There is an old adage, “When everybody’s your customer, nobody’s your customer,” and it is absolutely true and very important.
Only giant companies have the resources necessary to market a product or service to everybody who can buy it, and it is a terrible mistake for small companies and entrepreneurs to market “broad.”
When I ask somebody
about their market and they say “Chicago”, I know they are in trouble. Even
“all the high-income homeowners in Chicago” is too big. The very best favor
most marketers can do for themselves is to narrow, narrow, and then narrow some
more of their focus.
Here are some criteria to consider:
Ability to reach the market affordably
A known responsive market
Affinity with the market
Ability to reach the market efficiently
A market with a reason to be responsive NOW
Understanding of the market (Empathy)
Let’s talk about Precision Target Marketing.
Much money is lost
hitting targets that don’t matter.
allocation can transform a practice or sales career almost overnight. You must
use your dollars and hours wisely.
DISCRIMINATE is a good word. You must discriminate. This means excluding the
majority of people and delivering your marketing message to a carefully
I call them High Probability Prospects.
Let’s take an
example. Let’s assume you sell landscaping services, fishponds, and ornamental
plants. You transform ordinary backyard into beautiful gardens. And you want to
sell your services in the neighborhood where you live. The “sloppiest” thing
you could do would be to run around and put an advertising door hanger on every
doorknob. Cheap, but still wasteful.
The smart thing
would be, first, to separate the homeowners form the renters. Next, break out
the homeowners by value or income. Then, direct all your resources at these
precisely chosen, ideal prospects.
My dear friend Gary
Halbert once said, “If I offer to set you up in the fast food biz, with a
hamburger joint and you can have any one special advantage you want, what will
Something special — a clown, great burgers, or a big ad budget?
None of that. Gary just says “A starving crowd.”
The proof of this is
the food wagons that come around to factory parking lots. They usually sell
bad, overpriced food, and they are besieged with swarms of eager customers
every place they go.
Why? Because they go to where the starving crowd is waiting.
What is a “Starving
It can be a market
in chaos, in trauma, in transition. It can be a market where everybody is in
pain, like insurance salespeople who are hamstrung by over-sensitive parent
company enforced restriction on advertising and sales practices, faced with
declining commissions. Or it could be a group of people who are especially,
hyper-passionate about their particular interest. Golfers are this type of rabid buyers.
In one way or
another, it should be a group of buyers with an aggravation that gives them
sleepless nights, ulcers, and rage, that you can solve, and/or a burning desire
for something you can provide.
Identifying such a market and building the right offer for it is a far, far superior means of doing business than in developing an offer, then looking around in bewilderment for who might respond to it. So my advice is to find that “Starving Crowd.”
Also, please check out my new training program, the Build Your Practice Fast Academy and let me know what you think. This program can help you transform your practice/agency and learn from my years of experience and success, in which I created over 6 million clients.