Start by defining precisely your speciality – the what of your business, typically this will encompass areas such as: your expertise, advice, methods, services, products.

Now define the who of your business, the target market from which the majority of your clients come from, review your existing client base to determine if there are any common or shared features. This could be industry sector, size of company, location etc.

In contracting economies it is tempting to chase business from whatever quarter and the thought of in some way limiting potential clients is counterintuitive. In reality, defining your target market doesn’t need to limit you, it can in fact focus you on your particular strengths. This in turn will assist in formulating more effective marketing strategies appropriate to your niche. When you identify your niche you can begin to develop your profile in that sector and be viewed as the best or an expert in your particular field. In order to get specific about your niche you need to be specific about your market, do the following:

• Target your market
• Segment your market
• Identify your ideal client

Once you have established your target market, you can identify their needs and the services they require. Customer needs should be analysed in further detail so that your marketing activities are leveraged to achieve the best results. Whenever possible determine the following information:

• When do customers want the need fulfilled?
• How do the customers want the need fulfilled?
• How much are the customers prepared to pay for that fulfilment?

This should provide you with a better sense of your business and who you offer products or services to; the next step is to create a business plan. Many small business owners avoid writing a business plan, this is understandable but erroneous. A business plan does not have to be weighty and cumbersome the plan can be informal and flexible enough to meet changing circumstances. A plan can consist of the following headings:

• Business overview and direction
• Business identity (summarise your products and services, your niche)
• Unique selling points (USP’s)
• Prioritise your business goals

Completing this exercise will focus your attention on the most appropriate strategies to target your niche market. It will underpin your external marketing message and sharpen your value proposition; your employees will gain a better understanding of company direction and vision. Your ability to demonstrate your capabilities to your target market will drive your sales and marketing efforts in the most effective way.

Contact your nearest Ology Business Coach now.

Written by Paul Doyle, Ology Coach, Dublin, Ireland

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