The Market You Serve Matters

January

19

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The market you serve matters. To grow consistently, we need demand for what we do. Trying to create demand is an absolute waste of time. So what must we look for in the market we choose to serve. That's what I'm going to dig into today. You don't want to miss this super short, action-packed episode.

Join Tim Fitzpatrick for this week’s episode of The Rialto Marketing Podcast!

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The Market You Serve Matters

The market you serve matters. To grow consistently, we need demand for what we do. Trying to create demand is an absolute waste of time. So what must we look for in the market we choose to serve. That's what I'm going to dig into today. You don't want to miss this super short, action-packed episode.

I am Tim Fitzpatrick with Rialto Marketing, where we believe you must remove your revenue roadblocks if you want to accelerate growth and get where you want to go faster and marketing shouldn't be difficult. Thank you so much for taking the time to tune in. Let's dig into it.

Like I said in the beginning, the market you serve matters. We need demand. We are not trying to create demand. We are trying to channel or focus that demand on what we do. This is a really important distinction. There are people that focus on creating demand. I think creating demand is a waste of time. Why not go after a hungry market that demand should already be there. We just want to channel and focus that demand into what we do. Again, that's just my opinion. Take it for what it's worth.

So what I want to do to help you today is I want to talk about the five indicators of a strong market to help you really hone in on, is this target market an actual strong market for me to be working in? Because look, to get where we want to go faster, we've got to focus. Most small businesses do not have unlimited marketing budgets. We've got to focus to get where we want to go. That focus makes marketing so much easier. So when we're looking at a target market that we want to serve, what five things do we need to look at?

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The Five Indicators of a Strong Market

The first thing is we need to look at quantity. Are there enough people in that market who fit my criteria of the ideal client I'm looking for? One of the easiest things to do... Look, the reality is for most small businesses or even medium-sized businesses, it's hard to find a market that's too small because we're not looking for hundreds of thousands, millions of clients. And if you're in that place, most markets are not going to be too small. But a good threshold is, is there an association or events around this particular target market? If there are, odds are that that market is perfectly big enough. It's more than big enough for the average small to medium-sized business. But if there's not enough people there, we're not going to be able to grow our business where we want because even if we penetrate the market, there's not enough people in the market to get to them and reach our growth goals. So we need to understand what your growth goals are, and then you need to look to make sure that there's enough people in that market to get where you want to go.

Second thing is pain, right? There needs to be a problem. Ideally, what we want is we don't want them to just want, but we want them to desperately need what we have to offer. The pain, it can be anything that frustrates people about what they're dealing with as it relates to what you offer. They must see the value in what we do. One of the biggest things in seeing the value in what we do is the pain or that problem is so great that they desperately need to solve that problem. Wanting to is not enough because there are all kinds of things that we want as humans that we never really do anything about. It's those things that we desperately need that we focus on first and foremost. That's really what we want, is that we want a market where the pain as it relates to what you do is just it is desperately needed, not just wanted.

The third thing that we need to look at is the market's purchasing power. They've got to be able to afford what you do and what you offer. If there's enough people and the pain is great enough, but they don't have the money to actually pay you, well, that's not going to work, right? They got to have the purchasing power.

Next thing, they've got to be easy to target. They've got to be easy to get in front of and reach. If there's enough of them, the pain is great. They've got the money. But if they are super difficult to get in front of, to get your message in front of, to get your offer in front of, you're going to be banging your head against a wall. You've got to make sure that the market you want to target is easy enough to get in front of. I'll give you an example here. Quite a while ago now, I was selling mobile applications into the K12 education space. My buyer was the principal of schools. The elementary schools, the middle schools, the high schools, guess what? They're easy to get in front of. You can go to any high school, any school website, find out who the principal is, get their email address. You got a phone number, it's all there. So they were easy to get in front of. But if they're not easy to get in front of, you can't get your message out there. You can't get in front of them. You can't market to them. And if you can't market to them, they're never going to know who you are and why they should even care. So really, really important.

And then the last one is growing. Ideally, we want the market to be growing. Growing markets, it's like a tailwind for a jet. It helps you get where you want to go that much faster. Now, at the very least, we want the market that we're serving to be in a normal place where they're growing at the same rate as the overall marketplace. What we do not want is a market that is shrinking. Think at today's day and age, newspapers, print magazines. Not many people are subscribing to print magazines anymore or newspapers anymore. We don't want to go in and target markets that are shrinking. That is going to be a headwind, and it's going to make your job that much harder. So growing markets is super important, at the very least, a normal market that is growing at the same rate as the overall marketplace.

Those are the five indicators of a strong market. Again, I'll run through them super quickly. Quantity, there needs to be enough people. Pain, they need to desperately need what you have to offer. They have to have the money to pay you. They have to be easy to get in front of or target, and it needs to be a growing market. If the market you're looking at checks all five of those boxes, prices, jump in with both feet and give it time. Make sure you're giving it the time it's going to take to get in front of those people and infiltrate that market.

Conclusion

I hope you found this helpful. If you did or if you've got other questions, other roadblocks, you want some outside eyes, head on over to rialtomarketing.com. That's R-I-A-L-T-O marketing.com. Book a Free Discovery Call. I'd be happy to jump on a call and chat with you. Hope to give you some ideas of what you should be focusing on right now to get where you want to go. The other tool I've got for you is at RevenueRoadblockScorecard.com. If you want to accelerate growth, you got to remove the nine revenue roadblocks that get in all of our way. At RevenueRoadblockScorecard.com, you can find out which of the nine are slowing down your growth. It's a customized report, takes less than five minutes. Go check it out. Thank you so much for taking the time to tune in. Until next time, take care.


About the author, Tim Fitzpatrick

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