Two years ago, my firm suffered from split business disorder and as the owner, so did I. Offering marketing services for small business owners, we also offered team building and training services to Fortune 500 firms.
Neither segment was large enough to stand alone, so I spent my time split between both. When someone asked me what I did, I was never quite sure how to respond and often said too much. Networking associates overloaded with T.M.I. (Too Much Information) rarely had a good referral for me. How could they? If I didn’t know what I did or who I wanted to meet, it was unrealistic to expect others to be able to help me. A drastic change was required!
Narrow Your Focus and Create a Plan
And so I made a decision to narrow my focus, targeting small business owners exclusively. This was the segment which had been most productive and I believed if I created an action plan to support the change I would see improved results. I began by evaluating every element of my marketing plan, eliminating elements which no longer fit the overall direction of the business.
My Goal was to become well known and respected in a smaller circle. I wanted to be the go-to person for small business marketing in Indianapolis.
* I gave up chasing “corporate gigs” and I concentrated on small businesses.
- I pulled 650 prospects from my database which did not fit my core target. I turned the contacts over to a competitor. (There was no changing direction after that!)
- I discontinued my corporate eNews and gave up memberships in organizations which were not relevant for my core small business customer.
* Next I redirected my time and resources to attract the attention of small business owners.
- Networking venues and groups were selected because they would allow me to spend more time with small business owners.
- To be seen as a thought leader, I knew I needed to be more then just a member. Since I was being more selective in the events I was attending it was easier to commit to taking on a leadership roles in organizations which served this market.
- I became a preferred resource for the SBDC and the SBA, offering free or low cost workshops on topics which were relevant to small business owners.
- I reviewed the articles I had written, and began submitting them to on-line and off line publications with a readership which was comprised primarily of small business owners. I focused on local business publications first.
- And finally, I revised all our marketing material to support this new focus. We added information and phrases which are relevant to my core customer.
The Result
In two years I have moved from being self-employed to running a business with a team of four employees and two interns. Roundpeg is known for our small business expertise. Many of our current clients and referral sources have no idea we ever worked with larger firms, and they never need to know. Tightening our focus has allowed us to concentrate and grow!
Lorraine Ball is focused on Small Business. As founder of Roundpeg, Indy’s leading small business marketing firm, Lorraine helps small firms become big firms!
Lorraine Ball helps business owners find a starting point for growth and change. http://www.roundpeg.biz or call 317-908-0262 Lorraine Ball - President of Roundpeg 317-569-1396 Lorraine@roundpeg.biz