No matter how much I sing the praises of targeted marketing, there are those who still are naysayers and perpetuate myths. There are those who continue to question the possibility of great success (and good money) by marketing to a particular target market; it can and will be profitable if you do it right. I just want to drive home the point of how you can benefit from targeted marketing and how you can separate fact from fiction.
Here are the top 2 most common myths that surround targeted marketing and the truth behind them.
Myth #1: Small Market, Small Client List
A small target market does not dictate a small client list.
Sure this can be true, but it is a blanket statement to say the least. Take for example the coaching market. This is arguably a “small” market compared to the majority of business owners who use virtual assistants. But coaches are a VERY chatty bunch and whenever they find something or someone of value, they want to shout it from the rooftops and before you know it, you have gained three paying clients from just one referral. And, because coaches usually charge based on their value to their clientele, they already understand your value and are willing to pay for it. Therefore, just because you are focusing on a particular segment of a larger market does not make your earning potential small. It makes your target more focused.
Myth #2: You need to expand your offerings
Are you familiar with the old adage, “less is more”? Well, it’s a phrase that carries on in its infinite wisdom for a reason. It’s true! And it is especially true for marketing.
You’ll never hear of a carpenter who manufactures hand-crafted rocking chairs begin to offer leather sofas. Why? Because he has a specialty and knows there is a very specific group of people who enjoy and appreciate his work. Just the same, you may never hear of a fast food restaurant offering five course meals. Again, they know their market, they understand what their market wants, and they stick to it.
You should do the same! Remember, you can’t serve everything to everyone. You should focus your efforts and continually work on perfecting them. That is how you will set yourself apart and gain the trust and respect of your clients.
Quick Start Assignment:
- Hang out in forums or online groups where your target market hangs out and notice what they’re talking about and asking each other for help with.
- Search for another virtual assistant who services this market and ask what problems they are helping their clients/customers with.
- Contact a few people who are in your target market and ask them about their biggest challenges.
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