Why must you choose a focused target market?
Choosing a focused target market starts with dividing or segmenting your potential market into distinct subsets of consumers with common needs or characteristics.
It further means you have selected one or more segments to target with a distinct marketing mix (products, pricing, place, promotion).There are many ways to segment your market, the most common including geographic and demographic segmentation. Any business can quickly understand the characteristics of who lives in their market area.
You could also segment your market based on psychological, psychographic, socio-cultural, use-related, use-situational, benefit or hybrid segmentation methods – all fairly complex activities that you don’t want to try on your own at home. Caution – professionals driving on a closed course here!!!
Practically, the problem isn’t that you don’t know how to segment your market. The problem is your fear of missing an opportunity. If you narrow your target market, you might miss someone who could buy from you. Ouch!
So … STOP that silliness! Why should your prospect have to take the time to decide if you can serve them if you haven’t taken the time to figure out who they really are and why you can serve them?
He or She who serves more than one master serves none!
The added benefit of discovering and choosing your focused target market is you become a specialist – an expert – in your target market.
Here is one last word of caution.
A focused target market does not start with choosing which product or service you will pull out of your bag of tricks and pitch to the market.
It starts with deciding who you want to serve – who you want to work with – who you want to know you as the expert – and serving that narrow slice of the market with massive intensity.
You have the power to choose. Choose narrow and focus all of your energies on serving a similar few rather than the diverse many.