How To Understand Your Target Audience To Improve Your Marketing Success 📈

Foreign. Welcome to the Success School Podcast. I'm your host Tim Ferray and today I'm talking to you about the secret to finding high paying clients. So on today's episode I'm going to be talking to you about how to identify your target market, how to find their pain points so you can quickly market to them. The difference between client quality and that is high quality clients and low quality clients and the effect on your business, it actually has a massive effect and I'll explain why. So I just finished up my first month content for Successful and marketing. So Steph is really the main marketing driver in our company. I'm more the accessory marketer, so my marketing doesn't matter as much. I use this podcast as more of an educational platform just to step by step, step you guys on how to build a seven figure business. But my Instagram isn't the main marketing method. So I'm on one post a day essentially at the moment for my marketing purposes on Instagram, I'm repurposing that on Twitter threads and all the places. So I'm visible and omnipresent. But I've had quite a few mental blocks in regard to making content. So I kind of coach myself on this. I said to myself, what, what would I say to a client that I'm coaching in success call that program if they were having mental blocks on creating content. And my advice would be to visualize and make content for one specific person. I think it's very common in the content creation world to think about trying to create viral content when in reality what you want to do is just market to one person because that makes it a lot easier when you think about your target market and who you're trying to market to. Really easy to identify their pain points and what's going wrong and right and the outcomes that they want to achieve, which makes marketing a lot simpler and a lot cheaper, rather than just trying to create viral content for the sake of it. There's two ends of the spectrum here with marketing. A lot of coaches will tell you that you need to make viral content to go viral, to get more clients, and then the other side of that is to create specific content for your niche. I like to think about having a mix of both. Sometimes doing some viral style content to go viral and then some specific content. But the point I'm trying to get across here is very easy to do when you have a client avatar and you're speaking to one specific person. So we're going to be talking about how to build your client avatar today. So I want you to imagine we're going fishing. And I know I use fishing analogy quite a bit in coaching, but when you're going fishing, it's much easier to go for a fish when you know exactly who the fish is or what type of fish you're trying to catch. Because you can customize the, customize the bait, you can customize the tackle, you can customize the hook, and you can customize the, customize the places you go fishing to maximize the chances that you're going to catch that exact fish. The same thing goes with online marketing or marketing in a business. Knowing what type of fish you're trying to attract makes it a lot easier in marketing. And that's the whole point of this podcast episode is I'm going to teach you how to identify your avatar and your ideal target market that has the funds to pay you what you're worth. A mistake I commonly see in business is people doing exactly that is diving into business, mind the pun, without identifying, identifying who they really want to serve. And that always leads up in pain and frustration. And I am case in point on that. I'm going to tell you a story after which will probably make you cringe in business. But I have made this mistake time and time again in my gym. This has been one of the most painful things is going after the wrong client avatar. And I will tell you why. Before we get into the exercise, you want to start thinking about your avatar or target market. And the first thing is they need to be able to afford the service that you're trying to sell them. So for example, if you're trying to sell a premium gym membership to a 20 year old, it's not going to work because they simply can't afford it. Okay, so we're talking $100, $150 a week gym membership to a 20 year old. They're barely making $500 a week working part time or full time studying. It just doesn't work. It's in fitness specific. Generally people will allow to spend 10% of their income on fitness. If you just do the math on that, it's not going to work out. Then secondly, another example is selling a motherhood membership to men. I know that's quite silly, but I've seen this marketed terribly and incorrectly, especially with branding, messaging, etc. People are just going for the wrong avatar with their messaging and their marketing. And the third one is selling a sale Croatia tour to a 40 year old. That's more a young person's thing. These are all examples of not knowing exactly who you're trying to target at each point in their journey or the buyer's journey in the business. Your product and service needs to match the target market you are going for. So there's this famous meme about types of clients and it goes something like this $100 client will ask you a million questions, complains about the price and doesn't get. And the $5,000 client basically just says to you, send me your bank details and it's done. There is always in every business different types of clients. But one tip if you want to be really successful and build a seven figure business is solve rich people's problems and market to wealthy people. It is a lot easier to work with them. They are at that level for a reason. So let's go through how to build an avatar. What I want you to do is imagine this person. So you're going to need to imagine their name, what they look like, their age, their marital status. Then you're going to write out what their top three pain points are. So what are the top three most painful things or the outcomes that you're going to solve for them? What are their pain points? Then you're going to write their top three goals. Okay, so what is most important to them? Is it building a seven figure business? Is it losing fat? Is it finding love? Is it marketing their business? What are the top three goals of their business or the thing that they are trying to solve. Then I want you to do some market research and find out what are these services or products similar that they could be using. Okay? Similar to yours. You want to see who is the category leader in your niche, what the avatar is and what they're doing for their marketing as well. So let me repeat, I want you to frame out an avatar. So imagine what they look like, how old they are, what their marital status is, what are their top three pain points, what are their top three goals and what similar products they are using that you could do some market research on. So I missed this exercise up. I didn't even do this exercise when I first started the gym. I opened a business or a gym and I had no idea what I was doing. I was making all these mistakes. And if you're listening to this podcast, I'm going to save you so much pain and by just doing these exercises in every single episode that I release on this 50 episode journey for the intro series. So I opened an athlete performance center in Perth. Okay. And you may think that's a good idea. Or a bad idea. But this was nine years ago now and the problem is we were targeting junior athletes and like I said before, most junior athletes couldn't afford $100 a week gym membership regardless of the value that was in it. They well, the other reason that it wasn't a good idea is most athletes actually had a club coach that was responsible for their strength and conditioning. The ones that we were trying to target had a club coach and then that would lead to a lot of pain and suffering because I was constantly arguing with club coaches. And then the other thing you realize is that there just isn't enough athletes in a specific area to build a seven figure business. So the first issue here was I opened a performance center in Perth and there just wasn't enough athletes. The second one is my target market couldn't actually afford it. And the third one, there was a lot of friction. It wasn't a no brainer. There was a lot of arguments with club coaches on what they should be doing for their strength and conditioning. So I actually ended up switching up and turning my gym into a functional fitness facility. And what do you know, it boomed into a thriving high six seven figure business because I had to switch it up because my target market or my avatar was incorrect. So I encourage you listening to this episode to ask yourself, do you have a clear avatar? Do you have a clear target market? Do you know what their pain points are? Do you know their frustrations? Do you know their goals? Do you know their outcomes and does it make sense from a business point of view to go after this avatar? I see this go wrong all the time in our successful coaching is people are going for the wrong avatars to build a successful six and seven figure business. So my final homework for this episode or action items, build out your avatar. What are their pain points, what are their goals and what are the similar products? Do your homework, write it down and then this will give you a really good indication of where you need to find these people online for marketing, how you can market to them and how you can push their buttons in your marketing to create more effective marketing. Also, I just really want you to think about your product and service and the avatar that you're going for. Do they match up and is that congruent? As always guys, thanks for listening to the Success School podcast. On the next episode, we're talking about money and how to make sure that you are charging enough to build the business of your dreams.