What can we do about it? Focus is the key!
Conventional wisdom says that a wider net catches more fish, but in today’s highly competitive marketplace, that kind of thinking is no longer the rule. Revenue comes from selling in the most effective way, and the new conventional wisdom is now “go narrow.”
A laser-focused company on the customers best positioned to win is the critical driver of revenue growth. It sounds risky to create a brand based on the needs of a very defined group. But it is a better approach to reach your growth goal, spend less on marketing, enjoy greater margins, and stand out with a greater competitive advantage.
When starting at Apple, Steve Jobs made a conscious decision to focus and take their product line from 350 products to 10 excellent solutions instead. Ditching solutions that didn’t do such a great job of solving customer’s problems removed distractions that subtracted from the brand rather than adding to it. That brings us to the basic rule of focus: winning 60% of 50 deals is better than 25% of 80.
No single product or service is ideal for every organization out there. Successful business leaders acknowledge that different customers have different sets of expectations and needs, and instead of focusing on the target audience, they focus on a niche audience.
Take a look at your product again and answer these two questions: who is it for and why is it for them?
The answers should also explain why your target audience should buy from you, and then you might need to dig a little deeper to identify the factors and demographics of individuals who may be attracted to your offering. From there, you can narrow down the sectors and tailor your messaging to laser focus on them.