Why Targeting Your Market is the Best Way to Create Sustainable Market Success
by Mark Munday
It is often said that you just canít be everything to to everyone.
This is especially true in business. The worst thing business
owners can do is to delude themselves into thinking that everyone
is in their buying audience.
Trying to satisfy everyone's requirements for your products or
services is a really big ask. And it is a thankless task too. You
run the risk of being only moderately successful at keeping all
your customers happy.
This means that customer satisfaction, on average, probably
wonít be high enough to bring you lots of referrals and repeat
business. And your business will be only moderately successful.
As a small business owner, you will do far better if you focus the
delivery of your offering on satisfying the needs of a very specific
subset of the market. Because your niche market has well
defined needs, it is easier to satisfy them. And your selected
customers are like to be a lot more pleased with your services.
You make a much bigger splash by jumping up and down in
a puddle, than when you bob up and down in the sea.
Similarly, focusing on a niche target market means that you
have a much greater impact on the customers you serve.
Customer satisfaction soars, and your reputation as a specialist
grows as customers pass the word around.
The need for a well defined market niche increases dramatically
as markets become more competitive. Having a market niche
enables you to differentiate yourself from competitors. And it
provides you with a steady stream of business, even in the
most crowded, fiercely competitive market.
Letís consider an example. Imagine that you are an
ex-accountant, and that you have decided to cash in on the
booming internet business market. So, you buy some equipment
and software, and you set yourself up to provide website
The market for this service is enormous. Millions of new
websites are created every year. And the rate of growth is
skyrocketing. But you are dismayed to find that attracting any
of this business is almost impossible for a small newcomer
like you. There are so many people out there doing the same
thing at cutthroat prices, that you just canít get your business
off the ground.
Imagine how different your experience might have been if you
only offered this service to accountants, together with a suite
of tools accountants require for servicing their clients over the
internet. As an ex-accountant, you would understand the needs
of your target market very well. So you could put together a
compelling service offering. You would also have the credibility
it takes to inspire confidence in prospective clients.
Your specialization would give all accountants out there who
want to get on the net, a really good reason to do business with
you. The size of this target market would be a small fraction of
all the people creating websites. But your ability to to penetrate
this niche market would be infinitely greater. As a specialist,
you are also able to charge more for your products and services.
Which means that you donít have to compete on price.
Dominating a niche market means that you are well placed to
build a compelling competitive advantage. One that brings you
sustainable business success in a highly competitive market.
Applying this principle is likely to make any business more
successful. You can base a market niche on various criteria :
your location, profile of your customers, industry knowledge,
people you know etc.
Think of how you can add value for your customers in a way
that no one else is doing it. And use this as your starting point.
Your objective should be to create and take ownership of of
a market niche, in a way that makes your position virtually
Get Rich - Doing What Others Don't!
It's been said the difference between the "haves" and the "have-nots" - can be traced back to the people who did ... and the people who did not!
Marketing Smarter to Earn More
How can you market smarter and make more money?
Narrow Your Focus to Broaden Your Sales
Today's rapidly changing,
technology-driven marketplace mandates a sharper marketing aim.
If your business doesn't have one, you're going to either have a
really tough time or require a huge marketing budget.
Carve Your Niche By Dominating One
prospect for clients you must position your business as unique in a
particular category or industry, or for a specific audience or market. By being unique, you will naturally become the leader. With all the
competition out there, it is no longer possible to be better than the
others. The goal, therefore, is to be different -- and not better.