Target Market Brainstorm
Less in nineteen is the target market brainstorm already this isn't an experiment but were what I want to do here is basically generate a list maybe we'll even have two columns on the list of all possible not all some possible target markets for people who are having trouble figuring out what they're possible target markets could be all right because I find people really need as many examples as possible so let's just start in the room maybe justin can you give us a couple that either you've worked in or you're interested in we're not talking about umbrellas here we're talking about vertical industries okay vertical target market industries um the travel industry food specialty foods zane uh venture back start up venture backed startup so we put you day ko in the mix here yeah we'll get some definite online so let's just share them what are your target markets where your vertical industries let's hear you said before health care someone had said hello okay we got a few coming now so to...
urism and museums I'll put hospitality as part of tourism museum which is related to arts and culture law firms or accounting firms. So law firms cps which is also professional services and then other people are looking for independent pr professionals are necessarily within an agency travel is definitely resonate in a lot of people has come up a swell museum shops we've heard a couple of times handmade um market maybe needed to find that antonio's is looking for military military interesting uh one thing that one that comes to mind as you're talking is retail's right? Entertainments schools is coming up quite a few times so education is higher ed online education private secondary right? So sub niches within these target markets also very important do we have more on the couch? Justin um broadcasting broadcasting okay nonprofits, nonprofits and as we were talking about with some of the examples within nonprofits we have foundations and philanthropies and, uh, shelters and all different kinds of nonprofits right? Do we have also yeah that's come up uh you know, we don't have authors okay well saying you wanna add publishers, huh? Technology please were in san francisco technology I mean, technology is huge, so lots of sub markets under there too. Now this is john job surprises took so long to come up finally photographers three audience particularly outdoor weddings with one out. So our weddings and now one thing that's interesting also about events, right? We haven't really said events that's come up to just now top to martha wants events in event planning and so events and event planners weii said health care but I want to emphasize also healthcare technology because that's uh very viable and growing right now we're going to talk briefly shortly about what makes a market viable but you wantto look for ah market that is growing and right now healthcare technology is growing and you want to know where is the hub of the industry and for healthcare technology I've heard it's in atlanta, so if you're in atlanta, that might be a good target market for you meaning that you might be ableto find events and trade groups and people and companies that are there other examples coming up? We have science technology technology on science final it's fine art uh painting calories, huh? All right, now let me just make a point here on no one has said small business yet, which I think is kind of interesting, which is kind of an umbrella in and of itself and there are lots of sub markets there. But one thing to think about when you're thinking of target markets is who's spending the money right? Because when you're targeting an industry where you're dealing with the founder or the ceo and they're spending their own money, it it comes out of their pocket a bit more difficultly right? It's not quite as easy and may maybe the people who say I don't have a budget because it's their money but corporate people often have a budget they know what it is it's not their money, they're happy to spend it they may not tell you what it is, but they're happy to spend it right so be careful like when I thought of this when someone said authors write because authors may not be in a very good position to pay you what you want to earn you know you will maybe not be able to command the fees from author so just be very clear when you choose your target markets can these people pay I think we have a pretty good list here huh should we add anything to it there's still a few are coming and I think we have medical research we well actually um healthcare technology lets put medical devices medical device companies and property management so real estate real estate and developers and indeed homeowners came from among mon london homeowners okay not for me but finance finance thank you yes that's a huge market with money well one of the biggest has not come up as well as insurance which never never goes out of business and that the recession is they grow huge absolutely and I put that under financial services also but it could be health insurance it could be life insurance all different types what are we missing here? This is not complete I didn't bring that list from nj is right so this is something that most major cities publish publications in major cities published I just happened to bring the one that they send me from nj biz it's the book of lists for twenty fifteen and people who are serious about marketing themselves if again the question where does one find clients? Here you go right here. And what they have is a list of the top, uh, hundred or fifty in all different industries. So I'm not going to write them all down. But here are a few. We did not say right? Uh, employment, pharmaceutical. Nobody said more pharmaceutical. Um, we said accounting firm's, lobbying firms, real estate architecture er, urban developers, public companies, foreign owned businesses, hotels meeting in conference centres. I mean, if you want a list of prospects, see if your city or town or state publishes something like this. Justin, what is this called? This is just a directory of lists. Look of lists. Yeah, new york has one I've seen there's crane's new york business puts one out. It's quite a few in the bank is one specifically for san francisco. There's one for the bay area there's one to san jose. All right, all right. I think this is good to start. Right. Hopefully, there