There are so many tremendous business opportunities available that it can be tempting to jump from one opportunity to another. However, the price you will pay is that you will never develop a long-term business strategy and you will never become known as an expert in any one area. Remember this phrase, “Do not try to be all things to all people.” You should focus on one or two target markets and then build a business plan focused on reaching these targeted markets.
Find a niche that suits your interest and expertise. Remember that you need to be seen by your target market to effectively market to them. A great way of gaining visibility within your target market is to host or lead seminars directed only to this group as well as speak at their conventions and meetings. If you work with widely diverse clientele, it will be extremely to nearly impossible to develop focus, leverage time and energy or maintain education efforts necessary to providing outstanding service.
How to Develop Focus
What should you do if you currently do not have a target market or niche? First of all, try to pinpoint the type of client you most want to work with. What are their traits and characteristics? In identifying a niche, you want to make sure the prospect in that niche share a common perspective and have similar problems. If they do not, it will be very difficult to market to them-no matter how narrow it is. Within your target market niche you must identify an “ideal client profile.”
The better a job you do at developing your “ideal client profile,” the easier it will be to focus your energies on your top priority market niche. In thinking about your ideal client profile, don’t just consider how much each client can help you earn. Also, consider quality of life. Before focusing in on just one or two groups, make sure you will enjoy servicing these individuals. If you find it difficult to turn any prospect away, realize that you may pay a heavy price by trying to work with every prospect who calls you or shows up at your office. For example, if you are marketing to your entire community with no particular target market, you could spend an enormous amount of time and money and receive a small payoff for all of that effort. An unfocused mass marketing campaign is never a good idea. Narrow down these individuals and leverage your time and energy effectively
Leveraging Your Time
There are a limited number of hours that we can work each day and each week. Once you’ve identified a profitable market that you can service extremely well, you can focus on it, and more importantly, leverage your time. Focus on becoming an expert in the subjects of greatest interest to your target group. If you leverage your time, you will be able to penetrate your market accurately and quickly. Remember, the more you work with your target group, the more you will understand their needs and be perceived as an expert. For all of these reasons, leverage your time and energy by selecting a niche and work to become known as an expert in it. The first step in providing outstanding service to a niche group is to educate yourself on your target group’s needs and challenges as well as the obstacles they face.
The Power of Continuing Education
No matter what group you market to, you must continue to educate yourself on your target groups particular needs, challenges and solutions available to them. Do not assume that information you acquired a year or two ago will suffice to keep you on the “cutting edge” of professionals servicing this group. Read books and magazines that cover topics of interest to your target market and take specialized courses in relevant areas if necessary. Be familiar with all products and services that you will need to offer in order to satisfy the needs of your target market. You will become known inside this community as someone who really understands their issues because you do. Working with only one target market will allow you to become extremely proficient in servicing that market in addressing their various challenges.
Remember that niche or target marketing is effective because people tend to feel more comfortable dealing with someone who has a great deal of experience in their specific area of need. By positioning yourself as an expert who caters to the needs of this target or niche group, you willfind it easier to get referrals as most people are more comfortable making a referral to an expert rather than a generalist. As your expertise grows in your area of specialization, you will develop focus, understand the power of continued education and leverage your time and energy more effectively thus enabling you to acquire more target market clients.
By: Jeff L Moore About the Author:
There is no better time to re-evaluate your current situation than the present. Jeff Moore is president of JM GetMoore Insurance & Financial Services L.L.C. and can be contacted via email:
jeff@getmooreinsurance.com or through his website:
http://www.getmooreinsurance.com
Jeff L. Moore is recognized as one of the Rio Grande Valley’s leading experts in the field of business planning services, having dedicated over 10 years to helping small business owners, addressing four major areas of their concern:
1) Buy/Sell Agreements & Funding
2) Estate and Succession Planning
3) Key-Employee Protection & Executive Bonus Arrangements
4) Business Planning & Consulting
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