Concentrate On Your Target Market
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Video Transcript:
As someone who works with local businesses one of the questions we ask when we are interviewing prospective clients is 'who is your target market'?
The stock reply we always get is everyone!
So until you can give me a definitive answer how can you possibly target your audience and convert them into paying customers, clients or patients, depending upon your niche.
And this is probably a good time to introduce that word 'niche' and explain how it applies to every business owner and why it is one of the most important parts of your business to understand.
The example typically use is a retail shop supplying dance wear.
Let's say this dance wear shop supplies ballroom dancing gear, tap dancing gear, Irish dancing gear, ballet, and anything else to do with the dancing world sector. Well it would be safe to assume they carry in stock a little of everything across all of those dance platforms and would have a good general knowledge of the dance industry.
But now, let's say they only supply ballroom dance wear. Well now they carry a much wider range of dancing gear to fit just one market - the ballroom dancing market. So this retail shop could carry a wide rage of dresses, shoes, accessories, mens wear, etc.
They would also have a deeper knowledge of ballroom dancing and could probably tell you where the local dance schools where located, and who had won on the dance show Saturday night. In other words they specialise in in ballroom dancing.
But let's take it a stage further and say that your retail shop specialised in just mens ballroom dancing shoes.
As someone who is this niche I would expect you to know the type of leather used, the name of the stitches used and why they were used. For that matter someone who was this niche would even know the name of the cow the leather came from!
Okay, only kidding, but you get my point!
The more you niche your business the more specialised you become and the more you can charge for your goods or services because you are the specialist. Think of brain surgeons and general practitioner doctors. Who gets paid the most and why? After all, they both studied to be successful in what they do.
Now let's apply this to your local business.
Instead of being a solicitor you are a divorce solicitor. Instead of being a plumber you are a bathroom installer.
If there is a big enough market in your area to narrow your niche down I want you to understand the effect it has on you and your business. Take the solicitor example above ...
Instead of being a 'jack of all trades' trying to keep up with all of the legal changes across all of the different legal channels you would just be focusing on one area, divorce.
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