Hey, welcome back to the $100 MBA show. I'm your host Omar Zen Home,

and in today's lesson you'll learn about one of the most vital steps in building a successful business, identifying your target market.

Did you know that businesses that accurately identify their target market are 60% more likely to succeed,

understanding who your ideal customers are can make all the difference in not only in your overall business but your marketing your

sales the product that you're developing understanding who you're

serving exactly is going to make your life a whole lot easier and increase your likelihood of success.

By the way that stat is by B2B international.

You may want to check that out.

They have a great article called The Importance of Market Segmentation was published in 2018.

When Nicole and I started the $100 VA back in 2012,

we made the big mistake of trying to target everybody.

We cast it our net really wide thinking,

hey, I don't want to leave any customers behind.

But then we realize we're not really talking to anybody when we're talking to everybody.

It's really hard to resonate with anybody when you're trying to serve all these different segments of the market.

I'm going to give you some examples in today's episode, but my example is a real one, and what we realize is that no no we need to niche down.

So we targeted people that are starting a business,

people that are new to business,

the first couple years of business, and they want to be successful.

Right, people are trying to get to the first million dollars. That's really our target market.

Offering an alternative to MBA's out there in universities that costs a lot of money and takes a lot of time.

This is a practical real world no fluff education to help people start a business.

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