Page 36 - Duct Tape Marketing

Identify Your Ideal Client

focused on this market? Can you buy mailing lists made up of this
market? Can you network with this market? Add these details to your
spreadsheet to help the picture come into even better focus.

The Value Factor

One of the guiding principles of the Duct Tape Marketing approach
is the ability to charge a premium for your products and services
within a chosen target market.

You cannot make a market out of people who should need what
you offer, even if they desperately do need what you offer. When mak-
ing the final determination of whether you should narrow your focus
on a given market niche, you must determine if this market values
what you have to offer enough to pay a premium for your expertise
and understanding of this given market.

Don’t have an answer for this one? Look around for companies that
already seem to be thriving in this market. You may be able to find the
answers you are seeking based on some readily available information
that they publish (more on competitive research in the next chapter).

Is It a Viable Market?

By this point you should have discovered all there is to know about
your ideal prospect. Now you’ve got a decision to make. Is this a viable
market? To answer that, ask yourself:

 Is the market large enough to support my business growth goals?
 Can I easily promote my business to the decision makers in

this market?
 Does this market value what I do enough to pay a premium?

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