“Who’s your target market?” I asked.

“Well,” she said, “my service could really help just about everyone.”

Right there was Kathy’s problem. If “everyone” is your target market, you’re practicing the “spray and pray” technique: You spray your efforts all over the place, and pray they yield results.

“The smart marketer knows the days of “spray and pray”…[are] effectively over,” says Paul Barsch, software-marketing director. “To achieve higher response rates, marketers must develop more targeted, relevant, and timely marketing programs.”

Imagine if Brittney Spears mailed an advertisement out to a generic list that included (unbeknownst to her) a lot of senior citizens. She probably wouldn’t sell many CDs, right? It’s about finding your audience—what kind of people will be just crazy about what you have to offer?

“Often business owners view a niche market as narrowing their sales or cutting into a profit margin,” says marketing consultant Laura Lake, “so they fear it. The truth is a niche market…gives your business POWER.”

Effective marketing is a little like fishing. What type of fish do you want to catch: salmon, trout, or cod? Once you know that, you can better determine where to go and what type of equipment to use. Unfortunately, most professionals go after the wrong prospects in the wrong places using the wrong approach. The result? An empty basket, and no fish stories to tell. In fact, this is one of the reasons so many small businesses fail, particularly at the 4-year mark. (According to the U.S. Small Business Association, only 31% of all start-up small businesses last past four years.)

To keep your business thriving—particularly in hard economic times—you must decide:

1. Who is your target market? In other words, what kinds of people are most likely to want your goods or services?
2. Where can you find them?
3. What are their specific needs?
4. What tools do you need to reach them?
5. What solutions do you have that will solve their particular problems?

My friend had to pick her daughter up from school. After our talk, she felt better. She had a new direction, and new ideas to try. She said she would call me to find out how to select a profitable niche. I hope she will, as I’m positive that with a more direct approach, her business will soon be thriving again.

If you’ve had success with a targeted marketing plan, please share your experience. And if you’re looking for your niche market, save yourself some cash and call me (Sarah Cohen at Successful Living Institute) at 208-288-2090. Together, we can help focus your efforts for a more profitable return.