Hello James,
I have recently been advised by a mentor to focus on one target customer and one area of selling, however my product can be used in a number of different areas. How do I market one product to different markets and different retailers?
Sue
Although you don’t want to pigeonhole yourself, focusing on a specific sector can be the best way to scale a business because you’re able to master client needs and become an expert in your field.
Perfecting one area means you can put all your energy into making it a success without the potential distraction of having your fingers in lots of pies. The difficulty you’ll have targeting several sectors and audiences is the urge to be everything for everyone. In reality, this approach does not always work so can I understand why your mentor advised you to stick to one area.
However, with a lot of hard work, research and dedication, I’m sure it can be done. I admire your ambition and I think it’s great that you’re keen to capitalise on the business opportunities available.
During my 30 years’ experience investing in businesses I’ve learnt that you should never assume anything. There have been many times I thought I knew who I was targeting but then noticed something about the service or product that appealed to another market. This is what we call “low hanging fruit” – seeing opportunities and servicing demands – that’s exactly what you’re doing.
To create a successful business you need to build a brand and make your product a “must-have”. To do this, you will need to perfect your marketing strategy. As you are targeting a variety of sectors, you will be using different strategies for each.
It’s hard enough marketing a product to one market so you will need to give it your all. The best advice I can give you is research, research and research again. So many people underestimate the power of thorough market research and just how much it can help you avoid early hiccups.
It is essential that you know your industry inside and out before you start spending thousands on marketing materials. Size up your competition by finding out what they do well and what they don’t do so well. Understanding their strengths and weaknesses will only give you a better chance of succeeding.
You need to become an expert in your field and the only way to do this is through market research and showing your presence. Social media is the cheapest and most effective form of marketing. Building an online following is essential. Utilising Facebook, Twitter, LinkedIn and Instagram not only means you’ll get direct feedback from your customers, it also presents you with a platform to engage with potential leads or business partners. You can guarantee your competition is online, don’t get left behind.
When you have done this, your next step is defining your USP. Illustrate what makes you different from your competitors – perhaps you offer the best, most personable customer experience? Perhaps it’s your versatility. Whatever it is, make it known.
Your USP will, in time, become your business one-liner so you need to make sure you always deliver on your promise. Give your customers a reason to trust you and they will remain loyal. Trust breeds loyalty and loyalty breeds more business.
Starting a business is the most difficult thing you’ll ever do. You’ll have to work hard and sacrifice a lot to make it happen but it’ll all be worth it in the end.
I wish you all the success in the future.
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