“You can’t be all things to all people.”
I know this may come as a shock to you, but it’s true.
You cannot hope to market your products or services to everyone, even if you think everyone needs them.
I’m not saying you can’t be successful doing this. What I’m saying is you really do limit your potential by not focusing on select groups of people or businesses. These specific groups are called “target markets”.
By focusing on one or more target markets you’re able to connect with these people at a much higher level, and consequently you automatically gain more business.
I’m sure you’ve heard people say things like, “This person really connects with me, they really understand my business.” This is what you do when you choose to market to these different groups.
Think about it…
What’s also important to understand is that certain groups of people or businesses are more likely to want and need your products and services more than others.
More importantly your target market must focus on the groups who can AFFORD your products or services.
There’s no point in targeting groups who want and need your products or services if many of them can’t afford to buy or pay for them!
A common question I’m often asked is this – “If I limit my market won’t I be reducing the chances of doing business with more people?”
Of course you will, but to succeed in today’s competitive market place you need to concentrate your marketing on a smaller number of well chosen segments or niches into which you pour all your resources.
Because you are targeting smaller numbers, the same amount of money you were previously using to acquire clients or customers, is spread across a smaller number, and therefore you have more to spend on each prospect than you would if your market was bigger. This alone makes you more successful.
In a nutshell your target market is the segment(s) that represents your best chance of getting a good return for your marketing efforts.
These target markets are critical to you.
Of course, if you focus on a smaller group you may not get the business of other people or businesses outside the target group. However, what actually happens is you increase the amount of business you receive from your target market(s).
This is because you are specifically meeting needs and requirements of your chosen market.
You’re saying to them that, ‘you are THE company that knows about their situation’.
No other company specifically meets their needs in this way, and therefore you are seen as the logical company to turn to.
Here’s an example to show the power of defining your market or niche…
Let’s say you’re a start-up business and you need an accountant. Your first choice is to look in the local newspaper. Although there are a number of small ads the first one you see reads…
‘ABC Chartered Accountants. Tax preparation, auditing, bookkeeping, payroll services and management accounts, for all types of businesses.’
The second ad reads…
‘XYZ Chartered Accountants. Specialising in helping Start-Ups get their businesses running quickly, profitably and effectively.’
Which firm of accountants are you likely to choose?
The answer is obvious, but it serves a good example to show how effective this strategy is – yet how widespread it is that few businesses follow this simple approach!
The first ad is trying to be all things to all people and is a very common approach.
The second ad is completely focused on ‘start-ups’ and therefore is much more likely to get start-up business owners contacting them and in much higher numbers.
If you can create this bond between you and your target market(s) I guarantee you’ll grow your business to unprecedented levels.
That’s the power of target marketing.
By concentrating on specific groups, you can achieve very high market shares in that particular category because people automatically come to you.
You’ll ‘own’ the market.
You are viewed as the only choice because your product or service is ‘designed’ to solve the specific problems of those people.
Not focusing on one or more target markets is perhaps the biggest mistake people make!
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