You may already have a target market. Then again, you may not!
A target market is whom you serve best and therefore wish to serve most.
If you're a newer financial advisor, broker, agent, rep, associate, planner, or whatever, you probably have way more time on your hands than market on the books. As in more time than market. As in no marketplace. As in no book of business. As in no business. As in no business on the books. As in nada.
Therefore, you should consider establishing a target market so you can develop a focused strategy about where you should be going, what you should be saying, and with whom you should be meeting. Make sense?
I think they call that business networking.
If you're a more seasoned financial advisor, broker, or any other type of sales producer for that matter, and you're interested in growing your business or practice, you may have more market (as in business) than time available.
That said, establishing a target market might make sense for you so you can become much more focused in your marketing, making better use of your time. Then you can be much more purposeful about where you should be going, what you should be saying, and with whom you should be meeting. Still making sense?
Of course, you might be the one, the few, the not so many - that has a target market. But if your target market is families or small businesses or the affluent marketplace or individuals or human beings or anyone, everyone, someone, I would argue that you don't have a target market.
If this is the case for you, like reducing a fraction in math - 4/8 = 2/4 = 1/2, your target market can also be reduced to the Lowest Common Denominator (LCD).
Small businesses = small retail businesses = small retail businesses in the healthcare industry = small retail businesses in the healthcare industry in the greater New York City area. (LCD)
And so on!
I'm sure we can reduce this marketplace to an even lower common denominator, but you get the point. The more focused you are in your target marketing (as in the more targeted), the more effective you can be in going to the right places, saying the right things, and meeting the right people. The catch is in discovering, creating, crafting, establishing, and developing the right marketplace.
Which one is the right one for you?
Write me if you have questions about how to discover and develop your target marketplace!