When you started your practice and decided who to serve, I bet you thought you would like to serve everyone. If that wasn’t the case, I bet you tried to serve a very broad spectrum of clientele. We all do this at some point in our careers because we don’t want to limit our business or turn away potential prospects.
However, the reality is we each need to find a specific target market.
At some point, preferably sooner rather than later, we all must sit down and analyze our niche to be successful. Who is your perfect client? Give them a name if that helps him/her become more real. Talk about what their life looks like. How old are they? Are they married? How many kids do they have? What legacy do they want to leave? What insurance do they need? How much money do they have set aside for retirement? What are their overall goals?
This may sound like a funny exercise, but I promise it’s worth your effort. You may think, “I want to serve other people as well,” but don’t let that cause hesitation. You will serve those other people, but having a defined niche target will make your marketing and sales efforts more fruitful. Then, as you experience success in your initial niche, your target market will gradually expand.
Through coaching others, I have learned this is one of the most successful exercises anyone can do—not just those in our industry. If your niche is business clientele, maybe you should suggest they do this exercise as well. I’m sure they’d be happy to do business with someone who helped them improve their own.
Now, don’t waste any more time trying to be everything to everyone. Take the time to identify your niche market. Trust me, one day you’ll be very glad you did.
Already defined your niche? That’s terrific, and I bet your business is more successful because of it! I’m curious though, what did you learn from the process that you wish you would’ve known from the beginning?
Submitted by: Dennis M. Postema, President & CEO of Postema Marketing Group, LLC
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