are lots of ideas here for people who are racking their brains to find their focus. All right, I hope that was helpful. Now, actually, what I did in the workbook, let's, see if we missed any, um, I made a mind map. So and I also in the workbook left a space for you to make a mind map, and I put a couple sample uh, markets here and let's just make sure sure we covered all of them. We didn't put medical practices so that would come under healthcare and I added cannabis the cannabis industry recently because on sixty minutes they've had all of these segments about how this is a growing new and growing industry and I thought who's marketing to that industry you could specialize in the cannabis industry designed for the cannabis industry photography for the candidates why not right? I'm sure that territory is open, especially if you live in denver. All right, so now for each possible market here's how you decide you ask yourself this is kind of ah quiz also are away tio tio come up with a score that will help you decide which market to focus on you ask about each market that you're interested in do you have connections? Do you have people you know in that industry? One way to figure it out is by looking at your linked in network to see who you know in that industry you get one point for each person you know in a particular industry do you have samples to show in that industry you get one point for each sample you have in that industry and a little bit more intangible are you enthusiastic about that industry you get one point if your enthusiastic and you get two points if you're passionate about that industry I have a client who has focused on the vegan industry she's a vegan she is so passionate about being a vegan and she at first did not think that it would be possible to build her business on that passion and she didn't think there would be enough work out there for her and there is right so think about what you're passionate about and is there a market there for you and add up your score do you have connections? Do you have samples do you have passion but I just want to make one more point before we have another one of these what would you do if situations because I often get the question well, what about if I no no people in an industry that I'm interested in and I have no samples to show and I really just want to interment introduce myself to a new market so essentially you're starting from scratch which I wouldn't say don't do it but just know that it takes longer and the question is do you have the time do you have the time it takes? Can you be doing something that is familiar to you while you're building this new market that is unfamiliar that might be relevant to you justin right and it requires more effort so can you commit to making that effort because to determine first is it a viable market and then how long will it take for you to actually find the prospects, introduce yourself to the prospects, establish some trust develop relationships and for actual work to come out of it that could take a year or more right? So do you have the time or doesn't make more sense for you to start with something you know? All right? So here's the question what would you do if and maybe people can answer this also in the chat room, the surprise question is what would you do if you have a career of experience in a market that is very viable and growing but which you hate? What would you do if you have a lot of experience and connections and samples and everything in real estate? But you hate real estate? I've heard that from a lot of people actually what would you do testing? What would you do? I guess just really sit down and pull those skills you know, figure out what skills you have that khun b contracts for, you know, to another industry so you wouldn't you wouldn't go with what you hate no, no all right that's fine there's no right answer here is to short your life that's right raina I think I would think about maybe some small aspect of the real estate industry that isn't so painful where it could bring something in that that it would feel more passionate about, sort of taken, bring my knowledge but applied in a totally different way. Maybe you know, not instead of two real estate agents, I would work with stagers more and, you know, with yeah, doesn't try to think a different way. I loved that thinking differently. Zane, what about you? Yeah, I would probably combine my, uh, background with my real passion. So, for example, if I was a real estate agent, and I hate doing it, doing that right now, and I'm more passionate about technology and building products in the space, I would take my background and focus those technology products towards that niche that I have back on it. Excellent, perfect. What are people thinking? The harem has exploded. I'm not sure I can actually read all these things out because people are. They're clearly identify with this blue marquis says I have twenty five years of experience in nonprofit work but I do not enjoy doing website worth enough profit organizations lady says I would transfer that experience in credibility in the market that I love to use it or to my advantage and I could talk about this very personally I worked in broadcasting for a long time but I got drawn into producing live events on at first it seemed so glamorous and so exciting and I was traveling over the world but it didn't take me long to realize how much I hated and on but I did then struck to try transfered back to what I really wanted to do and actually I was passionate about and I think that is sometimes things look enticing night grass is always greener absolutely yeah yeah I saw the world I'm not complaining about that but I didn't see the way I wanted to see exactly good all right so the exercise then for this lesson is in the workbook you know their details about the target market brainstorm and a space for you to create your own mind map if you need it but of course you could do that on a piece of paper but the questions are to fill out your own uh mind map and for each possible market to assign the points as I said for connections, samples and enthusiasm for passion. And then choose your top three highest scoring markets. And those are the ones you start with, right? That's, how you it's, very objective, it's, not what you want, it's. Based on the scoring process, that's. How you know where you start to focus.