7 reasons to narrow your market focus for business growth.
Can you really shrink to greatness? How can you grow your business by narrowing your focus? As I’ve mentioned in a previous blog, a lot of brands today focus their resources and energies on the ‘brand’ itself, but the shift has already started – tomorrow ‘brand’ will be focused on building ‘community’ with an emphasis increasingly on interactions between advocates, customers and individual.
Somewhat counter intuitively, the way to build a community of like-minded people with the same values and beliefs (i.e. a brand) is not to go out and cast your net as wide as possible to anyone and everyone who will listen. Instead, get selective about your customer. Very selective…
Because in a modern, relatively free society (compared to previous eras), anyone and everyone is free to believe what they want (within reason). Most of the planet has the choice, whether they realise it or not. But not everyone will see the world your way. That’s just the way it is. You just want to find your type of customer. So how do you attract those people who share your world-view, your perspective, your ideas, your values, and your reality? And by contrast how do you repel or resist those who don’t share your outlook?
First, find your identity, find your purpose then find your voice. Be bold. Shine your light. Be brave. Communicate your beliefs and values to the world. See it resonate and attract those who agree. These people are your tribe.
Second, time to get targeted! Be selective. Narrowing your market allows you to focus your energy, your intention and your marketing spend for more effective results.
Why and how does this help your business?
Read on to discover how…
1. Finding clients you want to work with becomes easier
Clarity is a wonderful thing but it comes in different forms. Knowing who you’re looking for allows you to ‘let go’ of 99% of the people around you who you think are your customers, therefore freeing you to focus on the 1% who you really want to serve and help. Letting go allows you to get what you want. Who’d have thought? This focus is very powerful because…
2. Your focus increases
and what you focus on becomes your reality. Laser-focus provides clear direction and eliminates unnecessary doubt, fear or hesitation. Narrowing your market blocks out the noise, chases away the procrastinators, removes the distractions and kicks the tyre kickers.
3. Be the solution to your clients’ problems
Becoming ‘the solution’ is the result of honing in on the people who need you most. Instead of sounding off to people who have little interest and no perceived value in what you have to say (every networking event you’ve probably been to – but don’t take it personally), you’ll have a captive audience who want to hear more. Remember, at the start of a relationship most people initially just want information about you, your business and your offering. That’s all. A small percentage may buy from you straight away, but the vast majority will be slow to act. Accept this. Understanding your customer on a deeper level can help here.
4. Be the perceived expert in your field
Perception is everything so build and shape it. If you have the answers to your client’s issues and you demonstrate it often enough you will eventually be the authority. People will seek you out or recommend you as someone who can get the job done. As some reading this will know, positioning yourself as the ‘go-to-person’ is key to the like, know, trust factor. Then something transformative happens…
5. Be easier to refer to
How many of us ask for referrals from our network that are nondescript, vague or ambiguous? It’s a reflection of our lack of focus and even confidence in who we want to help. Communicating your narrow focus helps others to identify those targets far more easily – some of them are right in front of their nose. But your network simply won’t know unless you can articulate and describe your ideal customer in some detail. By narrowing your focus you can actually become easier to refer to.
6. Be specialised. You can command higher fees.
Because you’re super targeted and specialised you become valuable in the eyes of your market. Your perception changes and you start to build trust and integrity – but only if you continue to deliver on your brand promise. A niche offering allows you to increase your fees and ‘be less busy’ – because you’re no longer changing quantity but quality – resist the urge to go for volume and low cost. It’s hard to sustain.
7. Be community spirited. Build a super-engaged community of like-minded people.
One last point; a narrowing of focus, if sustained and managed carefully, eventually builds a super-engaged group of people with similar beliefs and values. All of these people like, know and trust you but they exist within an ocean of other people who don’t know you. Power and rich growth comes through your community – the community ties that bind can create a solid foundation for an enduring brand that is built on trust, rapport and your unique offering: you.
Be narrow focused.
Be your brand.
Be you.
——————————————————————————————————————————————
I hope you learned something new, insightful or useful from this blog.
As The Brand Entrepreneur, I believe in helping businesses build a ‘brand blueprint’ for business growth. I do this through a series of brand workshops designed to educate businesses to identify their identity, visualise their vision and manifest their brand mission. ’Successful brands in the future care about customers, not branding. I believe that future is now’. I’m passionate about helping businesses create unique brand stories & design assets that help brands get ‘in sync’ and connected to customers for business growth.
Jamie Thomas – The Brand Entrepreneur