DEFINE YOUR MARKET
The goal of this exercise is to end up with 3 niche markets to explore. From there, you will
whittle it down to one or two, based on the results of your initial marketing efforts. But you have
to start with at least 10 ideas to get down to the 1 or 2.
With all of that in mind, list (in the table below) up to 10 markets or groups of people who could
use your services. Start with markets you know best, and then move on to markets you've
dreamed about. Be as specific as possible, focusing on groups and sub groups or prospects.
For each market, indicate (in just a few words) why you think it's a good market for you. Then
make a check in the box if you have, or could easily create, samples or something to show this
market to demonstrate that you know what they need.
MARKET
WHY
SAMPLES?
1 Jewish non-profit agencies
They need marketing materials
yes
2 Jewish Universities
Publish alumni magazines
and recruitment materials
yes
3 Jewish Museums
Publish museum catalogs
yes
4 Local Universities
The publish alumni magazines
and recruitment materials
yes
5 Fundraising agencies
they can bring me in to work
on the creative aspect of mail packages
yes
6 Local small businesses
easy local access
yes
7 Architectural firms
interesting
very few older samples
8 Pharmaceutical companies
lucrative market
no
9 Alternative Health care
providers
interesting/somewhat local
one existing client
10 Horizontal marketing: creating identity programs and branding for small business
Now, whittle the list of 10 down to 3 of the best, most likely markets for you.
1 Jewish non-profit agencies (can I include Jewish schools and museums in this category?)
2 Local Universities
3 Fundraising agencies
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Is the market viable?
That’s the really important question. There are tons of markets out there but most are not viable
and it would be waste of your time to pursue one that isn’t viable. But it sometimes takes time to
determine whether it’s viable. Here are the main questions you need answers to:
1. Does this market have a history of buying your services from other vendors?
2. Does this market have money to spend on your services?
3. Can you find them easily?
So, for each of these 3 markets, based on what you already know or can find out with some
simple Internet research, try to answer the questions below. We’re not looking for statistics, as
much as the difference between “Are there 100 prospects or 100,000?” or, “Are the needs annual
or monthly?”
Target market #1: Jewish Nonprofits
a. How many prospects are there (locally, nationally, globally)?
Close to 10,000 Jewish organizations nationally with a large concentration in the NYC area.
Some are synagogues which rely heavily on donated services and volunteer work.
Only 25 organizations come up when I search NYC.
Found only a handful of Jewish schools, including Day schools and only 3 museums.
Could this market be too small?
Would love to market to other museums. How?
b. What is the average project or purchase size or value?
$1,200
c. How often would they need your services per year? 50
Target market #2: higher education
How many prospects are there (locally, nationally, globally)?
Tier 1 and 2 (and even some tier 3) colleges tend to use mid size agencies.
I should be focusing on Tier 3.
NJ = about 15
NY =
CT =
b. What is the average project or purchase size or value?
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Alumni magazine can be anywhere from $4,000 to $12,000
c. How often would they need your services per year?
2-3
Target market #3: Fundraising Agencies
a. How many prospects are there (locally, nationally, globally)?
81 are listed nationally
b. What is the average project or purchase size or value?
$1,500
c. How often would they need your services per year?
5-6
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