Have you ever heard the saying, "You can't be all things to all people"?
So, why do so many people look to start a business where their product or service appears to be able to help everyone from the baker to the candlestick maker?
Because no one told them any different.
It's a natural tendency when people first start out in business. (Especially if they start out without a business consultant to tell them otherwise). Usually people start this way because they simply want to start to make some money. And fast!
But, what if I told you - you could make MORE money with LESS clients IF you chose a target market and identified your ideal client?
First, let's look at:
The dangers of trying to be all things to all people.
1. You end up with clients who don't pay you for what you're worth
2. You attract people who don't pay on time
3. You devalue your own product/service
4. You work WAY too hard because you are not operating in your STRENGTHS ZONE
5. You tend to end up working with people who are hot/cold. (ie: They work with you at first (hot) and then they trail off and find someone else (they get cold)
6. You end up not enjoying your business (your job actually doesn't look as bad as you thought it was!)
Can anyone relate?
Some good news.. you can make MORE money with LESS clients.
To start with:
1. Choose your target market
2. Identify your ideal client and
3. Be specific with your service delivery
(Not necessarily all in that order).
1. Choosing your Target Market
There is a net you can cast out into society that will capture the clients who are more suited to you and your product/service. So, what does that net look like?
It denotes for example; the age, gender, geographical location, income, occupation, nationality of a potential client.
For example: If "XYZ Coaching" targets business owners alone and nothing else then "XYZ Coaching" is setting themselves up for failure. I don't want to even imagine how overwhelming that would be to find clients! There is such a thing as having too many clients to choose from. Instead, "XYZ Coaching" would be better off specifically targeting a specific type of business owner, for example: small (5 -12 employees) which is owned by a female, with a turnover of $100, 000 in profit p.a, which is struggling with staffing issues.
2. Choosing your Ideal Client
In addition to understanding your target market it is important to identify who your Ideal Client is. You can do this by identifying not only who would be interested in your product/service, but who you want to do business with. For example: small (5 -12 employees) with a turnover of $100, 000 in profit p.a, which is owned by a female, who is struggling with staffing issues, who commits to 12 months coaching and pays 50% up front, who is on time and respects your services, who refers you to other business owners (that meets your target market and ideal client specifics).
3. Be specific with your product/service delivery.
By this I don't mean your shipping. I mean, what problem does your product/service solve? What is the outcome? How are you specifically going to deliver that solution to your client? There is a unique and specific way you can deliver your product than another person who may have a similar product/service.
These aspects support you in creating a unique selling point and the solution to moving away from "being all things to all people".
Again, understanding these 3 aspects of your business do not need to be engineered in that process. I suggest finding someone in business who you admire and is exhibiting these attributes. All successful businesses/companies operate with these fundamentals. In fact, they spend millions of dollars a year making sure they get it right. That's how important it is!
"I am committed to inspiring, empowering and educating women on being architects of change in the world, using enterprise as a vehicle - all according to their Purpose, Passion and Strengths."
"Find out what you love to do, discover what it is you do best & be an agent of change in the world. Now that's a life worth living!" Melissa Haupt.
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