The larger your target market the more customers you can service and a better chance to make a lot of money. Service a large number of people and you’re sure to be a success, you don’t want to leave anyone out or exclude anyone do you? Create a product that the average person would like. You’re sure to make a lot of sales selling an average product to average people, right?
(targeting the early and late majority is the largest, most profitable chunk of the curve but they are a difficult group to market to, for the most part they follow what the innovators and early adopters are doing. As well you have much more competition in the early and late majority)
Pick the smallest possible niche you could possibly target and focus on them and them only. Relentlessly seek feedback from your best customers and constantly figure out new ways to delight them. If you consistently exceed expectations they will have to talk about you to others. Never worry about the people who aren’t in your target market, you must exclude others to allow yourself time to treat the select few customers you do want to work Continue Reading
Remember, your “brand” is what we think it is, not what you tell us. We form our opinion from what you do, not from what you “say” you do.
This will inevitably happen to your business, start preparing now.
Competition increases. Growth stops, your business begins to flat line. The CEO sends the marching orders “we need more sales! Send out more newsletters, lets get on the Radio, lets have a sale this weekend, lets start advertising in the Sunday post AND Metro.” To the CEO’s surprise, nothing changes. No one opens his “more frequent” newsletter. We tune out his quirky but generic radio spot. And anyone who’s reading
Metro, Fine LifeStyles, Business Magazine, The Sunday post, won’t be next week when the newest magazine or newspaper gets our attention.
Customer service > Advertising
Word-of-Mouth > Promotion
Engagement > Awareness
Permission > Interruption
Relevancy > Frequency
Actions > Impressions
Niche > Mass
Start marketing smarter.