Matt Lloyd - Profile

How to Narrow Your Audience and Niche to Market More Effectively One common mistake that is made by many different businesses in all industries, is that they try to make everybody happy. Maybe it’s a restaurant owner who tries to have too many menu options, or an online marketing specialist who tries to teach all methods to all different types of people. Huge mistake. Let’s take a look at how to effectively narrow down your market so that your marketing becomes effortless. The Do-it-all vs. the Specialist If you pay attention to how people purchase goods and services, you will notice that most people will prefer to purchase from a specialist, as opposed to the generalist. For instance, if you need your teeth straightened, most people will go to an orthodontist, as opposed to a general dentist. Or when your automobile gets a flat tire, people typically just head to the tire repair shop, as opposed to a general automotive repair shop. As a business that “specializes” in 1 thing - the consumer has the general feel that “these guys are pro’s.” So generally, the consumer expects a better level of service. And guess what? With this expectation from the consumer, the business can then charge more for their services, and people will gladly pay for it. Respect My Authority! Also, when you operate a business that focuses on a few things in a narrow scope, people will view you as authority in the field. So when your general physician sends you to an optometrist or ophthalmologist for an issue with your eyes, you will have the sense that this “eye doctor” really knows what he or she is talking about. Becoming an authority figure in any business is the key that opens the door to higher profits. Why do you think brain and heart surgeons make so much money for their time? It is because they are extremely specialized, in an area that is literally life and death. Expertise + Economics = Profit Margin. The combination of an authority figure with the addition of high demand creates the opportunity for lots of profit! Identify Your Avatar When we refer to your “avatar” in business, it is not the popular animated movie. Your avatar is the certain demographic of your audience including: * Age * hobbies * Location * Styles * Habits * or anything that identifies your key audience Identifying your avatar is very important in a business to grow. Take a cosmetics company for example. Rarely will companies try to create ALL cosmetics for ALL women. There are brands that strictly focus on young, modern fashionable women. While others maybe target teenage women for instance. Narrowing When you put all of this together, you have created a narrow market. You now have a defined product, or small group of closely related products, a niche, and an avatar. You now are precise in your target market. So what comes next? Marketing and advertising! How easy is it going to be to market and advertise now that you’ve narrowed down your market? Much easier, of course. Imagine a new restaurant opened up and the owner wanted to sell all types of foods. Who would he advertise to? How much more difficult would it be to advertise as opposed to if he had a more focused approach and a narrow market? Now let’s say his brother, who had the exact same business skills, wanted to open up a restaurant right across the street (because of their brotherly competitive spirit!). And the brother wanted to put in a taco stand that serves lunch, dinner, and late nights. And the taco stand is going to target young people and young families who want to grab a quick bite to eat, get freshly made tacos with the best ingredients. Can you see how the customer avatar is being created? Can you see how narrowing can help build and grow a business? Now you can put all of this together. Start at the beginning and identify who YOU want to be and what services you have the skills to provide. Next, focus your tasks on becoming an expert authority in your niche and figure out who your avatar is. Then, your marketing efforts will become a lot more clear! Good luck!