For your business to grow there must be a certain prospect for whom you offer the ‘best’ product or service. If there is not then what you are offering is second best to everybody which is clearly not a sustainable business model.
‘Best’ can be defined many ways. It could for example be best price, best quality, best location, best features, most convenient or most trusted. Your target market should be defined not just by the prospect’s wants but also their location, ease-of-purchase, sex, age, income level, education and sophistication as a buyer. For example your product or service may be best suited to young, wealthy, sophisticated UK prospects or conversely middle-aged, middle-income, local, first time buyers.
If you are a B2B business then your target market will be defined by company size, industry, location down to the job titles of the decision making roles and major influencers. These job roles should be profiled by typical age and personality profiles.
You need to define your target market in as much detail as possible. A key test of how well you have defined your target market is if you come across a prospect in your target market are you at least 95% certain of winning the business? If not the reason(s) why you would lose should help you tighten your target market definition to exclude those prospects.
Now you need to think as a prospect in your target market. Exactly what are the key aspects of your offering that makes choosing you the best for them? What do they care most about in choosing your product or service? These are surely your key marketing messages.
Many companies waste a lot of marketing money pushing the messages they believe are important to the wider marketplace. What you really want to do is make sure everybody in your target market is aware of your business and receives the key marketing messages defined above. Is there any benefit spending money promoting these messages to prospect outside your target market where another company offers the best product or service? You may pick up some customers outside your target market but they should never be the focus of your marketing initiative.
To reach your target market you need to think through what events / shows your target market attends. What do they read? Who do they listen to? Are they part of a trade body? Your marketing budget should then be focused on using those opportunities to deliver your key messages.
You web site needs to be designed for your target market. It needs to appeal to them and talk their language. They need to see the key messages that matter to them and have their typical concerns addressed. They will be impressed by your focus on companies / people like them.
Once you dominate your target market then and only then is it the time to look to either expand your target market or expand the products /services you offer to your existing target market.