668: Business Insights: Identify the Right Market, Set Goals, Solve Problems, and Help People with Business Plan Answer Man David Brown

David Brown is the "Business Plan Answer Man" and the founder of BusinessPlanAnswerMan.com. He has over 30 years of experience in business and has appeared on the Marketer of the Day podcast before, discussing topics like strategy, entrepreneurship, and focus. Today, David shares insights on the importance of identifying the right target market for your business, rather than trying to appeal to everyone.

Quotes

“Starting a business for the wrong reason is the number one reason businesses fail.” - David Brown

“When we niche down, you have a narrower focus. Instead of fishing with a dip net trying to catch just perch, you can target with a specific bait on your line, going out to catch just the perch.” - David Brown

“Markets shift neighborhoods. Some go down, become rundown and unkempt, while new ones come in. You have to always be cognizant of what's going on in your marketplace.” - David Brown

Takeaways

01:10 Targeting everyone as a customer is a mistake, as it leads to spreading yourself thin and not charging the right value.

03:22 Identifying the problem your product or service solves and who has that problem is crucial for effective marketing and business growth.

11:35 Niching down and targeting a specific customer profile can lead to much better results than trying to appeal to a broad market.

18:14 Ongoing evaluation of your target market and customer base is important, as markets and neighborhoods can change over time.

19:53 Gathering testimonials and referrals is a powerful way to build your business through referral marketing.

Resources

Podcast: Play in new window | Download (Duration: 24:36 — 22.7MB) | Embed

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Filed in: Archive 3: 2018-2020 • Interview • Podcast

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