.. is not “everyone”.
“Everyone” was the answer I received from a new client today about who her target market was … to be fair, I did not make the question detailed enough, nor did I give her sufficient examples, up to that point in time.
But her answer highlights a very important principle though in regard to marketing strategy.
The principle is that the more “niched” you make your target market the more appealing you can make your service/product offerings and the more powerful you can make your marketing.
When it comes to marketing and getting more clients, specificity is power.
For example, an accountant who thinks that “everyone” is a potential client will probably wind up with a lot of tax compliance work with low margin invoices because he/she ends up competing on price.
But the accountant who targets (for example) businesses with over 2 million turnover and more than 10 staff can create services that meet the specific needs of that niche e.g. how to fund growth, how to get EBIT up, payroll, HR issues, time issues etc AND can craft a message to that market that speaks to those needs.
This makes marketing MUCH more powerful … and the product/service offerings much more appealing. Together, this is quite a potent combination.
A common mistake you may find yourself making is trying to be all things to all people … out of fear of missing out on a potential sale.
It takes courage to niche … but ironically you will not miss out on many sales, if any … and you will find it easier to pick up a lot more clients within your chosen niche.
Specialists command more respect than general practitioners and also a much bigger pay check.
The smaller the niche, to a point, the better return you will get on your marketing dollar.
At the risk of dropping a “niche cliche” … the riches are in the niches.