Beyond the funhouse mirrors of what people think it means to run a successful business, at the end of the day there’s a science to it. Whether it’s an actual scientific procedure or a successful business formula, both rely on you to follow them consistently and implement each of their steps to the best of your abilities. As with most formulas, a business formula has very specific steps. Below, I’ll explain how specialization, differentiation, and market segmentation can lead you to overwhelming financial success.
A Successful Business Formula: Specialization, Differentiation, and Market Segmentation
The definition of a scientific formula is something that has been developed, tested, then tested again and again by geniuses. The benefit we get from these geniuses is that the resulting formulas can now be used successfully by just about anybody who applies them. We’re surrounded by formulas that we can simply follow. While it may have taken their creators years to develop, we can now use them with just a little effort.
Among all the scientific formulas out there, there are also formulas for business success. Additionally, some of them need to be applied before you invest your first dollar into any enterprise. The businesses that fail are the ones that fail to specialize, differentiate, and segment their core customers.
Specialization means you specialize in a particular product or service; a particular market area; a particular industry or geographical area. You target this like a marksman. What do you specialize in? What is your focus?
The next part of successful marketing is differentiation. Every act of professional selling is differentiation; that is, identifying your area of excellence. Specialization focuses on who you’re targeting and what the product is going to be. Differentiation takes it a step further. It asks: How are you going to deliver that product and/or service differently than the other businesses your customers could be going to? What are you going to be excellent at? What is it about your product or service that makes it better or superior to anything or anyone else?
If you want to earn the highest possible income, it’s worth taking a week, a month, a year — essentially as long as it takes — to excel in a particular area. That’s where all the money is. Real money is not for the average, the mediocre, the well meaning, or the hopeful. Instead, it’s for people who are really good at what they do.
Market segmentation is deciding who your best customers are based on what you sell, what you specialize in, what you’re already good, and who can benefit the fastest from what it is you sell. These are the customers that are the easiest to sell to. You focus single-mindedly on them. You identify the 20% of customers who can account for 80% of your sales.
How do you figure out who these customers are? Wave a magic wand and imagine your perfect customer. As silly as it may sound, it’s actually the most appropriate analogy to make. Your perfect customer is literally on the verge of buying, all you have to do is meet them. Then, they’ll take it right out of your hand. Who is that person?
How It All Works Together
Now by the time they are arriving at your door, you already know what they need because you’ve focused on your specialization, differentiation, and segmentation. You can then begin talking about your product or service and showing them that, all things considered, yours is the best choice. You answer their objections or hesitations, close the sale, and get re-sales and referrals from them. Marketing Success 101.
You do this prospecting so you don’t spend a single minute talking with people who are not good prospects. Your job is to identify the people who are most likely to buy and then connect them immediately with a benefit that they want now. All you have to do is prove that you can deliver.
For Your Freedom,
This business formula is actually just the first step in making your business unstoppable. If you want to take your business even further, then you’ll love my free web class, The 500 Million Dollar Secret. Here, I’ll teach you more of these strategies and principles that will show you exactly how to write your ticket to success. It’s completely free to attend.
Click here to register and select a date and time that works best for you. See you there!