| I make a big deal with folks about learning to fish in | | | | Which of these segments would give you the highest |
| Ponds vs. Oceans. The basic concept is that there are | | | | profit margin if you could sell your product or service |
| more fish in ponds than businesses can usually handle | | | | to them directly? |
| but they're wasting their time blindly swimming in a giant | | | | Which of these segments would it be easiest to |
| ocean where it's hard to find fish, hard to grow and | | | | establish a strong value presence in? (Value presence |
| easy to get crushed in the jaws of a shark. | | | | is when you are a feeder of quality information to a |
| It's all about "ponding" down to a target market where | | | | particular group) |
| you can excel as a small business, grow fast and | | | | Which of these segments is your company most |
| expand to other ponds. One of the biggest stumbling | | | | capable of servicing with the fewest number of |
| blocks to almost all small businesses is the ability to | | | | changes to company infrastructure? |
| narrow their focus to a segment of their overall target | | | | Which of these segments are you most familiar with |
| market. The reason that small business owners have | | | | and would take the lease amount of research energy? |
| a hard time "ponding" down is because they are not | | | | Which of these segments are you most passionate |
| thinking critically about their target market and breaking | | | | about and can relate to the best? |
| it down to it's most advantageous customer pool. | | | | Which of these segments would offer you the highest |
| The best way to overcome this problem is to start | | | | number of joint marketing opportunities? (teaming with |
| asking some pointed and difficult questions. When | | | | other industries that serve the same segment) |
| answered in truth and focus, these questions can | | | | Which of these segments is most likely willing to pay |
| radically change your understanding of your target | | | | for your product or services? |
| marketing and bring clarity and laser like focus to your | | | | Which of these segments do you have access to the |
| marketing message. These are good things, by the | | | | highest level of decision makers or influencers? i.e. |
| way. | | | | executives, owners, trade leaders, etc. |
| Start by "pondering" these questions: Describe your | | | | Okay... now for the fun part: |
| overall target market. i.e. small business, medium sized | | | | Take all of your best segments and assign them a |
| business, consumers, young consumers, old | | | | value of 3 |
| consumers, etc. Describe several (7-10( smaller | | | | 2nd best should have a value of 2 and... |
| segments of your overall target market that should be | | | | 3rd best should have a value of 1. |
| or have shown interest in your product or service. i.e. | | | | Add up the values and see who comes out on top. |
| small business owners who are currently leasing | | | | Confirm the conclusion with your gut instinct as a |
| space, consumers who are Mothers of young children, | | | | professional. Argue about it with your business |
| etc. | | | | partners and finally make a decision on who your best |
| List 3 segments for each of these questions in order | | | | "pond" target market is. Now... sell out on that market |
| of best, 2nd best, 3rd best. | | | | with everything you have. Dominate it! Crush it and win |
| Which segment most needs my product or service? | | | | it over. Once you've done this, you will automatically be |
| (all segments need you, who needs you most) | | | | taken down stream to other profitable ponds that are |
| Which segment most wants your product or service? | | | | eager to pay you money. |
| (think of who is regularly using your competitors) | | | | |