In the first of a three part series, I want to talk about the first of the "Three M's" of Marketing - they are:
1. Market
2. Media
3. Message
When an professional service provider like a CPA or Attorney looks at a "Market" or "Niche" there is at first a tendancy to look at "everyone" as a potential client. However, nothing could be further from the truth. Just like you woulnd't see an orthopedic surgeon for a skin condition, we all have our specialties in services we offer, and problems we solve.
Specializing limits your liability and allows you to focus your resources.
As you define your customer, you further define the Market you wish to serve. For example, you want to serve business owners who have the following charachteristics:
- Revenues between 500K-5M
- Business established more than 5 years
- 3-50 employees (or more)
- The ability to pay your fees
If you are a CPA and serve individuals and provide tax services - what is the market you wish to serve? is it geographical? Is it within certain Zip codes, or employees of certain major employers in the area?
As small business owners and professional service providers - we don't want to flood the marketplace with our Message with all Media, we want to focus our efforts as much as possible within our chosen Market - which will greatly improve the efficiency and effectiveness of our investment.
And don't forget the most important Market of all: The Market you already have established - don't spend all your energy on acquiring new customers, spend time, effort and money reminding your current clients the value you bring to the table. You'll be rewarded with more referrals as a bonus.
David Rachford is the founder of http://www.cpamarketingcenter.com which provides marketing products, services and turnkey marketing programs to the accounting profession. Mr. Rachford also maintains a popluar blog focused on marketing for accountants at http://www.cpamarketingcenter.com/blog.
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