand names.
- this immediately discards anyone looking for just cheap jewelry to wear, and those looking for upscale pieces.
This does not mean I don't sell or cannot appeal to anyone outside of this criteria, but I'd say 80% of converted leads fit these categories I've just described.
I like to define it as "the category of people that would buy from you without hesitation"
The "without hesitation" is important as, that's you addressing a pressing need for that particular person.
Examples:
I sell bookkeeping/financial advisory support for Startups/SMEs.
Target Market:
- VC-backed companies (why? because they have money they are required to manage and report back to investors). This discards any company that is not funded.
- Companies in non-traditional sectors like biotech (why? because it is less likely that they have someone business/operations oriented, as most of their team requirements is technical at the onset. And they're not interested in doing what many would consider admin work). This discards companies in fintech for example.
I also produce and sell sterling silver jewelry (yes, weird mix 😅).
Target Market:
- Women (70% of jewelry buyers worldwide are women)
- Specifically, those looking for (1) real precious metals (no "coated stuff"), and (2) nice pieces they can wear every day, but without having to spend on big brand names.
- this immediately discards anyone looking for just cheap jewelry to wear, and those looking for upscale pieces.
This does not mean I don't sell or cannot appeal to anyone outside of this criteria, but I'd say 80% of converted leads fit these categories I've just described.
Thanks. This is helpful, especially your "why"s around certain criteria.