[This is a direct transcription. Please excuse any typing errors.]
I wanted to shoot this brief video because I’ve been having a number of conversations over the last few days about one particular area, and I’ve also spoken to two very excited members of two different dominate your sector boot camps on this exact topic which is about the inch wide, mile deep principle of business growth.
Inch wide mile deep?
A lot of the conversations we had over the last few weeks with potential clients and people who are interested in the boot camp has been around the number of sectors in which they are currently operating.
We often talk about which sectors they get more business from and those that they’re not getting as much business from. What we’re talking about really is how they’re able to market to so many sectors and the challenges that they are finding in the process.
It has reminded me of a conversation that I’ve had recently with two people in different boot camps around this exact topic.
Both business owners were operating in multiple sectors, as diverse as commercial with lots of PA and admin support, through to Law, through to Sales and Marketing, Engineering and manufacturing. I won’t go on, but you get the picture.
Both were having real challenges getting any kind of traction with their marketing. The conversation that we had with them was talking about this spray and pray approach to marketing which is where you’re trying to send out one message that will appeal to lots of different potential clients and candidates in multiple sectors; it’s just not going to work.
As we talked through the true opportunity of focus, initially the response was, “Oh my God, you know I can’t possibly do that. You know this could really seriously damage my business.”
On the contrary, the business growth was flat, because it was so difficult to market to build leads to grow multiple sectors.
Our advice was; “Okay, let’s look at where your business is coming from. What are the sectors you’re most passionate about, that you know most about, that you get most of your business and best fees from? Where’s the growth coming from in these sectors? Where would it make sense to focus down and choose in one or two specific niches to go more inch wide, mild deep on?”
Both initially felt uncomfortable but eventually, absolutely got the reality that if they did narrow down it would make it far easy to target ideal clients and companies they wanted to work with, and so much easier to then start moving in to action with focused marketing activities.
It’s interesting because they are at slightly different points, one’s further ahead than the other, but one particular business owner in four months have already placed a number of candidates successfully into places that they said to us that they would not have made those placements had they not be niching in the way they are now.
The second business owner made that same decision and is now starting to move into action.
What does that mean for you?
Its validation that this strategy works. We see it time and time again.
Is it something you should consider?
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