Archive for the ‘Target Market’ Category
A recent post on LinkedIn prompted me to reply. The question was prompted by a company asking, “How can I compete with the ‘Big Boys’ in my business?” The business in question is ‘home remodeling’ and yes, there are all kinds of players in that field — from newbies to seasoned pros who’ve been in ‘the biz’ since they were born (or, so it seems!)
ASK . . . And Ye Shall Receive (Great Marketing Insight!)
I suggested the person survey his clients and learn what his ‘ideal client’ wants from a remodeler and then use those insights to make sure he’s operating in such a way that he’s seen as ‘more’ attractive on those qualities than his competitors — big or small.
A Practical Example of Managing Impressions to Cement Perceptions
One of my clients, a siding and windows company learned (by surveying his clients) that ‘appearances’ affect which firm a prospect is likely to hire. As a result, he pays for his crews to have a clean uniform and a truck wash EVERY day! Why?
Because it’s what his target market members want from a firm they’ll hire to replace their siding and windows. When this firm does work in someone’s home, they also wear surgical booties over their shoes, too. Why? They are managing the IMPRESSIONS they make on a client. That helps the client form a PERCEPTION about the firm that, “All things being equal, THIS firm is ‘better”. Seems to be working as his market share has been growing . . . at the expense of other firms in the same geographical area and business.
KEY POINT:
Manage the EXPERIENCE . . . Cement the PERCEPTION . . . Beat the COMPETITION!
Ever wondered what your prospect wants?
Ever get someone something ‘less than’ what they wanted for a holiday gift?
Was it because you simply did not take the time to learn what mattered to them? Regardless, once you blew it, you blew it.
Gift Giving for Your Prospects? (no, it’s not what you think!)
I’m not pitching anything. But I will suggest that you give a very powerful and deeply appreciated ‘gift’ — your commitment to care enough to learn what matters to your prospective client.
We all have hopes and fears and dreams and . . . well, you get the idea. Your prospects are people who have been frustrated at getting their dreams to become reality, their fears to go away and their hopes to have a chance in you-know-what of actually happening.
“Givers Get” – Ivan Meisner, Founder of BNI
Ivan’s advice to networkers is very true for you, too. IF . . . you give a prospect your considered attention and sincere interest in learning what will make them happy, you’re likely to make a sale to make that happen.
Bonus Question: “Why do you think I chose the image for this post?” Do you really know . . . me?
KEY POINT:
Hopes, fears and dreams . . . all make the world go round and . . . the deals go down!
Is there value in targeting a ‘niche’ instead of ‘anyone and everyone’?
Well, if a 2008 college drop-out can start a firm that caters to ‘moms’ who want / need financial advice and last month raised $19 million to help it launch a round of new products, then . . . YES! Yes, finding a niche seems like a damned good if not a great idea.
Started by Alexa von Tobel, LearnVest is an online site that caters to the unique needs of women to learn and practice financial principles for the good of their family and themselves.
Alexa’s choice of a well-defined, geographically-diverse and significantly-sized market segment is brilliant. The fact that many companies and financial planners are not already targeting this rather significant group of household decision-makers is rather surprising!
Providing an easily accessed, women-centric version of financial education through a variety of highly interactive tutorials, checklists and other tools in a ‘cozy yet professional’ website seems to have been a smart way to differentiate LearnVest from the myriad groups of planners who all seem rather vanilla to most of us.
KEY POINT:
Finding a niche that needs what you offer and others aren’t = Ka-Ching!
