This has been a gratifying day because two people who purchased my book contacted me to confirm that the advice about choosing a target market works.
One learned this lesson the hard way. He invested one year in a business relationship with a business owner, trying to sell him development services. He just found out that the owner — despite being fully aware of this person’s capabilities — hired another firm for web development, one that has a complete solution set for his specific industry.
The second called from Australia, and is doing everything right to dominate a niche market. (By the way, I love Australian entrepreneurs. At Harvard Business School the Australian students got the best grades, were the best drinkers, and had the best senses of humor). They have joined the major association for their target industry, and are figuring out how to get visible within the association. They are planning on writing articles, speaking, issuing press releases, doing research, targeting their web site, and everything else that goes with a vertical strategy. Today a Board member from the industry association indicated an interest in endorsing the firm, as they are the only IT company that specializes in that particular industry!
Are you still sitting on the fence, with the hope and illusion that unlimited prospects equals lots of clients? In reality, a narrow market and a limited set of prospects equals lots of clients — and is lots less expensive to reach.
But it’s your business….