Focus on People Not Products
Irrespective of business or profession the need to focus on specific groups of target constituents has never before been so important. Firms that have achieved and realized sustainable growth in the current financial maelstrom have moved to “narrow casting” versus broadcasting. Most have seen significant improvement in recognition, inquiries and offering acceptance as a result of narrowing their focus. Instead of attempting to be all things to all people (broadcasting) they have identified specific target or niche markets in which to grow their business. Given the limited financial resources many business owners acknowledged having in the past four years, many were forced to focus or die. Their ability to select and focus on specific groups of people who are good prospects for their products and services has given them a unique ability and increased growth.
They have been able to focus their messaging and promise of outcome in a very customer-centric way. In addition they have gained distinction with prospects and customers alike as they are seen as the “go-to” business by the people they are targeting. This is important for every business owner to consider: Are you building a business that is simply different when compared to others, or distinct, set apart from all others? People want a business to be distinct, i.e. set apart, from all others. It gives them a special sense of meaning and significance when they know they are buying where they are understood and cared about.
To help you focus on specific groups of people:
1. List your top 10-20 customers and segment them based on how they network and communicate with one another specifically:
a. What organizations support what they do for a living
b. What organizations/clubs support their recreational activities?
c. What special interests groups are they involved with on an ongoing basis (such as charitable, cultural, religious, neighborhood groups)
2. Select 2-3, or perhaps 4 of the groups and align your marketing, products, sales and service messages and activities to be compelling to each group.
You will likely discover, as top business owners have, that by focusing on targeted groups of people (less) instead of everybody (more) you will see substantial growth and profitability.