“You can get past the dead end. You can break through the ceiling. I did and so have countless others.”

Who Is Your Target Market?

It is absolutely CRITICAL that you understand who your target market is for any business you decide to start. It doesn’t matter if you’re selling ice cream or prescribing testosterone replacement therapy, you need to know who you will be selling your product or service to. This is CRITICAL. Let me repeat that one more time. IT IS CRITICAL YOU KNOW WHO YOU ARE SELLING YOUR SERVICE OR PRODUCT TO!

I hear time and time again from nurse practitioners who tell me what their idea is for a practice and I ask them “Who is your target market?” Way too many folks have no idea… Listen, if you start a medical practice and have no idea who your target market is, you will fail. Just stop right now and figure it out.

You might be asking yourself why this is so important. The reason is because identifying your target market will give you 2 pieces of vital information:

  1. Does your market need the service you are providing?
  2. What is the socioeconomic class of my target market?

A 65-year-old retired teacher who has no history of opioid addiction does not need Suboxone. A 34-year-old soccer mom does not need men’s health and testosterone services. The congregation of the local First Baptist church does not need medical cannabis. You will waste your time and money if you are advertising to the wrong market.

This is why developing a NICHE is so vital. It helps you advertise to a targeted demographic/market.

It is very important you determine what your market needs. Give them what they want! Don’t shove it down their throat. Let your customer/patient base tell you what they need and want. Just because you think your service is fantastic, does not mean the world will. Find out what your market needs or find out what market could use the service you want to provide. This is VITAL.

Once you identify your target market, figure out what socioeconomic class they are in. This will tell you if you will be playing the insurance or cash game. If your market is poor, you will be playing the Medicaid game. If your market has money, you will be playing the CASH game. Try to play the cash game, it is so much easier.

My men’s health and testosterone clinic is a CASH game. I love it! These guys are engineers, lawyers, and business owners. They don’t mind dropping $800 on services. It’s great!

So, figure out if your target market has money or not. It will shape the structure of your practice.

After your target market has been identified and you have determined your service, it is time to market. The other critical reason you must identify your target market is because it will shape how you market your new practice.

You need to understand the basics of marketing. When you market, you target the advertisement to a group of people. You would not advertise your golf store in a quilting shop. You won’t see advertisements for luxury vehicles during Judge Judy. You will see advertisements for luxury vehicles during a golf tournament though. You would not advertise your suboxone clinic in a local church publication. Do you see why it is important to know who you are providing services to?

I target wealthy men for my men’s health and testosterone clinic. I target lower socioeconomic individuals and put ads in smoke shops for my medical cannabis clinic. I advertise my vacation rental to skiers because it is down the street from a ski resort.

You must determine what your target market consumes and shove your business in their face. It is the only way you will build a successful business/practice. So many nurse practitioner practices fail because they were to focused on menial things that don’t matter, like the font color of their website, which EMR to use, how their business cards look, etc. This shit doesn’t matter, what matters is marketing. Marketing is the number one function of your business. This is true for medical practices as well, don’t think otherwise. As such, marketing should be your number one expense.

Determine who your target market is first before you ever pull the trigger on a business/practice. This really is the FIRST step in starting a business. Once you determine your market, then find what service they need, and get started with getting that practice up and running!

9 Responses

  1. Agreed completely. To many businesses have no idea who they are selling their service to. How much do you spend on ads?

    1. I recommend budgeting 1-2k a month for the first 3 months of a new practice then at least 500-1000 a month thereafter. Its important to keep the name of your clinic out in the community. This will drive new patients into your practice.

  2. I wish I would have read this article 2 years ago when I started my weight loss clinic that ultimately failed. This is one of the main reasons. I never figured out who my true market or niche was. Thanks for your blog.

  3. So once you know your target market, how do you research whether or not your target market needs your services? I will be targeting wealthy women 30-70 years old who want to look and feel better outside of normal healthcare needs. Minor aesthetics, BHRT, libido and mood enhancement. I’m just not sure how to see if the women like that in my community are looking for my services.

    1. That is the hard part! The best way to do this is to have a survey online and have people within that target market fill it out. Or simply just ask people in that range. This is part of the “risk” of a business. You will never know with 100% certainty that the target market will what your service, this is developed and learned through trial and error. Honestly with the idea you have, I would say you are pretty safe!

  4. Great Blog, I have been struggling with my Niche. I have a myriad of skills and not sure how to hone them effectively to make money and move the needle. I started with the idea of health and wellness coaching for emotional eaters and then decided that it’s not for me. I since have toyed with the idea of doing health and wellness coaching for busy high performing executives. I am trained in HRT and peptides as well as aesthetics. Trying to direct myself has me stumped and where do I start first. I have paid for now 2 coaching services and I am stuck.

    1. Cris, like I mentioned in another one of your comments, it sounds like the coaching services have clouded your mind or have confused you. I honestly think the wellness coaching for high performing individuals is a good idea. You need to think beyond coaching though, you truly would need to prescribe as well to make that work. For that to work also, you will need to focus your energies and time on marketing that. It will be the only way for it to succeed.

  5. My target market is kids—I do child adolescent psychiatry, not sure what my niche would be off that. I guess thats a tough target market?

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