By Phoebe Yong, Principal and Founder of Magnolia Communications
It’s not the first time you’ve heard about niche or target marketing to stay above the noise, The marketplace is getting ever more competitive with new market entries and added with accessibility as we’ve never experienced before. Small business is big in Canada: 98.2% of all businesses have fewer than 100 employees. Yet even in today’s fast-paced and aggressive online landscape, knowing where your core competencies lay and building from there can keep SMEs on the right track when it comes to strong and steady growth.
Being in marketing for over 25 years, I engage with SMEs every day. The number one question they ask is, how do we compete with the big players and establish our authority with presence and knowledge? I go back to my fundamental approach on why it’s critical for SMEs to niche to rise above the noise.
Keeps You Focused
Running a business can offer many distractions and research has shown that 68% of B2B organizations have not identified their funnel. To keep your eyes on the prize, it’s much easier to remember or be reminded that you have a specialized audience to work for and keep the team laser-focused on their markets and their needs. From product management to sales and marketing initiatives, knowing you remain true to your market’s message, and requirements will greatly improve your excellence in product or service delivery.
Easier to scale
When you focus on specific markets, not only can it be cost-effective but it’s also easier to scale your business. It’s easier to establish key relationships and networks with identified markets. For example, it takes less time to discover key industry events that your customers attend, let alone to attend them and the same goes for establishing standardized processes that work for one market as opposed to many. The key thing to remember is when you have key processes established for one market, it’ll likely be easier to transfer that discipline to others.
A message that resonates loud and clear
For vertical markets, their own terminology and characteristics specific to their sectors. For SMEs to succeed in marketing to them, the message is not only clear but needs to speak to convincingly show you understand their pain points and how you can help to resolve them. For example, to help you better define those messages, having a strong network and customer base will help you define and refine your message that your audience can attest to and identify with.
Act with authority. Own your space.
Specializing in a market is putting your authority on the table, loud and clear. You are telling your customers, this is an area that I specialize in and I’m going to help you increase your market share. This bold statement is tremendous as you’ve identified your core competencies and articulated your differentiation from the rest of the pack. From here you can build a strong brand that tells your customers why you know their problems and how you can help overcome them with your specialized approach or product. For your target audience to identify with your brand/offering, they must feel confident that you do know their industry, the growing pains and how to overcome them. This only comes when you not only act with authority but you deliver on that promise.
About Phoebe Yong
With over 25 years of industry experience in B2B marketing, Phoebe has built an award-winning boutique marketing agency based in Vancouver that services high-tech, cleantech, financial and manufacturing clients. With a degree in Communications and an MBA in Marketing, Phoebe has led partner marketing campaigns with some of the biggest brands in the world – Dell, HP, Microsoft, Vodafone and Unicom China. Working on everything from shoestring budgets to over $2M ad campaigns, she’s also run press tours with the largest and most influential global media outlets. For more information, visit magnoliamc.com.