Business and markeiting

Identify a target marketing

Your marketing plan is simple and efficient:

1. Identify a target market.
2. Develop a strong marketing message and hook.
3. Create one piece of marketing collateral that will attract prospects and set you apart.
4. Get visible in your target market -- the manual way.
5. Keep following up to build relationships and credibility.

The SitePoint article world domination for small web business explains the importance of choosing a target market, preferably by industry. Many start-up enterprises resist this advice. They don't want to focus, for fear of missing out on any opportunity to generate business and bring in money. They also like the comfortable illusion of having an unlimited number of prospects.

Of course, as the article notes, focusing your marketing efforts on a specific industry ends up being less expensive and more productive. You reach your market at a lower cost, because people in the same industry read similar publications and go to similar association meetings. People in the same industry talk, and word about you will spread more quickly. Also, you build credibility more easily than a generalist, because you can speak your prospect's language and because you understand their specific industry issues. Finally, there's an opportunity cost involved in chasing business outside a target market, because you could use that same time to build your name and reputation within your niche.

Having said all that, I understand the constraints and pressures of starting a business. Practically speaking, why would someone with no visible source of income and limited reserves turn down business?

Here's a suggestion for those who are just starting out:

Spend 70% of your time pursuing business in a focused target market (using the criteria in the article mentioned above), and 30% of your time pursuing business based on your existing network and sphere of influence. That way, you build a competitive edge in a focused niche, without suffering the pain of missing out on too many "slam dunk" opportunities from people you know.