How to Win the “Lions Share” of business in your target market and tip the scales in your favor, so it’s Hard to loose and Easy to Win !
Have you ever wondered what’s the difference between a business that is completely oversubscribed, with people queuing up to buy their products and services and the other businesses that are really just scraping by day to day just barely getting enough business to keep the door’s open?
What could possibly be the difference between these two businesses … and why do they have such vastly different results?
To help you understand the real difference we’re going to go to look at a 3 step process that enables you to laser Target your ideal customers…
but first let me ask you have you ever heard of the saying: trying to be all things to everybody means nothing to no one ? Think about that as you continue reading…
Never before in history has it been so critical for you to clearly identify:
-Who’s your target Market that has a problem you fix?
-What’s your Message that you’re putting in front of them?
-Where do they hang out… so what Media will reach them?
The 3 step process: First step is identifying your target market the next step is identifying your message to fit with the needs of the target market and third and final step is identifying the best media to actually connect and get your message in front of that target market.
Have a look at the diagram below and you’ll see the three different areas and now I’m going to go into some detail.
Identifying your target market is often a real challenge for small business owners because they they don’t want to limit the size of the market that they can actually service and that’s always been the traditional thinking, but the reality is today in regards to online marketing and digital marketing never before has it been so critical to be laser targeted with your market.
If you’re not laser targeted online you’re not going to get found and the reality is the tighter the niche that you target, and you tailor your message towards, the more you’ll get found in that space and the faster you’ll start to build a business that really starts to dominate.
There’s nothing worse online today than being a generalist
Take for an example GP doctor, On average they charge between $50 and $70 per appointment, where as a specialist can charge $250 to $500 per appointment and that’s the real difference between being laser targeted and focused with your skill set or being a Generalist.
To take this one step further if you going to see a GP you can always get an appointment today whereas if you’re looking to see a specialist you’ll have to book 3 months, 6 months and sometimes 12 months out just to get an appointment to see them, this is my case in point, by being a specialist and targeting a specific niche, you can become oversubscribed and have huge demand for your services.
Once you’ve clearly identified your target market you’re able to craft your message to dovetail and fit helping them overcome their specific problems and challenges that your product or service can solve.
The key here is once you’re very clear with WHO it is that you can help, you’re able to tailor your message to speak directly to them.
Let’s expand again on our doctor and specialist example: if you’re a specialist and you specialise in heart surgery you can be very clear with your message about talk to the patient about fixing the problems that they have with their heart… now that’s a very different conversation than helping them with the overall general health. So by being very specific with who it is that you are targeting your message can become even more meaningful, which very clearly speaks to and connects with your perfect customer.
Finally the media is what medium are you going to use to bring your message to your target market.
What is media? well in the old days we had Radio, TV, Newspapers and the Yellow Pages these are all different types of old media.
Today we still have old media as well as the Internet which is a huge media channel but within the Internet we’ve got many sub channels of media: -Social marketing and social media is a media.
-Video is a media (eg YouTube)
-Blogging is a media (eg WordPress)
-Email marketing is a media (eg Infusionsoft)
-Search Advertising ( eg Google Adwords)
-And that’s just the tip of the iceberg
-Social marketing and social media is a media.(eg Facebook)
We’ve got all these different types of media and ways of actually getting a message in front of our target market.
You might decide that because your market is very niche focused and specific that you need to get more specific with your targeting by finding a specific forum within the Internet.
So in the example of the heart surgeon you could find a forum or online community of people with heart conditions where they are sharing stories and they’re trying to get information about how to best identify who’s the right specialist for their heart condition …now that might not be the best example because heart conditions can be very urgent and sensitive, but you get my point, there are places online eg: specific forums and communities that are just filled with people that are offering services to that target market and requiring services in that target market and by becoming very clear with what types of media and what channel media you’re going to utilise to bring your message to your target market you can stack the odds are in your favor of winning and dominating in your target market.
To wrap this up there’s one more thing that you need to do and that is to actually focus on lead generation and not on sales !
If you focus only on LEAD GENERATION you’ll be able to build a relationship with your target market and nurture them over time to dramatically increase the ratio that you convert these prospects into customers or clients.
The reality is that one shot advertising will send you broke and you’ll struggle like most business owners do, so in closing always focus on lead generation first and nurture those leads overtime with quality content and information as you move them closer to wanting to do business with you.
I hope you enjoyed this blog and next week’s blog we’re going to be talking about the customer lifetime value and how to dramatically increase the amount of profits that you can earn from your lead generation efforts so lookout for that one.
Website Development & Online Marketing Expert Helping You To Consistently Increase Leads And Convert More Sales