Too many entrepreneurs make the same huge mistake as they look to grow…
Rather than focusing on what’s already working for the business, they follow the typical “guru wisdom” and start something NEW, offering a brand new product to serve the lower value clients that weren’t converting.
Here’s the problem:
This approach has you serving two completely distinct and separate markets – a high value client and a low value client. Both have vastly different needs, wants, and problems.
IT’S MUCH EASIER, FASTER, AND MORE EFFICIENT TO GROW YOUR BUSINESS BY GOING AN INCH WIDE AND A MILE DEEP… NOT GOING AN INCH DEEP AND A MILE WIDE.
(Only once you’ve dominated your market, you go wider).
By starting something “new,” entrepreneurs are trying to be the solution for everyone. In doing so, they dilute their message and make it unclear who the product/service is specifically helping.
Let me illustrate with a quiz…
If you walked into a busy subway station trying to get my attention, would you have better luck yelling:
“Hey, man with dirty blonde hair…”
“Hey, man with a goatee…”
Perhaps you’ve been in the situation before – where you’ve been in a noisy and crowded room, then all of the sudden you stop and look around because you thought you heard someone shout your name.
The same thing happens in life…
Your Facebook feed is inundated with sales messages trying to get your attention…
You get on the road and see billboards… Radio ads…
Flip on the boob-tube and see more ads…
Check your inbox. You’ll see dozens of cold emails written by foolhardy marketers, thinking that just because they use your first name and company name, it’s “personalized” and going to get your attention. Right?
Yet none of this works to get anyone’s attention UNLESS you speak to their unique needs and problems.
I worked with someone who, for the longest time, thought his clients wanted to “get rich.” I told him that it was too vague, and is similar to yelling: “Hey, man!” in a crowded room and expect everyone to turn around.
We fine tuned his message specifically to people that were nearing retirement age, and wanted to supplement their income so they could quit their job. Being more specific, calling out this exact audience and problem, nearly doubled his conversions.
A small shift made an enormous impact.
Think about this:
If you’re running Facebook ads, Google ads, looking for opt-ins on your website or registrants to your webinars, and you’re not getting the amount of leads or sales you want…
It’s likely because:
a) Your offer isn’t appealing enough
b) Your message is falling on deaf ears
If you’re not clear who you are serving, you’re going to continue to get ignored, passed up, and struggle.
^ Read that again.
So, here’s what I want you to do right now…
Take a look at all your buyers and break them down into segments.
Segment 1: The Top 4% Of Your Buyers
Segment 2: The Top 20% Of Your Buyers
Segment 3: The Remaining 75% Of Your Buyers
Once you have these segments, find out what makes Segment 1 unique and different from Segment 2.
Next, what makes Segment 2 unique and different from Segment 3?
The easiest way to do this is by running a survey (I don’t recommend it).
The best way to find this information is to get on the phone with these folks and ask them a few questions.
- What attracted them most to your business over your competition?
- What are their biggest challenges?
- What are the biggest results they achieved from working with you?
- What is the ultimate result they hope to achieve?
The more information you can find, the better it will help you serve them, market to them. and find more buyers like them.
These segments become your target:
The 4% are your “bullseye” buyers – and are worth the most to you…
Followed by your 20%, then the 75%.
If you want to win, keep your aim on the bullseye.
“Instead of targeting millions to reach thousands, we now target thousands to reach millions.”
– Weber Shandwick
When you clearly understand who your “4%” are, then your #1 job is to get more of that 4%!
When you launch a new product/service, don’t ask, “How can I serve all of my possible buyers?”
This is how you get more of the 4% and become the obvious choice for those unique people.
Nordstrom has made it crystal clear that they’re not interested in the same shopper that Wal-Mart is after (and vice versa).
Apple and Microsoft are going after two very distinct markets…
Follow me here?
Whole Foods vs. Hannaford
Harley Davidson vs. Honda
Charles Gaudet ($2,500/hour) vs. most business coaches who charge anywhere from $50/hour to $200/hour.
Go a mile deep serving that 4% until you’ve dominated that market… Then, and only then, look to open up a new profit center.
You see, everyone thinks limiting their market is limiting their potential…
The reality is that the opposite is true.
Jay Abraham, CEO of the Abraham Group, Inc., says:
“Within your niche market, you are seen as they only viable solution. You understand and articulate the market’s needs, hopes, dreams, and problems better than anyone else, and you offer clear-cut solutions that your market will prize and desire exclusively from you.”
In my book, The Predictable Profits Playbook, there’s a chapter on “The Riches are in the Niches.” In it, I cite a quote by Claude Hopkins:
“If you try to talk to everybody, you talk to no one.”
If you want to achieve extraordinary growth, you must remain focused on your best customers and build the reputation in your market for delivering the best results in this market.
Focus on the target:
Reach an ideal client…
Solve a specific pain…
Consistently achieve a predictable result…
And solidify yourself as the “go-to” expert for these buyers.
When you focus in on this very specific “bullseye” market and continually ask yourself:
“What else can I do to deliver an even greater value, benefit, or advantage to help my best buyers achieve the greatest result possible?”
…You’ll find that the sky is your limit.
Everything – your emails, your website, your advertising, etc. – must be dialed in to speak specifically to this market.
Remember, all of your marketing is designed to ATTRACT your bullseye buyers. If it’s too broad, you’ll get ignored. Speak to them very specifically, and they’ll sit up to pay attention.
Your message must be specific, simple to understand, and easy to act on – or they’ll find someone else.