Who is buying your market?
One of the biggest mistakes I see most business owners make is trying to be everything to everyone.
And as a Coach & Business Person myself, I totally understand. We know so much, and have such a wide breadth of skills and abilities we bring to the table that can help out so many people in such a variety of ways, that focusing on any one group or industry can be extremely difficult!
Throw in most people’s natural tendency to want to assist and help out as many people as possible, and you can see why most service professionals appear to have an “everything to everyone” approach when it comes to marketing their business.
But here’s the thing: That’s the exact wrong approach.
Because what people are looking for today is NOT a jack of all trades, master of none, but rather someone who can take a deep dive into addressing a specific issue or problem they might be facing.
For example, if you’re experiencing an issue with your marriage, would you want to work with a Life Coach who has the ability (but very little experience) in working with couples, or would you want a councilor who specializes in those situations?
Or if you’re having some work/life balance issues as it relates to spending time at home while still getting stuff done in your business, would you want a marriage councilor (who might legitimately be able to help based on her own personal experience), or a Life Coach?
Again, in my mind, the answer is pretty clear.
So when it comes to growing your business, I recommend business owners get real clear on who they want to work with. You might call this your “buying market”.
It answers the question of who is most likely to have a problem that you can help solve or address. For me as a Legal & Marketing Coach, my buying market is:
- A business owner or service professional who has been in business for 2 to 10 years,
- They may have had some legal challenges in the past in terms of partnership and service level agreements,
- Their business is continuing to grow, causing them to really look at making sure their legal house is in order going forward,
- They sometimes holds events or functions where the proper legal protections in place,
- They are steadily increasing their brand and overall awareness to the point where some people might consider them to be an “easy target”.
Those are the type of characteristics of someone who would find the most value in me as a Legal and Marketing Coach.
Does that mean I can’t work with start ups? No.
Does it mean I can’t add value to someone who doesn’t fit those qualifications? Of course not.
But it does mean that I spend my time, money and effort in attracting those who are close to my buying market, since I know based on my experience, that those are the folks who are really going to find value in working with me.
So as a business owner or service professional, if you’re looking to grow your business, do yourself a favor and really get clear on who you’d like to work with and who you can readily impact the most.
And even though I know you can help “everyone,” by resisting that temptation, and focusing your marketing efforts on those who are most likely to want to work with you, you will be much more successful in attracting more of the “right” clients to your business.