If I were to ask you who your market was, how specific would you be?
Would you say, “potentially everyone”, or could you narrow it right down to specific people experiencing specific issues?
Recently we’ve had conversations with really innovative tech start-ups whose products could have a wide range of applications. And I stress, “could”.
“I’m going for the Chinese market” is a common answer. Or “Every manufacturer, accountant, lawyer, or real estate agent could be a client”. You get my drift.
Or they’re targeting major organisations to convince them to change the way they operate by using their technology, before having proved it works.
I hate to say this, but both approaches are likely doomed to fail.
I hasten to add this thinking isn’t confined to tech start-ups. Over 20 years we’ve come across this flawed thinking countless times.
And dare I say it, we’ve fallen for it as well.
One of the best bits of advice we got 20 years ago is to narrow down your market and start there.
Pick a niche. Essentially one type of client with very specific characteristics. Both demographics (size, industry, location etc.) and psychographics (how they think – are they open to new ideas etc.)
Pick one small problem you can solve for them. Something easy to implement. Low risk for the organisation and equally importantly for the people making the decision, especially if making the wrong one could be a career limiting move.
By selecting only one problem, you can create a specific marketing message which will attract their attention. You’ll know exactly where these people can be found, what to say when prospecting and what outcomes they’re looking for.
As someone put it to me recently, sales is really easy when you know exactly what your potential clients’ specific issues are, what they want instead, where to find them and you have proof you can deliver.
My rejoinder was most organisation can’t answer those questions in detail, which is why they work with us to nut this out.
So once you’ve decided on a niche, start with the smallest players so you can make mistakes, hone your message and delivery. If you stuff up, you haven’t burned your biggest potential client, never to get another chance.
Once you have runs on the board, create case studies and get testimonials. Use that to target the next organisation in this narrow niche.
Only once you’ve exhausted this market should you start moving up to larger organisations taking the lessons you’ve learned along the way.
Having said all this, everything has to be tested.
Test your market. Test your message. Test how you get in front of your prospects. Test your sales process and even delivery.
Always have a backup plan. Test each niche and if you’re not getting traction, move on and test another one until you find people who click with what you’re offering and PAY!
If you’re struggling with how to define your market niche, the message and execution strategy, join us for a 2 Heads session where we’ll help you get clarity.
You’ll walk away with a clear plan knowing exactly who to target and what to say. Could save you heaps of time and frustration.
Call Rashid on 0414 913 334 to book in.