In this episode, we dig further into understanding who the target market and customer is. Understanding it is vital because customers are the key to success. You have nothing if there aren’t any customers that are willing to buy the things you sell.

So, we need to develop a commercially viable product that is able to create a difference in people’s lives. Those people aren’t just your customers but everyone who is associated with your business.

Market Selection – For market selection, understand the six elements that we need to consider. It will help us to recognize our CORE market. CORE market is where you can have a Connection, Originality, Results and Excellence in.

1. Identity: We need to identify the people that we are trying to serve. Find their demographics like age, gender as well as their geography like where they live. It will take some direct research methods like interviews for getting this information.
2. Clarity: We need to solve three kinds of problems: (1) known and spoken, (2) known and unspoken, and (3) unknown and unspoken. Find the exact problem that you are willing to solve. Then come up with a viable solution that is elegant and distinct so that people are willing to pay for it.
3. Location: Don’t just find out where the customers are physically located but also figure out where they are looking for solutions. Know where the marketplace looks for the answer to the problems you defined. Once it is located, you will know where you need to be.
4. Define the Solution: Describe the solution in terms that your market understands. Clearly state how will you be solving their problems in a unique or distinct way.
5. Objections: Find the major objection the market might have. The target customers might not know about you, your products and whether it works or not. Do the things necessary to overcome these objections. You can use social proof, testimonials, case studies and recommendations while being transparent to get over the objections.
6. Who do they listen to: Discover the people that the target market talks with and listens to. If you can connect with people that are making recommendations, you can create trust there.

— Begin Transcript —

Hey there, I’m Mel Abraham, the author of the brand new number 1 international best-selling book, The Entrepreneur’s Solution and welcome back to The Entrepreneur’s Solution Show and in this episode. Really looking forward to starting to dig in further into understanding who your market is, who your target market is, who your customer is.

Think about it, they’re the key to your success. If you’ve got no customers or you can’t find a market that’s willing to buy what it is you’ve got to sell, your services and all of that—you got nothing.

So, when we come back after this brief introduction, we’re going to get into my framework on how I look at markets. What is it that I look for in markets? And remember that, if you want to get the guidebook that kind of leads you through these things. Every episode has a downloadable guidebook and just go ahead and go to MelAbraham.com/session022.

And if you’re not at your computer, and you happen to be out running or you’re at the gym or something like that; go ahead and just text MYLEGACY with no-spaces, MYLEGACY, one-word to 38470. You’ll get a download link. That way you can make sure that you get all the tools, all the templates and all of the things that I’ve got for you to help you build your business.

And I’ll see you right after this introduction. See you soon.

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Hey there and welcome back, I’m Mel Abraham, the author of The Entrepreneur’s Solution  and the founder of Business Breakthrough Academy where we teach you how to design a business and build a life—a life of financial freedom and peace of mind. Welcome back to this episode of The Entrepreneur’s Solution Show and we’re going to continue our journey. We’re going to continue our journey talking about the three phases of business life.
Remember, the three phases of business life, talking about the Think Up phase, the Get Up phase and the Reach Up phase. All of that, all of that is built on a foundation of the customer promise that you make and we’ve been talking about the decisions we need to make in the Think Up phase and more recently talking about the Ideation phase.

How do you take your idea and make it a viable product?

Something that’s commercially viable, something that you can put out there; that creates a difference in people’s lives. That creates a shift, a change that solves the problem. That transforms them, transcends them to a different place such that they’re willing to pay you and pay you well for doing that.

We’re going to continue on the ideation phase in that process as we get to, close to the end of this ideation phase.

• We talked about the evaluation of how do you evaluate an idea? already.
• We talked about the selection process of which idea should we go after? per say.
• We talked about how do you determine or make sure that your idea creates value?

Remember, we live in a value exchange economy. So, no matter what it is you’re thinking about, we need to create value for all of those that we come in touch with. I say all of those that we come in touch with because this isn’t a customer centric process. Absolutely, we need to create value for our customers or they’re not going to buy from us. They need to see value.

But at the same time, there needs to be value:
• To our team,
• To our employees,
• To our vendors,
• To those that associate with our business, with us, and
• We also need to create value for us.

So, it needs to be this holistic 360 degree value creation model that is built around the idea. We talked a bit about that. That’s the only way to create a sustainable, meaningful, profitable business that is on purpose.

So, now we get to this concept of market selection.
• Who is our market?
• Who is our target market?
• What questions should we be asking?
• What things do we need to look at?

And we’re going to drill down on that. Once we have that, we still don’t know if we really have a good market that’s willing to pay what we want to charge for the products or services, or the ideas that we’re bringing to market. Whether they have the same perception of value that we do?

So, after we figure out our customers and the market, we’re going to talk about, “All right, let’s test it and let’s then either resign to changing and shifting or redesigning it.” And so, that’s the process.

