You may think "my product or service will work for everyone”. If you are selling to everyone, you are selling to no one.
Many entrepreneurs skip or they do a very poor job of defining their target market because they simply don’t understand the importance of it and the risks of not doing a good job at this stage.
Also, I will say there is a lot of misleading information on how to define a target market and many times I find a lot of people make it more complicated than it needs to be.
Having a very clear picture of your target market is going to save you time, money, and a great deal of frustration later on.
When my clients tell me they need more clients, we often go back to exploring their target market, and it becomes clear that they never clarified their target market, and they have spent thousands of dollars marketing to no one.
You may think "my product or service will work for everyone” and you don’t want to leave anyone behind and you believe your product or service can help everybody.
Most of the entrepreneurs that I have worked with want to make their market bigger because they are afraid if they get too specific, they are missing out on potential clients, and they really do want to help as many people as possible.
Unfortunately, when you don’t clarify a target market or you choose to stay very broad for fear of not having enough clients, you end up spending a lot of money on marketing that likely does not return on your investment.
Let’s clarify what happens when you don’t have a clear target market:
If you’re selling to everyone, you’re selling to no one;
In a world of infinite choices when you see something that is not directly for you, you stop listening and move on;
You’ll be writing vague copy on your website that doesn’t really speak to anyone specifically;
You won’t really gain anyone’s attention;