Category Archives: Professional Development

The Five Factors for Entrepreneurial Success (Part Three – Identifying Your Target Market)


Success Factor #3
Identifying Your Target Market

To build a solid foundation for your business, you must first identify your typical or desired customer, and tailor your marketing message accordingly.

It never ceases to amaze me, when internationally known network marketing companies secure my consulting services, to find their answer to the question, “Who are your targeted customers,” to be something like, “Anyone with a pulse…” or something general like “baby-boomers”.

I think that a lot of time people go for these general answers, because they think that identifying a target market means that you exclude someone else, who might not fit your criteria for “targeted customers”. And that’s simply not how it works.

Identifying your target market is about working smarter. It’s about making sure that you know who will be most likely to be interested in your product or services, and then deciding if you’re interested in working with that kind of customer.

For example, if you find obesity repulsive, and find that you just don’t like overweight people, you probably don’t want to get involved in a weight loss company; but if, on the other hand, your desire to help people extends to wanting to help those who suffer from weight problems, and especially if someone you love has struggled with obesity, then a weight control company might be a perfect fit for you.



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Bringing Integrity Back to Your Game

My mentors always told me that it was critically important to give back. The ancient script says, “To whom much is given, much shall be expected.”

Because I am fortunate to be recognised as a leader and top-performer in our industry, I receive dozens of invitations every week to join discussion groups on social networks, such as FaceBook, GooglePlus and others. Unless I see that the objective of a particular group is nothing more than an attempt by the group’s moderator to to pitch their particular program, downline builder or some other self-serving attempt, I will usually accept the invitation, and on occasion, contribute an article or idea that I think might be helpful.

It disappoints me to see so many marketers, however, joining the groups and misusing them for spam. Attempts to pretend some poorly-written eBook or ineffective downline builder website is of any use to other members of the group, diminish the value and participation in those discussion groups. Similarly, it’s astounding how many network marketers spend hours each week, inviting anyone who has “network marketing” or “MLM” in their interests/profile to join their contacts list, then litter their comment areas (such as FaceBook’s “Wall”) with more spam, stupid eBook offers, and links to every ineffective, hairbrained, “get-rich-quick” scheme under the sun.

I recall flying from Los Angeles to Venezuela with my mentor Jim Rohn, for a month-long Presidents’ Team recruiting blitz, back in the days when I was with Herbalife. Sitting across the aisle from me, we were talking about the differences in our approach to building our business from some of the more typical MLM’ers of that time. Mr. Rohn told me that at a young age, his father instilled in him the principle of always doing more than you are paid for, as an investment in your future.

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