We’re going to talk about market selection here. So, what we’re really looking at and this is the process that I will go through:
• With my clients.
• With the businesses that I run in.
• With the different things that I’ve dealt with.

Is understanding effectively the six pillars—the six elements that we need to consider in understanding who our target market is.

The key here is this: What we’re trying to figure out and I call it the CORE market.

And CORE stands for something, it’s an acronym but what I want to find is a marketplace that I can create Connection with. That’s what the ‘C’ is, that I can have an original or unique or distinct position in. That in the process by serving that market in an Original distinct way, I can create Results for them that they can’t get elsewhere and I can deliver it with Excellence. So, what we want to look at is:

Where’s the market that I can have a connection, originality, results and excellence in?

When we do that and we understand that market and create that solution in that vein, now we’ve got something that’s commercially viable. That’s something that the marketplace will perceive as valuable and everyone around that will rally around it to bring that value to market and in exchange for that, you create something that’s meaningful, that’s profitable and that is purposeful in the process.

So, let’s understand what it takes to get to that CORE market. And the first really thing to think about is:

Who are they?

– Here I call this identity.
• Who are the people that we’re trying to serve?
• Who are they?

Understanding the demographics, what are the characteristics about them?
• Age
• Sex: Male/Female
• Marital Status. Those types of elements.
• Income status.
• Likes/Dislikes.

What is it?

And this is going to take some research and in the process, you have the ability to do direct research and then you have the ability to do indirect research. I’m going to suggest to you, and this is the place that a lot of entrepreneurs and lot of business owners fail to do.

Now, this is the very beginning and if we don’t get this right, what we’re going to find ourselves doing is creating a product to a market that doesn’t want the product or that may want the product but they’re not willing to pay for the product or creating the wrong product for something that they don’t see as valuable or that they don’t need. So, this really becomes important to take the time to research the market.

So, when I talk about direct research, we’re talking about things like interviews. Now, real interviews like getting on the phone interviews. Like face to face but getting out there and not doing things that are just internet based, that are just digital based but really connecting with them to get to the core of:
• What it is they’re looking for?
• What it is that’s driving them?
• What it is that is frustrating them?
• That is aggravating them?
• That is keeping them up at night?

Remember there’s three kinds of problems we need to solve for them and the first level of problem which is the very, very fundamental is the known and spoken problem. It’s the one that everyone knows about.

Think about, you think about things like in 2008 the construction industry or the home loan industry. Everyone knew the problems in the industry in 2008. Everyone was talking about it. So, it wasn’t a secret.

The second level is what we call about the known and unspoken problems. These are the problems that the people in the industry know about but they’re scared to death to talk about it. It is typically about their own core identity. It’s about their own, “Am I good enough?” It’s about their deep seated fears that they just don’t feel safe talking about.

But think about it, think about it. If you got an entrepreneur that’s trying to build a business and one of their known but unspoken problems, something that they won’t talk about to people is something about their adequacy, their those levels of things. If you understand that and you can speak to that through your solution what a different ball game. Because they’re all of a sudden going to say, “Oh my god, they know. They know what my fears are and they have a solution for it.” So, that’s the level 2.

The other, the third level is what I call the, what we call the unknown, unspoken problems. In other words, they don’t even know it’s a problem. But you have the vision you’re such a leader in the industry, in that area that you have the vision to be able to say
• Here’s what’s coming.
• Here’s how we can solve it.
• Here’s how we can make sure that it doesn’t impact you and that you can take advantage or be in a good place.

So, identity becomes the very first thing. Understanding that and doing the direct research that is out there to really start to understand what is necessary. It’s going to, you got to run the miles if you want to have the, if you want to get the ball across the goal line; you’re going to have to run the yards and there is no easy way around it and I’m not going to sugarcoat it and say, “Oh yeah, just put a couple of surveys up and see that if that works.”

It might but likely it’s not. You really need to be in their shoes. In other words, instead of just getting in their shoes you’re running their shoes. You know what it is that they’re dealing with. Now, at the same time, the demographics need to understand the geographics.
• Where are they? Where are they?
• Where are they located geographically and those types of things?

Once, we understand identity. Once, we understand identity then we need to figure out what is the problem and we talked about this already; the whole known and spoken problem, known and unspoken, and unknown and unspoken.

But getting clarity on
• What their real issue is?
• What the real challenge is?
• What is the thing that they want solved?

And that if they could find a solution, a viable solution that’s elegant and distinct that they’d be willing to pay for it. So, what’s the problem you’re trying to solve?

But not coming at it from your perspective saying, “I got this great idea.” But coming at it from the perspective of the customer, where’s their frustration that gives you the understanding of the problem that you’re trying to solve.

