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The Niche Guide - Part 2 (Understanding your target audience)

Discussion in 'Making Money' started by wealthy199, Apr 5, 2008.

  1. wealthy199

    wealthy199 BANNED BANNED

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    PART 2 - Understanding Your Target Audience

    Ok, now that we have a niche, it's time to figure out the psychographics of your target market.

    According to Dictionary.com, psychographics means "the use of demographics to determine the attitudes and tastes of a particular segment of a population, as in marketing studies."
    In simpler terms, it means looking deeper into your niche market, so you can serve them better by customizing your products.

    Answer a few questions... but I warn you not to answer them too quickly. This takes a lot of thought and consideration to do correctly.

    Question: Who would like to buy what you have to offer?
    Don't just say ‘Women'. That is a gender identification, not a target market. All women are not alike. They have a wide variety of lifestyles, values and interests.

    Don't just say ‘Golfers'. That identifies a group of people who partake of a sporting activity but it's not a target market. Among golfers there are huge differences. Are you targeting the ever so often golfer with a cheap tips video or are you targeting the lifestyle golfer who travels regularly to play in competitions.
    Be very specific. ‘Start up Fundraiser Coaching Professionals"

    Question: Why is he/she interested in what you have to sell?
    Don't say ‘She will like it because she is a Mom' because there are no products that ‘all moms' are interested in. (Unless it's an Artificial Intelligence Housekeeper and I think even then you'd get a few naysayers.)
    Be very specific. ‘Start up Fundraiser Coaching Professionals" will want to secure this product because it contains the tricks and skill builders they need to attract their first clients.'

    Question: What stage of life is she in?
    • Young & Single
    • Young & Married
    • Young Motherhood
    • Middle Motherhood
    • Late Motherhood
    • Empty Nest
    • Older & Single
    • Older & Married

    These stages of life are important factors in identifying a target market. How you choose to communicate with your potential clients, you will need to take this information into consideration.

    What motivates a young married woman isn't going to motivate an empty nester.

    For example, if you want to reach young singles you'll probably want to use graphics and promotional materials that look trendy and highly relative or popular to modern day media.
    On the other hand, to reach older married people you will choose a more traditional style and convey a stability that will resonate with older consumers.

    Question: How much money does he/she have to spend?
    • Frugal
    • Average
    • Upper Middle Class
    • Wealthy

    Financial income brackets are one of the most important issues in choosing and communicating with your target market.
    The financially strapped customer will be attracted to messages that imply that they're getting a great value or saving money.

    Wealthy customers will be more interested in hearing that your product is made of the best ingredients and created for distinctive tastes.
    Some individuals will only be interested in products that clearly demonstrate that they're cheaper than everything else. They're so driven by their tight budget or their personal commitment to frugality that they'll choose one product over another on price point alone.

    And in the other extreme, there are consumers who will purposefully choose the most expensive service provider on principle. Maybe even just to be able to say that they hired the priciest ‘most exclusive' provider - or perhaps because they believe that the higher cost surely means that they'll get the best quality. (Which may or may not always be the case!)

    For some, impressions are everything.
    Can you see how it would be literally impossible to create one sales message that rings true with all markets?

    Well, that's it for this section. Now you should have your niche and understand who it is you're targeting. Next we're moving on to setting up a website and finding ways to monetize it. I'll write that thread tommorow, so for now - GET BRAINSTORMING!
     
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  2. Clayton

    Clayton BANNED BANNED

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    Very nice post. Thank you for taking the time to put it together for us.
     
  3. peatte

    peatte Newbie

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    Thanks a lot for sharing your knowledge! I am from germany and here most people dont like to share anything which could make money in any way.

    just thanks!
     
  4. IsoRipper

    IsoRipper Junior Member

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    Thanks for the post! This comes really handy when reaching a target audience to my products!
     
  5. Cadbury

    Cadbury Newbie

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    Great stuff. I'm looking forward to part 3.
     
  6. esourabh

    esourabh Newbie

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    thanks for spending time and helping newbies with this great induction :1244:
     
  7. SkyWatcher

    SkyWatcher Newbie

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    That was a great lesson on crafting messages for specific demographics or so called personas
     
  8. blackbing

    blackbing Newbie

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    Thank you very much for providing excellent information, both Niche Research and Understanding Audience! Waiting patiently for the next thread... :)
     
  9. svakanda

    svakanda Guest

    very good information. thankyou! can't wait to read the next one
     
  10. hotstox

    hotstox Jr. VIP Jr. VIP Premium Member

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    great post look forward to reading more
     
  11. igntl

    igntl Registered Member

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    woot comeon part 3
     
  12. bintbiz

    bintbiz Junior Member

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    great post. thank you wealthy
    the good news is that i am already in your forum
     
  13. dbrown

    dbrown Junior Member

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    yes, thanks for your time in putting these together for us.
     
  14. greyhatdude

    greyhatdude Regular Member

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    Very nice. Thanks for the information. I appreciate all the hard work. :)
     
  15. jetton

    jetton Registered Member

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    Thanks for sharing your knowledge! A lot of people dont like to share anything which could make money for someone else. Very cool of you to take time for us.
     
  16. synbad82

    synbad82 Newbie

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    thanks for the great read, was a nice refresher.
     
  17. chukster

    chukster Junior Member

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    wow some seriously good info here cant wait for your next post
     
  18. ManToMan

    ManToMan Regular Member

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    Hi wealthy199,
    I'm really appreciated that your kind sharing among newbie especially those who want start their internet business.

    I think this info can repack and sell for at least $27. :)
    Before my way to internet business, I?ve really no idea and how to start. At First, I bought an ebook called ?autopilot profit? from Ewen chia as I get attracted by the brainstorming and call action words from sales page. I admit it help me understand the way how to make money but NOT easy money.

    In my opinion, the Niche Guide from wealthy199 is better than autopilot profit. What do you guys think? It?s the basis tips for make money online but essential. No one is perfect, we?re learning from mistake and problem. Many Gurus also make mistake thus we can hack and steal their product. :)

    Advice to all newbie: you can download many products and ebook you like from the download sessions but it never help you made a buck. Be creative and use your ideas, read the ?The Niche Guide? and try to use the download product help increase your profit. Test it out, watch your result and get feedback.
     
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  19. raiderred

    raiderred Newbie

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    Thanks for the info, I agree with ManToMan that you should make an ebook out of this and sell it, just glad I got it for free.
     
  20. nickf

    nickf Newbie

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    great quality info once again, keep it up