Articles - Rifle or Blunderbuss!
Avoid the ’blunderbuss’ approach to marketing!
The word FOCUS should be the key word for small businesses.
Small businesses should avoid being ’too broad’ with their marketing... simple reason being is that your resources will be spread too thinly to be effective.
Segment your market
- Not all of your customers have the same needs. Group your customers according to their needs. These groups are your main market segments.
- Don’t treat all of your market segments the same. You need to customise your product/service offering and your communication to be appropriate to each segment’s needs. The results will be worth the effort because there is substantial evidence to show that businesses that take account of their market segments in this way are more likely to be successful. Focus on a manageable number of segments to avoid overstretching your resources.
- Focus your marketing attention on those customer segments where your main strengths have the best fit.
Focus on a niche
- Focusing on a market niche is a good thing to do for small businesses.
If you face heavy competition in a mass market, particularly from larger businesses, it takes a lot of resources to compete. Also, for smaller businesses, ’your size’ can also make you less credible. - Take a look at your market and identify whether there are any market segments that are not being adequately served. Look at ways in which you can make an offering to fit their particular needs. Of course it has to make business sense before you pursue this path, and it is not without risks itself.
Focus on a particular offering
- You may find it beneficial to consider focusing even further within a niche or market segment to become a specialist. Small businesses have greater credibility as specialists and there is the advantage that you will develop a very deep knowledge and expertise within your market as you pursue this route.
- The disadvantage to this strategy is the risk associated with total reliance on a small market sub-segment. You will need to monitor the market regularly so that you can be ready to target an alternative market if necessary.