Ever wonder why some of the some fisherman are experts at fishing for bass or blue marlin or northern pike? It is because they have been fishing for a certain type of fish their entire life, have gotten really good at it, and they really enjoy catching that particular fish.
Why is that so many business owners simply want their sales people to go out and catch any customer they can? When you look at their client portfolio it is obvious that they are really good at supplying a certain market, have the expertise to effectively support a specific type of customer, and, when you ask them, can even tell you which type of customers they love doing business with.
Businesses push their sales people to go after any type of customer because they have not focused enough on what they do best, who values what they do best, and what they enjoy about their expertise and skill in that area. When a business focuses on their core value and expertise in particular type of client they become, like the expert fisherman, very good at catching their best clients.
In order to understand what market you serve best businesses need to take the following actions:
- Make a list of your best customers. Note, best does not mean biggest. Best means those customers that you enjoy the most beneficial business relationship with. The litmus test for “best” is — if you could have your entire portfolio made up of certain client which ones would you like them to be?
- Meet with the primary decision makers at your best clients. Ask them the three questions I encourage all business owners to ask of their clients.
- Identify where new clients (call them “blue marlins”) like your favorite clients can be found. Stop driving around the Pacific Ocean just looking for fish. Know where the clients you want to do business with are.
- Fish only where your “blue marlin” can be found. Let everyone else waste their time chasing business that you don’t like, value, or find particularly profitable. You are going to focus solely on what and where you do your best work.
Narrow your focus. Do what you do best with customers that value and connect with your core competency. You don’t need to be good at everything — you need to focus on being skilled–the best– at one thing. When you do that, you will find all the “blue marlin” you want.