Understanding your customers is very crucial to business success.
Take a moment to imagine that you are the person who wants to buy a particular service, say a hire new accounting firm for your business. If you were a lawyer you would definitely prefer an accountant that has the experience of dealing with other lawyers. It would make it easier for you and the accountant because they have knowledge of your industry.
What this accounting firm offers is called ‘niche marketing‘ Where a particular target market is focussed on so that the supplier to that market has comparative advantage over others generic suppliers. In this case the accounting firm has decided to select a profession to sell its services to in its geographical area. This means that their marketing will be targeted at those type of customers, narrowing down the message and the budget too. Examples of how the accountant could market would be:
- Attending lawyers networking events
- Advertising in their journals
- Having a stand at their conferences
- Speaking at events where lawyers might be in attendance.
- They could also partner with other suppliers that target lawyers..
- Writing a blog, addressing financial/tax issues peculiar to their industry
And there would be referrals. You see how easy it is to market your service once you have decided on a niche (target market).
So is your business targeting a particular customer? Or are you selling to everyone and anyone? If I went to your website, checked your social media and marketing material now, would I be able to tell who your main audience is? Of course you can take on customers who are not in your main target market, but your messages should target your ideal customers. We talked more about ideal customers here
Narrowing your focus brings more success. If you need help with identifying a niche market for your business please contact us.