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This business coaching lesson will explain customer demographics.

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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • 16 Steps To Creating A Dream 100 List: 4. Determine How Much Money They Make
  • Lesson Nugget: Where your ideal and likely clients live and how much they make have a huge impact on what you can charge.
  • Ask Yourself: Who are you trying to market to, where do they live, and how much money do they make?


-Now, this next step is determine how much money they make. Determine how much money they make. So, what do I mean? I'm talking about, ask yourself, my ideal unlikely buyer, how much literal money do they make? Because if your customers don't make the money to afford what you're doing, maybe you need to drop the price. If the customers-- your ideal customers that you're marketing to feel like your prices are high, maybe you need to drop them. Maybe your ideal customers you're marketing to think the price is too low.

So, there's a Maserati dealership right by my house. I don't even know what a Maserati costs, but I want to say the stickers are like over $150,000 on the car? They're not focused on trying to sell a great value. They're just trying to say, this is the best car. This is the price. If you want the best car, that's the price. This is what you're going to pay. However, if they were trying to focus on selling a car that's a very, very affordable price point-- you just got to ask yourself, who are we trying to market to? Where do they live? How much money do they make? And for Maserati, they're going, the people we're marketing to make millions of dollars, so we don't need to worry about that price.

-Yeah, OK.

-Cool? It's really, really, really, really, important.

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