Massive isn’t always best, especially in business. Yet most business owners strive to be the biggest the world has ever known. These business people believe everyone to be there customer. They market to the masses in hopes of catching whales but instead come home without even a minnow. There are giants out there that can slay giants and that is great. And once in awhile a small guy can slay a big one (just ask David). But more often than not, you catch nothing because you are fishing in the wrong sea.
Typically the smaller your business, the smaller your level of resources is. Spending advertising dollars to go up against those much larger than you probably isn’t wise. Trying to make two hundred cold calls per day may not yield great results. You must utilize each resource in the most effective and efficient manner possible. Here are some practical ways to gauge the right size audience for you to engage.
- How much money can your business make if it ran at full, efficient capacity? This needs to be based on the number of people you have, the number of hours each person can productively work, the number of services you offer, the revenue of similar competitors, the total size of your market, etc.
- How much time/money do you want to put into your business? This depends on your available hours in the day (against additional commitments), the working hours of your prospects/clients, the money you have banked, your level of stress/your ability to take on more stress, etc.
- Are your goals your own or inspired by what others have done/are doing? If you are thinking big because Shark Tank (the tv show) has your brain running like crazy, it may not be the right thought process; Inspiration is good, but reality is necessary.
Those are a few small things to consider when determining your ideal audience.
“(It is) So much easier to aim for the smallest possible audience, not the largest, to build long-term value among a trusted, delighted tribe, to create work that matters and stands the test of time.” Seth Godin
Do what is best for you and what will yield the best results. As for me, I would much rather have a miniature audience loyal to me and my brand!