Target Prospects Are Not Mere Demographics & Psychographics: The Best Way to Know Who to Target

Most businesses make the mistake of defining their target market based on surface-level demographics—age, gender, income, location, and other basic attributes. This simplistic approach can lead to wasted marketing efforts and missed opportunities. 

There are so many pitfalls with this approach, the biggest being that it assumes everyone within a certain category will want or need what you offer, which is rarely the case, and can come across as egotistical and out of touch.

Stereotyping people based on superficial demographics doesn’t provide you with the insight you need to make true connections. To truly engage with the right people, you need to think strategically and define your target prospect and ideal client based on deeper, more meaningful criteria. 

Warning: This may sting…

Just because YOU think (even know) that what you do can help ‘everyone,’ or at least ‘everyone in a certain category,’ doesn’t mean they believe it. In reality:

• Not everyone has the problem you solve
• Not everyone who does have the problem recognizes that they do
• and even if they do recognize that they have the problem, not everyone has the desire to do something about it (or flat out doesn’t want to)

You need to focus on a more nuanced understanding of your ideal client. Consider who is most likely to experience it and, crucially, who is most likely to want to solve it. Not everyone who has a problem is motivated to address it. 

You want to target people who both have the issue and are willing to invest in a solution.

Go beyond what your prospects look like, where they live, or how big their bank account is. To understand your ideal clients, you need to dive into why they buy. This means understanding what makes them unique individuals, their motivations and decision-making triggers:

• Mindset, Values and Beliefs: Understand the underlying values and beliefs of your ideal prospects. This can range from deeply held convictions about sustainability or social responsibility to personal values like family orientation or ambition.  
• Lifestyle and Activities: Consider your prospects’ lifestyle choices and daily activities. Are they fitness enthusiasts, frequent travelers, or tech-savvy professionals? Are they risk takers, or do they play it safe?
• Cultural and Social Influences: Understand the cultural and social contexts that influence your prospects. This could include religious beliefs, cultural practices, or community involvement. 
• Cognitive Biases: Identify the cognitive biases that might influence your prospects’ decision-making. Are they prone to the “bandwagon effect,” where they make decisions based on what others are doing? Or perhaps the “scarcity principle,” where they place higher value on products perceived as scarce? Do they value quality over cost?
• Heuristics: Understand the mental shortcuts your prospects use when making decisions. Do they rely on the “authority heuristic,” where they look for expert recommendations before making a choice? Or the “familiarity heuristic,” where they are more likely to choose something they recognize or from someone they are familiar with? Or are they proactive problem solvers all on their own?
• Emotional Factors: Are they motivated by fear, excitement, pride, or empathy? Understand whether your ideal clients are more driven by avoiding pain or seeking pleasure. For instance, are they motivated to buy because they are trying to avoid a negative outcome (e.g., financial loss, health issues) or because they are seeking a positive result (e.g., personal growth, luxury experience)? Are your prospects looking to elevate their status (such as buying a luxury brand) or are they more concerned with security and reliability?

Another metric to consider could be more external than internal to your prospects. These outside influences are easy to spot (and therefore target):

• Urgency and Timing: Consider when your prospects are most likely to make purchasing decisions. Are they driven by specific deadlines or events (e.g., buying new software at the end of the fiscal year) or are their needs more cyclical (e.g., seasonally driven products)? 
• Triggers for Change: Identify the key triggers that prompt your prospects to move from indecision to action. Are there specific life events, business milestones, or environmental changes that drive them to seek out solutions? For example, a business might only look for a new software solution after acquiring another company, or an individual might start seeking life insurance or other ‘responsible’ actions after getting married or having a child.

Define Exclusion Criteria: Who Do You Not Want to Work With?

Just as important as defining who you want to work with is defining who you don’t want to work with. It’s not just about who wants to buy from you, but also about who you want to serve. You should be just as selective in choosing your clients as they are in choosing you. Reflect on the following questions:

1. Who energizes you? Think about the clients you’ve enjoyed working with in the past. What traits do they share? Who made the process smooth, enjoyable, and rewarding?
2. Who are you best equipped to help? Your skills, knowledge, and passion should align with your target market. If you are most passionate about helping startups scale or individuals, for example, then targeting large corporations or groups may not make sense.
3. Unqualified Leads: Clearly define what makes a prospect unqualified. This could be based on budget constraints, unwillingness to commit, or lack of a genuine need for your product or service.
4. Behavioral Red Flags: Are there certain behaviors or attitudes that are deal-breakers for you? For example, clients who are always seeking the best price, who are disrespectful, or who have unrealistic expectations.
5. Misaligned Values: If a potential client’s values or mission do not align with yours, it’s better to pass. Working with clients who don’t share your core values can lead to friction and dissatisfaction.

By establishing clear exclusion criteria, you can focus your efforts on attracting only the most qualified and compatible prospects.

Defining your target prospect isn’t just about ticking demographic boxes. It’s about diving deep into the motivations, behaviors, and triggers that drive decision-making. By focusing on who you truly want to work with, and who is genuinely ready and willing to buy from you, you can create a more targeted and effective marketing strategy. 

Every business needs to develop a more detailed profile of your ideal client beyond simply saying, “I sell/help professional women that are moms aged 30-45.” That just doesn’t cut it.This approach not only helps you attract the right clients but also ensures long-term satisfaction and profitability for your business. Remember, it’s not just about finding clients; it’s about finding the right clients.