Should I focus on just one niche customer group initially?
I have been trying to get feedback from my ideal target audience but I am finding the group hard to reach. There is another target audience that could benefit from my service. I am not as passionate about that group but I think they may be easier to get feedback as I build out my business. Should I focus on both or only one?
I'd go after several at once. It may turn out that one or two niches reveal themselves to be more profitable (or as important, more fun to service) over time.
Then that's where you focus your energy.
Not unless you have assessed your customer base in the complete area within the reach of the business. This includes population demographics, advertising statistics, and current customer participation. For online work, SEOs and ROI at time/cost benefit returns should also be included. Once you know who is already buying your product or who is automatically included in the customer base you are trying to reach, then you can assess your product for marketability and possible changes to adapt to fit the customer demographics. Also, do not abandon your idea of your "ideal target" reach- this is the core of the ideology of your product. On the other hand, you should not limit the product before you have analyzed current status as this will help you build your business realistically.
I think most of my colleagues have said this, but you have to have an Initial focus to get someplace. If you are doing everything, that is hard. Passion is great, but Paying the Bills typically comes First. I would lay out a 1 Year, 3 Year, and 5 Year Plan. That may not be realistic- it may be 1 year, 2, year, 3 year. Depends a lot on how your market is defined. Be Careful Passion does not get in the way of Success. You can be Successful and that Can Fuel Your Passion!
Paradox is king.
If you only focus on one thing AT BEST you will have one thing. You MUST never clip your wings. Keep your options open look for another market while focusing on these two. That's what entrepreneurs do. Now it is a question of dosage. How much effort, money, energy to put into each option. Life moves so should you
Richard Stern-suggest going to a target group of customers by ease of access. The more difficult customers come on later after you establish the company with one set of customers
The point of customer validation is to find the customers for your service. I suggest you test both. You may learn something from the second group that will help you reach the first. Perhaps you are not finding the compelling reason to give feedback for the desired target market. Learn from every source, to help refine both your idea and how you test you hypothesis.
Reaching out to a different customer group can only benefit you. As they say, the more the merrier. Besides, you have to allow for whatever response time the first group might require. I don't see the harm in broadening your base if you have the time and the bandwidth.
Try them all. if you just put your efforts into one group and it does not work out, then you have wasted effort and missed opportunities that could have came from other groups. Pre 1990’s it was much easier to focus on particular groups and areas because that is how it was done “all local” and word of mouth but now due to internet you can reach out to anyone, anywhere, anytime. Just put your idea/product out there and see what it can attract and then go on from there.
Focus on your best interested target market. Success creates a wider market naturally.
I don"t think so never focus on just customer any how - We don"t know future days - things or situation may change - from my practical experience we shall always find new customers as much as we can .
Both, pick the 'low hanging fruit' the easy to get to audience. This will pay the bills while you work out how to get to your preferred audience.
go get "startup owners manual" you find your starting segment: " early-evangelists" ( people that try to build your solution by themself). you find full details on the book on how, when, what etc get them and why. Then if they proove your segmentation to be good: use the 3i formula to caputre them customer into your funnel: Invite, inform, intertain. good luck.
Morgan; if both of these groups that you refer to you are your target market then you should use whatever information that you can gather from them. This will assist you to be able to not only meet their needs but also be able to exceed there needs. I would take a look at your Marketing Plan, if you have one, so that you can clearly define who your ultimate client is and how you can best serve them. Hope this helps.
How different are the two target groups, and how different do you need to market to them? I think this is an important factor. Are you reaching them in a completely different way, so that you will have to double your efforts? Or is there overlap? I wouldn't limit yourself to one group if there are opportunities elsewhere.
It's hard to know without knowing more about your business, but I would say, do not limit yourself in the beginning if there are opportunities for growth. Even if its with something you're less passionate about - if it's still aligned with your values and your vision and can help you. You have to weigh the needs vs. wants. Do you need the business? Will it bring it revenue? Is revenue more important than passion, at least at this stage? Often it makes sense to get more choosy as you get more successful and scale out.
A niche provides you with focus and knowledge and gives customers a sense you are familiar with their needs/products. Niche selling gives you a shorter list to act on to drive sales and also a built in potential referral source as people tend to know people in industires (b to b) or have similar likes/tastes (b to c).
well to me it sounds good to stick on to the target's whom you can reach quickly so that you can address their needs better than those are remote to you. but should keep the others in mind and should gradually shift focus on to them as you grow.
Always reach as many members of your target audience as you can. Adding more segments on to your target market will substantially increase your ability to create additional revenue streams or at the very least acquire more clients. Hope this helps!
Focus on the most promising prospects and the industry you have experience with for the credibility. Many prospects will ask for references and they will put value on those that are relevant to their needs and/or similarities. A jeweler will want to see that you have a jewelry client. A company looking for a direct mail campaign wants to see samples and case studies as proof of your experience.
You have lots of great direct advice here.
Stepping back a bit, you might want to have a local Score mentor perform a critical review of your business plan. Free and confidential advice. Start here - www.score.org
Yes focus on just one and the one you are most passionate about. By doing to much you just weaken your offering and spread yourself to thinly - conquer one then move to the next group.