Business owners: where is your hungry crowd? Are you marketing in a niche an inch wide mile deep?
Where is the crowd of people who are beating a track to your business to get what it is you are selling them.
Often the answer when I ask this question is something like "All small and medium sized businesses." Worse still is the answer "Everybody!"
These answers mean the business is working in a market a mile wide and an inch deep. They are often struggling to please everyone and struggling to get good quality leads with their marketing.
The most effective way to operate a business is in a "niche" an inch wide mile deep. So what is a "niche". I came across this definition in a great book called "From Impossible To Inevitable" by Aaron Rees
"A niche (or niche market) is a segment within your target audience where you strategically direct the most marketing (and time). Having a niche is like being the big fish in a small pond—it’s much easier to be successful in a small pond compared to a large one. Once you find your niche, you’ll compete more effectively within your industry."
For example, instead of 'targeting' ALL small and medium businesses, pick a 'niche' that you have some affinity with or expertise in. DO YOUR RESEARCH!
The reason you work an inch wide mile deep is because you can really target your marketing at that niche. You know their wants, needs and desires. You know what pain or problem you can solve for them or what opportunities you can offer them that will help them grow their business. Give your clients what they want and they will give you what you want.
I coach my client business owners to focus on the 4M's of marketing.
- Market - this is your inch wide mile deep target market
- Message - what message is going to get the attention of your target Market?
- Medium - where is the most likely place that your target market will see your Message
- Measure - never do any marketing without measuring the results
So, once you have decided on your inch wide mile deep (niche) market and the message they want to hear, then work out the best medium (No! I don't mean clairvoyant) to get your message to them. Where do your niche market hang out? Do you market to them via print media, social media, online marketing, tv, radio, podcast, YouTube, industry associations etc.
The most important of the four M's is MEASURE! It is the one most often missed. You MUST measure the results of your marketing. Marketing is not an exact science and therefore you need to PLAN, DO, CHECK, ACT (a throw-back to my engineering days). So plan your marketing, get it out there, check the results (measure) and then take ACTion to improve it. I have written a blog on this too. Read at PLAN DO CHECK ACT.
Operate in the right niche an inch wide mile deep and target your marketing. Your marketing will be more effective, your sales and business will grow, you will become "known" and respected in that niche - a big fish in a small pond! Then you will get referrals in that niche. Once that niche is cranking away you can develop another one.
The benefits of working in a niche inch wide mile deep are:
- Much better qualified leads which saves you time and effort
- Higher lead to client conversion rate
- Less competition
- Become the key person of influence in your niche
- With focussed marketing you can save yourself time and money
- You can systemise and delegate the marketing
And of course, it becomes easier to sell a business that is focussed in a niche market with less competition. A business that's sale ready is well worth keeping.
I cover all of this and a lot more in my Business Owners Taking Action co-hort group, and working one on one with clients. Click the link to find out more.
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