Article Surfing Archive

If you want to turn on the profit making potential of your business you need to put your focus back on the market.

Market First, Product Second

Ask yourself this simple question. Who is my target market? Now stop for a minute and write down your answer so you can't deny it in two seconds when I ask the next question.

Now put your answer in the middle of this sentence. "I think I'll phone _________ and see what they are doing." When you put your answer in this sentence, did it make sense? Did you write "I think I'll phone Real Estate Investing and see what they are doing" or "I think I'll phone Dog Training and see what they are doing?" If your sentence is nonsense don*t worry, you're not alone; but you do need to rethink your approach because you are thinking about what you have to offer instead of thinking about the group of people you are trying to help.

This is one of most limiting factors that businesses put on themselves. If you want to really grow you've got to turn that thinking around. Instead of thinking about who you can sell exercise equipment to today, think about who you are trying to help. If you're trying to help people who want to lose weight, then focus on how to help them lose weight. It could be exercise equipment, it could be exercise videos for weight loss, it could be diet plans, it could be walking groups, support centers, and a whole lot of other things to go along with your exercise equipment.

When you focus on how you can help the people you are trying to help, instead of who you can get to purchase your solution, you get them coming back to you again and again. If you are thinking about the problem your customers have, there are many solutions you can offer them. If you think only about how to sell them the product or service you already have, then you are missing out on all the other opportunities to help your customers, and do more business.

The Best Market is Your Existing Market

Let's say you do have your thinking the right way around, and you're focused on all the ways you can help a particular group of people. Where do you find them?

The absolute best market you have is your existing customers. Think about it. You already know who they are. You already know how to reach them. Hopefully they already like you because you did a great job of serving them before.

So before you rush out and purchase advertising to blanket the entire city, take a look at the customers you already have and see if there is anything else you can offer them. You may not need to run an expensive advertising campaign. You might be able to mail a flyer to just the people that already deal with you. You might be able to hand them some information the next time they come into your store. The best, most accessible place to find new opportunities is with the customers you already have. Find out what else they need, and get it for them.

Put the problems of your customers ahead of your products and services in your mind, starting with the customers you already have. When you focus on the market first and the solution second, the potential profitability is endless.