Further proof that a target market is the way to go

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….

Free book: Jump Start HTML5 Basics

Grab a free copy of one our latest ebooks! Packed with hints and tips on HTML5's most powerful new features.

  • http://www.delyrical.com davidjmedlock

    It also makes it easier to define your business strategy and goals and to get your business on the road to auto-pilot. Since you know the industry, you can develop a system targetted directly at your target market, which lends itself to hiring others to simply execute the system. You then take your self out of the execution part of the business and focus on refining the system, developing new products and services, maintaining client relations, and other key business development responsibilities.

  • http://www.vitaleffect.com savagefire

    Any advice on how to hammer principles like this into the heads of the upper decision makers in my company?

  • aneitlich

    Get them a book that makes the case :)

  • http://www.lowter.com charmedlover

    Where can I get a hold of your book, you’re blog is awesome so your book has to be worth something good too.

  • aneitlich

    Thanks for the kind words. Technically I’m supposed to avoid self-promotion on this blog. See link to my website on my bio above (www.itprosuccess.com). There’s a $25 coupon hidden on the site, but if you tell me you are from Sitepoint in an email (see contact page), I’ll send you a $25 coupon via email.

  • Sean

    Hmm, much of this I already know as an young Australian entrepreneur. But as I have found the more of these kinds of points and articles that I drill into my head, the faster it is going to impact the way that I grow and manage my business. Thanks for posting :)

    Kindest Regards
    Sean.

  • http://www.payperclickadvertising.info ozgression

    Thanks for the compliment about Aussie entrepreneurs :)

  • http://www.waterfallweb.net/ RockyShark

    And it’s all true – all Aussies are legends! And very modest, too! ;)

  • http://www.dkdesignco.com ant1832

    Do you think “Small Business” is considered its own market? I have a lot of experience working with small business owners and wanted to use that experience to help sell websites.

    Do you think it is still too general?

  • http://elysiansystems.com/ leadegroot

    Ant1832:
    I understand that ‘small business’ is considered too general to be a niche market.
    A niche market is normally a small, specialist group.
    ‘small business’ doesnt meet either of those criteria.
    None the less, a lot of us feel that this is out niche!

  • http://www.hypertextdesign.co.uk kajax101

    Aussies are bums!