Who is being under-served in your market? In every market, there’s always what I like to refer to as the wall-flower client. They’ve come to the big dance, they’re all dolled up, but for some reason they go unnoticed, or just don’t think their prospects are that good, so they keep to themselves. There is an abundance of people and organizations living with problems that they aren’t even aware can be solved, or working with vendors and solutions providers who are marginal or “good enough for now.” A while back, I met a very determined but frustrated young woman. She was getting started as an energy market, but was unsure of who to pursue as clients, because she had a lot of competition at the usual industrial targets like warehouses and factories. I told her to go after large auto dealerships, private schools, local arenas, community theaters, and a few other kinds of organizations that aren’t normally thought of as ‘industrial,’ but which have very high energy usage. She’s doing quite well now.
Do what others can’t or won’t do (or do well). In the beauty industry, the vast majority of customers just accept that a moderately priced blow-dryer is going to last maybe a year before it stops working. In most grocery stores, line-ups are usually a nightmare. Yes, people often accept some things as ‘the nature of the beast,’ but an incredible opportunity is in store for the person who realizes that doing one of these things even a little better can create a customer service ‘wow’ factor.
What are the shortcomings of your industry? Every industry has faults, flaws, and downright ugly nasty bits. Understanding the problems of your industry is the first step toward becoming the solution – and profiting handsomely for doing so.
What upsets your ideal clients about your industry? Now, there are some that just get clients mad as hornets. Think of events, products, services, and individuals who caused a controversy because the customer experience was so bad. These are usually indicators of any number of underlying problems waiting to be solved – sometimes for a lot of money.
The more precisely you can answer these questions, the more precise you can be in your marketing. This also means you can be more specific in your branding, as well.