Once you have established your target audience, it can be a challenge to maintain focus on this group in the ever-evolving market. Refocusing may become necessary and even beneficial to the success of your business. As a savvy business owner, it is important to remain attentive to the dynamic needs of your clients and to seize every opportunity to broaden your reach.
For example, your services may initially cater to Christian women who are service-based parallelpreneurs. However, as you continue to analyze your target audience, you may discover that there are other potential groups that would benefit from your offerings. It is crucial to define and pay attention to these aspects in your business, especially as your target audience may be much broader than you had initially envisioned.
As a business owner, it is imperative to continually adapt your business strategy to reflect the evolving market and maintain growth. In this article, we will explore when to consider changing your target audience.
Changing your target audience can seem daunting, especially after spending a significant amount of time niching down and defining your demographics. However, assumptions or generalizations may be made when selecting a target audience, particularly for newer business owners. It is crucial to conduct extensive research and carefully consider all factors before choosing your ideal client.
Over time, assumptions about your target audience may no longer be relevant. This may occur if you did not conduct enough research or think through the decision thoroughly. As a business owner, it is important to recognize when a change in target audience is necessary.
Here are some common reasons why you may want to consider changing your target audience.
Firstly, if your target audience is too small, it may not generate enough profit.
While it is common advice to niche down, it is essential to ensure that your target audience is large enough to support your business. It is easy to get carried away with specifics such as marital status, pets, or car models, but these factors may make your target audience too small to be profitable.
Second reason why you may want to consider changing your target audience is if it is too broad or too big.
When attempting to offer something to the entire general public, it is likely that you will end up reaching no one. Therefore, it is essential to narrow down your target audience to be a relevant ideal client for your business.
Marketing to everyone can result in marketing to no one, which is why it is crucial to narrow down your target audience. For instance, wanting to work with entrepreneurs or service homeowners can be too broad. Even within the category of homeowners, there are various subsets such as first-time home buyers, second-time home buyers, or those purchasing a retirement home. Thus, it is vital to identify and target a specific subset of your target audience to ensure your marketing efforts are effective.
By narrowing down your target audience to a specific and relevant ideal client, you can better tailor your marketing efforts and maximize the potential for success.
Third common reason to consider changing your target audience is if they lack buying power.
It is essential to target an audience with sufficient buying power to generate revenue for your business.
As a service-based entrepreneur or parallelpreneur, you may have started your business with the intention to help and serve others. However, if the individuals you aim to serve do not have the buying power to afford your services, it may be time to reconsider your target audience.
While rethinking your target audience is an option, you could also explore alternative ways to serve that community that lacks buying power. By finding new ways to serve them, you can continue to contribute to their lives while also generating revenue for your business.
The last common reason why business owners may consider changing their target audience is expansion.
Sometimes, expanding your services requires engaging a whole new target audience. For instance, if you have been serving a specific group of people for a while, you may notice that there is a different type of audience that is interested in your services. In such cases, expanding your target audience becomes necessary.
To summarize, the common reasons why business owners should consider changing their target audience are:
- The target audience is too small
- The target audience is too big
- The target audience has no buying power
- The business needs to expand to new services and engage a different target audience.
In conclusion, as a business owner, it’s important to regularly evaluate and assess your target audience to ensure that it aligns with your business goals and objectives. By considering these factors and making changes when necessary, you can ensure that your business continues to grow and thrive in a dynamic market environment.
Be profitable and be blessed!
About Nefateria: As a Certified Life, Business and Sales Coach with over 9 years of experience, Nefateria’s helped Parallel-Preneurs (Entrepreneurs building a business alongside their career) get clear on their ideal clients and get confident in your services. Together we can turn your side hustle into a thriving income.
Ready to Get Clear, Get Confident and Get Cash into your business? Schedule a Free Discovery Session with Nefateria
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