I have heard it once and again: “We can serve target market A, B, or C. And we can provide all of the services they require.”
Deeply narrowing a target market and servicing is something every single entrepreneur – and sales executives or financial advisors – have been at one point or another at least hesitant to do. They have what we would call FOMO – Fear of Missing Out – on a bigger, better, wider market.
So in order to get over that fear, here are the top three reasons you should narrow your target market:
1. Stand Out
The closer your message gets to what your audience is interested in hearing, the higher the chance that you will stand out on their radar and be heard. Not only that, this will create a “top of mind” factor for them to reach out next time they are thinking that they need help. For example, if you were to by an Audi, where will you think of going first? The multi-brand car dealership or the Audi one?
2. Be a Thought Leader
Yes, we all know you have a wealth of knowledge and can solve many of your client’s problems. But you have to solve just one issue to get your foot in the door. Present one thing you know well and position yourself as the leader of that one area/service/industry niche. Once they open the door, you will be able to present the world of services you have for them.
3. Open the Door to Develop Relationships
Here is where most financial organizations and others many times fail: they gain clients and forget to reap the benefits – or cross sell – to show the many capabilities their firm has.
It is key that once you have introduced yourself and proven that you can solve a client’s problem, you work on deepening your relationship by staying in tune to the challenges that your client is facing. Little by little, they will be open up for you to show them that you – and your organization – are capable of solving not one, but many of their problems.