Finding Your Bull’s Eye Market
In their book, Six Secrets of Sales Magnets, Laura Posey and Will Turner discuss the power of focus and the differences between average, professional and magnetic salespeople. One of the key differences is in how the top salespeople in any field, the magnetic salespeople, prospect and market themselves.
The most successful salespeople have learned how to move beyond target or niche marketing and zero in on a Bull’s Eye Market. The difference was eloquently stated in a Mastering Sales Magnetism sales training class by a business owner and student, Mark Campanale of Tandem Branding. Mark captured the essence of why target marketing wasn’t good enough when he said, “It’s like using a urinal in the men’s room with no lights on.”
So what is a Bull’s Eye Market? It’s a singular focus for your prospecting and marketing efforts. You can specialize by the market you serve, the product or service you offer or both. The point is that you don’t attempt to be all things to all people or even all things to some people. Instead, you become the right thing to the right people.
Most companies have a book of business that includes three types of clients; poor-fit, good-fit and perfect-fit clients. Poor-fit clients typically represent about 20% of a company’s client base, good-fit clients about 60%, and perfect-fit clients about 20%. There is one key difference between good-fit and perfect-fit clients. Perfect-fit clients are raving fans and give you qualified referrals. These are the right people – the Bull’s Eye as opposed to the “target.”
In other words, they help you grow your business by giving you other perfect clients. Just like them. By creating better fit clients, you enhance your position which leads to more repeat business and more referrals. And with the proper focus on the right market in the first place, your perfect-fit clients will be far more profitable. Not only will each perfect-fit client have a better margin, they will be loyal to you for the long-run, even in a challenging economy.
Most salespeople, and businesses for that matter, are afraid to narrowly focus because they are afraid they will miss out on opportunities. The opposite is actually true. By being focused you can more easily streamline your attention and resources while presenting a powerful and memorable message.
Now that you know what a Bull’s Eye Market is, how do you choose one? Unfortunately, there is not one quick and easy answer. It will require a healthy dose of soul searching and business analysis to find the right Bull’s Eye for you. Here are some highlights to consider:
- Determine your best clients. What do they have in common? Consider things like age, education, background, industry, professional associations, personality, etc.
- What clients do you form the deepest relationships with? Which ones value you as a resource and treat you like a partner?
- What is your background? Where do you have the most experience and expertise? What do you enjoy? Where’s your passion?
- Of your product or service offering, what is your favorite product or service? What is your most profitable?
- What is the one that has the highest customer satisfaction?
- What are the trends in the marketplace that impact the use of your product or service? Is your market big enough to sustain you in the geographic area you want to do business in?
Once you have the answers to these and other questions, look for the blinding flashes of the obvious. Trends or patterns will emerge to guide you. Your intuition will kick-in and you will start to see your market with a fresh perspective. If needed, find others that can help you by talking through your rationale and decision-making process. Your efforts will be handsomely rewarded when you can confidently pursue a singular focus.