After we have been in business awhile, we should really have a defined business model. The model tells us how we are going to serve our clients and run our business. We need to stay true to our business model as it will help keep things streamlined AND you sane.
So now that we have the “how” down, is our job over? – NO… There is so much more to be done. The right question now is Who … Who are we serving? It’s been said many times before and I’ll say it again – “Everyone” is not your market. Let’s take my business for instance. I could say that every business needs bookkeeping – true Statement. Does that mean “Every” business owner would be served well by my team. The answer is no. I don’t have anyone on my team that understands restaurants. The business owner would be better served by a bookkeeping company that specializes in restaurants.
Some would say specializing to narrow will close the door on opportunity. I say it opens the door to opportunity. You get known in a very small “world” as the best at what you do. You can “Do” less and accomplish more. You heard that right – your team will get faster and better at what they do. They can create more value to your client. That’s smart business.
Mike tells a story of a woman that decided to by a gym franchise. She wanted to help obese people become healthy and vibrant. She does research and finds a failing franchise in an area where obesity is running rampant. Her whole marketing message is about helping people with obesity. She is successful. She turns the failing gym around in just a few months. She goes on and buys several more and makes them successful as well. Do you think she would have been successful if she tried to get “everyone” to come to her gym? Of course not, the marketing for the overweight is very different from weekend warriors. She knew her market and didn’t worry about other markets.
I would encourage you to think about a segment of the market that you can serve and sever very well. For example, if you are an insurance agent, you could say that all homeowners need your product. OR you could say that all homeowners with special breed dogs need your services. The second one could change the way you market your insurance product.
So, even if “everyone” does need your product or services, doesn’t mean they are your client. Learn who you serve.
I’d love your thoughts – drop me a line and tell me who you specifically serve.