Many people operate under the mistaken belief that “If I focus on a single target market, I’ll miss a ton of opportunity.”
Well, the truth is you might forego some opportunity, but your success in your niche will be so great that you’ll never miss it.
Once you've defined your target market, the next step is to establish a rock-solid reputation for serving your niche. Here are three strategies to help you create a reputation that leads to new clients within your target market.
1) Position yourself as a specialist.
Which opening statement do you think is more likely to create interest and curiosity about your value:
“I’m a financial advisor and work with small business owners who want to grow and protect their wealth.”
“I’m a financial advisor and I specialize in working with owners and executives in the printing industry who want to grow and protect their wealth.”
When you talk about your value proposition in a way that makes it clear that you specialize in serving your target market, you are more likely to catch prospects' attention.
Another word you could choose to use is “expert.” For example, “I’m an expert in … ” or “My expertise is … ” I know that some people have difficulty calling themselves “experts.” Personally, I think this is limiting thinking. With that said, you need to choose words that roll off your tongue with ease and confidence. Go with what you're most comfortable with.
2) Meet the influencers.
Every target or niche market has influencers, such as association presidents (past, present, and future), and the more successful or respected members of the sector. Meet these people. Find ways to serve them related or totally unrelated to your core business. For instance, perhaps you can assist them with their philanthropic interests.
Be careful not to come on too strong about the work you do. Serve first. Be interested in them. They will then eventually give the attention back to you and how they can help you once you’ve built trust.
3) Speak, write, get quoted.
Most experts who have achieved a wide reputation within a niche include writing and speaking as part of their strategic plan.
Perhaps you’ve heard the term “thought leader.” You establish yourself as a thought leader by writing for and speaking to your target market. These can be articles for an association newsletter, your own blog dedicated to your market, guest appearances at meetings, or even educational events that you host. Once you’ve truly established a reputation as someone who “leads the discussion” relative to your area of expertise, the market’s media will start to seek you out for interviews and other experts in your target market will start quoting you.
Don’t like to write? Talk your thoughts into a recording device, have them transcribed, and hire an editor to clean them up. Don’t like to speak? Take a course. Just make the decision to get over your fear and get good.
Are you having success in a target market? Are you considering a target market approach? I’d love to hear from you. Send an email directly to me at BillCates@ReferralCoach.com
Originally published Nov 3, 2015 7:30:00 AM, updated February 01 2017