Identifying Your Target Markets

Today’s email newsletter from Hazel Walker, BNI Indiana Director and Managing Partner at The Referral Institute, inspired me to pay closer attention to identifying specific target markets for my business. It can be very tempting for us to accept business from anyone and everyone either because we feel that we need the business or because we want to please everyone. However, this can be damaging to us and to our clients if we take on projects and customers that pull us in directions that we don’t want to go or that over-extend our skills and resources.

Suggestion: take some time and reflect on what types of clients and customers are the best fit for your business, come with the least frustrations, and offer the most enjoyment for you. Identify which clients are a good fit for your skills and expertise. Don’t be afraid to turn away business that does not align your core values and skills. It does not mean that you are bad or they are bad, it just means that it’s not a good fit. If you focus your time and energy on the type of work that your are best at and that brings you the most enjoyment, you will be able to provide even better service your clients.

  • http://www.douglaskarr.com Douglas Karr

    Great post! It’s easier to succeed when you know your business is the right fit, but it’s tough to walk away from money sometimes.

  • Michael Reynolds

    Doug,

    Thanks! You are correct… it is always a struggle to try to find the balance and make sure you are being fair to your clients. It’s a skill that I’m continually working on ;-)