Why is determining a focused target market so important? Because it saves both time and money, the two precious resources that every business owner struggles with.
When you have a very specific consumer or business buyer to target, you have a set of criteria that quickly guides you to making decisions about everything from the language to use in your copy to which events to sponsor to how to engage with social media.
One of the fears that stops small business owners and managers from specifically focusing on a narrow enough target is the infamous FOMO. Fear of Missing Out whispers in our ear and tells us that, if we really double down on a particular type of customer or client, we just might be leaving money on the table.
Here are five good reasons to focus your marketing.
There are many reasons to set FOMO aside and start doing the work necessary to identify, quantify and connect in a meaningful way with your most profitable clients. Here are five of the most important benefits of a focused target market:
1) While creating a marketing effort aimed at a specific target market, doing so does not prevent other people from discovering your product or service. Customers who are don’t specifically fit your client profile aren’t turned away at the door or eliminated from your mailing list (unless they ask).
2) Determining the specifics of who you are marketing to will make creating marketing messages and campaigns infinitely easier. Nothing is more intimidating than a blank page or screen. When you have created a “person” to address your communication to, it becomes much easier to think of something to say. Messages become more personal and more meaningful. Instead of sterile works on a page (or screen) you will be writing to people you really care about and want to serve.
3) Much of the overwhelm and overload that local business owners experience is because of trying to run in too many directions. By really deciding who your profitable clients are, the places you must go to look for them shrinks dramatically. For example, after taking a good look at where your client come from, you can decide to spend more networking time and marketing dollars in that zip code and decrease or eliminate time and money from areas that don’t produce profitable clients.
4) When you know who your ideal client is, and start creating programs to attract and connect with them, you will start to really develop and affinity with them. You will be creating relationships and creating affinity instead of just shouting “buy my stuff.” That’s the key to growing profitable business relationships that make running a local business a joy.
5) Every human being wants to be heard and understood. With a focused target market, you will be able to address the specific needs, goals, hopes and fears of your potential customers. By serving a specific niche in the market, you pave the way for customer loyalty, repeat business and referrals.
As the current year winds down, spend some time really reflecting on who you and your business are uniquely qualified to serve. It’s a good time to connect and reconnect with current and past clients. Take on your holiday networking and social events as an opportunity to listen and observe your clients and your market.
Set aside any fears that really crafting an ideal client to focus on will exclude profitable business. Exactly the opposite will occur. As a local business, your market is already defined by geography. By analyzing the potential clients in that area and seeking meaningful ways to connect and engage with them, your will be expanding rather than contracting your potential pool of clients.