Do you want to generate more business with less time, money and effort?
Virtually every business identifies target markets based on geographic and demographic criteria. Most financial planners target affluent clientele who live in their area. Realtors will target clients in certain communities, neighborhoods or value ranges. Pool-service companies target homeowners with pools, and auto-body shops target those who have been in a car accident.
Then they select a method to reach their target market. They consider options like TV, radio, newspaper, social media or internet advertising. Finally, they design a specific message to convert those prospects into clients.
Marketing is just like fishing. First you must find the fish and then present a lure that will attract them. Keeping with the fishing analogy, here are a few challenges with these marketing strategies.
- Most of your competitors are fishing in the exact same pond. There are less fish for you and it takes longer to catch them.
- The fish you do catch are probably small, since the big ones were caught a long time ago.
- Because there is so much competition, you may spend a lot more money on bait.
- You must catch something every day if you are going to eat.
What if you found a pond that none of your competitors knew about? Imagine there are plenty of big fish in this pond and they are easy to catch. You could catch enough fish in one day to feed your family for a week.
This pond does exist, and it is a much better way to market your business. You can generate better results with less time and money than you are investing now. The concept is easy to understand, it works across all industries and you will see results almost immediately.
To find your own pond to fish in, be sure to read the next weekโs Biz Tips article about โstrategic niche markets.โ
