Years ago, I was reading a lengthy blog post written by a man named Mike Ramsey.
Mike was writing about his journey in starting a company. In the article, Mike spoke about an experience he had. Mike was still getting started and he was seeking advice from his mentor. His mentor was trying to convince him to focus on one specific aspect of his target market. I remember Mike reciting what his mentor said…
“There are 30,000 companies in this country that do what you do. Do you want to be another one in the mix, or do you want to be the best at something?”
Those words changed Mike’s perspective, as they changed mine.
Those were the words that led me to focus my marketing company on addiction treatment marketing. It is one of the best business decisions I have ever made and I think this advice can translate through any business in any industry. Let’s look at a few reasons why.
For most businesses, it is not necessary to have lots and lots of customers. Obviously, more customers are better but for practicality sake, many times finding the right customer is even more valuable than finding a lot of customers.
Targeting a “specific customer” usually means that fewer people are fighting for that business. The trick is to find the openings where your competition hasn’t already laid a solid foundation.
Just imagine if you could own a specific customer base. Once you claim ownership in a specific niche, you can always expand. But in doing so, you are expanding with the revenue that you already have.
This is much more effective than trying to fish the entire pond at once. Start with a corner of the pond where no one else is fishing.
Word-of-mouth marketing is still extremely important and effective. People talk and people like to do business with other people that they have been referred to.
If you are able to become an industry expert in something very specific, there is a great chance you will bring in word-of-mouth referrals simply because you are doing the best work.
For instance, when I was growing up I did lots of contracting and carpentry work. My boss was a man named Mike. Mike was a brilliant builder. He could build anything and he would do so with perfection. But, there was one job that he never touched. He hated doing cabinets.
Cabinets require a serious attention to detail. You need to be meticulous and exact with your measurements. Mike always called the same guy when it came to cabinets.
This guy built his entire business around being the best cabinet maker and installation expert in the area. He didn’t frame houses run electrical wires or put up sheet rock. He built cabinets and he was the best. His expertise led him to own an extremely successful business.
The lesson is that having a wide knowledge base is valuable, but being an expert is priceless. Find something to be an expert at and build your business around it.
If you are just starting your business, the truth is that you may need to wear many hats. That’s just the nature of small business. In the beginning, you are the owner, the manager, the janitor, the accountant, and everything in between.
However, as you start to bring in real business it is paramount that you hire help that do the work in the business so you can work on the business.
Focusing on a specific niche makes it very easy to work on a business because all of your sales, marketing, and outreach give you a laser focus on who you need to talk to and what you need to make happen.
As you grow, you can continuously replace yourself in job titles that don’t bring in new business and don’t help you scale and expand.
Do you remember the movie The Patriot? Do you remember what Mel Gibson’s character taught his sons about shooting? He said “Aim small miss small.”
That concept still applies.
If you know what it is you are aiming for, it is much easier to get it. With this focus and determination, you will become an industry expert and you will do so in the little corner of your marketing where there is less competition.
Any business requires good marketing. In this digital world, a new website with smart marketing strategies is a must. There is no way around it. A website is critical for any small business to grow. Get a free web estimate today and our team can digest your specific market and find openings that will give you the best chance for success.
-Guest post brought to you by Tim Stoddart over at Stodzy.com!