Then we start to look at it and say, “In here it says location. Location, I said, where are they”. But not only where are they but where are they looking for the solution.

In other words,
• If they’re looking in specific places for solutions.
• If they’re going to go to forums, or
• They’re going to go to a hangout, or
• They’re looking for it in webinars, or
• They’re looking for it in bricks and mortar stores.

Where does this marketplace look for the solution to the problem that we just defined?
– Because what becomes important is that when you understand where they’re looking, you understand:
• Where you need to hang out,
• Where you need to connect, and
• Where you need to be.

So, they can find out about you and about your solution in the process.
And when we understand that, then we can now define the solution in the terms that your market understands. In other words, how is it that you solve their problem, in their place, where they’re at in a unique and distinct way?
• Clearly state that.
• Clearly present that.
• Clearly create that.

Encompassing the identity, the problem and the location; then understand this that they will have objections.

So, what are the major objections?
• They may not know who you are.
• They may not know about your product.
• They may not know whether it works.

So, you might have to do some things to overcome those objections and you’re better off dealing with the objections, understanding what the objections are going in, so you can deal with them in the process.
• In the education process.
• In the marketing process.
• In the connection process.
• In a way that you satisfy them up front.

Things like you might have to act. You might have to provide a money back guarantee just to give them the feeling and security. You might need to have social proof—things like testimonials, case studies, and recommendations, and recommendation letters.

You may simply have to show them—tools and templates, and ways in which your product or service can be used that will show them that their objection needs to, can be relayed. That they can, their fears about doing work with you are misplaced.

So, understand that you’re going to need to deal with the objections. My belief is that you deal with them upfront and real, real transparent. There’s, just call it what it is. Whatever the objection is and make it clear.

And then ask yourself this:
• Who are they loyal to?
• Who are they talking to?
• Who are the people that they listen to, that they may go to, to say, “What do you think?”

Think about this: If I can not only connect with the marketplace of where my customers hang out but I can also connect to an area where the people that are making recommendations hang out. So you become, you create a trust there.
Because and I’ll give you an example: I do angel investing at times and many times what happens is that businesses are looking financing, they’re looking for investors, they’re looking to build their business and we can provide tools, templates and certainly strategies to, directly to the business.

But if those businesses are talking to angel investors on a regular basis to kind of get recommendations and consulting and guidance, wouldn’t it do me well to not only provide solutions for the business but to have communication and connection with the angel investment clubs around the country? So they turn around, they say, “Yes, go to Mel. We’ve talked to him. We’ve seen some of the things he’s done.”

So, understand:
• Who they’re going to.
• Who they’re listening to?
• Who is in their head to make sure that you’re in their head?

Does that make sense? Hope that makes sense.

So, that’s really the dynamics of this and I wanted to keep this relatively to the point and short because I don’t think we need to make a lot of this but it is, doesn’t mean that it’s not important. It’s hugely important and it’s absolutely pivotal to your success because if:
• You don’t get the right market,
• You don’t get the right customers,
• You don’t get the right solution,

You’re not going to make any sales.
• It could be a great idea.
• It could be a great product or service.

But you’re playing in the wrong playground.
So,
• What’s the identity?
• What’s the problem?
• Where are they?
• Where do they hang out?
• Where are they looking for the solution?
• What is your solution?
• Why is it unique and distinct?
• What are the objections and deal with those objections.
• And who do they listen to?

That will allow you to make sure that you’re contacting, connecting with your core market and your core market remember, is about being able to create connection in an original, distinct way that gets you results that you can deliver with excellence.

So, I hope that helps you in this process of who’s your target market. In the next episode, we’re going to go a little deeper into your customer profile. I’ll start to drill down just a little deeper.

Remember, that you get a chance to get the guidebook here. Go ahead and go to MelAbraham.com/session022 to download the guidebook. I’ll walk you through some exercises to help you define this and make sure that you get to your target market.

Again, if you are not by your computer and you are out driving, I want you to be safe. If you’re at the gym or you’re running, go ahead and text MYLEGACY one-word, MYLEGACY to 38470 to make sure that you get the download link.
If you found this of help and value, go ahead and share this with a friend. Let’s bring them into the fray. Let’s give them the whole concept of possibilities through entrepreneurship. Let’s allow them to shake their dreams out and bring their dreams to life.

So, share this with a friend and if you haven’t done so already, make sure you subscribe so you get, you get the next episode and all of the tools and templates. It’s the one way that I know that I can easily be your entrepreneurial mentor as you grow and build your epic journey.

So, until we get a chance to see each other in the next episode,

May your vision be grand, your journey epic and your legacy significant!
See you soon. Cheers. Bye!!
— End Transcript —
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Like this? Please share it and help a few more people bring their dreams out of the darkness and give life to them again.  Cheers, Mel
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