During my ten years as a coach to entrepreneurs, I have often been struck by how many of my clients think that everyone is a potential target for their product or service. Another common misconception is that they have no competition in their field. Both beliefs create lots of work for the entrepreneur as they try to be “all things to all people.” I coach my clients around the critical effort to get to know the landscape of their industry and where their business fits into it. I like to compare the process of defining one’s market niche to how an hourglass looks — the more you narrow your focus, the more you expand your opportunities for what is possible with your business.

Knowing the specific characteristics of your customers allows you to reach them far more effectively. Do the market research: What are they reading, listening to on the radio, watching on TV? What web sites do they visit? Where do they shop, exercise, and go on vacation? Then you can create flyers, brochures, business cards and web advertisements and place them where your buyers will see them.

For example, I recently coached someone who wants to provide a new service for parents of young children. It is designed to be an after school activity, a school vacation alternative and a birthday party option. I asked the entrepreneur to think about where she might be able to reach prospective parents. She came up with school bulletin boards, pediatrician offices, grocery stores, toy stores, parenting magazines, local newspapers (especially children’s supplements), child care providers, libraries, churches/synagogues, community centers, etc. Then I asked her: how can your marketing materials speak specifically to the needs of the buying parents?

Some examples she developed were:
Looking for new things to do with your children after school?
Need activities for spring break/summer vacation?
Tired of the same old birthday party?
Love art, but tired of finger painting?

Magazine and newspaper articles are a wonderful and inexpensive way to market as long as they detail your company’s uniqueness and are in publications that your buyers read. There is a lot of competition for all things kid-related, however. My client must differentiate her services through features, promotion and pricing. It takes testing to see what the consumer ultimately wants, but if it is unique enough, it could just be the new “hot” children’s activity.

How about you and your business? Is your product or service meeting an unmet need? What are the specific characteristics of your clients? How can you best reach them? Who else is seeing them that could be referring you? Spending the time to develop a strong marketing plan is invaluable and leads to a more profitable business. As your coach, I say “get to it!”