In our last session, I told you about the first quadrant in the simplified strategy matrix for local independent practitioners, the “Archer” strategy, where you target your market to a narrowly defined focus, just like an archer aiming at a target with a narrow focused shaft, adhering to Porter’s Generic Focus Strategies with either Differentiation Focus or Low Cost Leadership Focus, or a combination of the two.
The Archer quadrant defines your strategy when you are faced with a large market containing many competitors.
But, if you are faced with a small market filled with many competitors, then you must find a way to differentiate your practice that allows you to build sufficient volume when you have a limited number of potential clients.
Focusing on a narrow niche, or developing a tightly focused selling proposition will most likely fail, as there will probably not be enough clients meeting your target market criteria to support your needs. What you need to develop is a way that will create awareness of you and your services among the entirety of this small market.
You will have to learn how to “Brand” yourself and your practice, adhering to Porter’s Generic Differentiation Strategy, which includes both Branding and Positioning as narrower strategy aspects.
Go ahead and download the Simplified Strategy Matrix with the Archer and the Brander Quadrants showing and follow along with this session. (Click Here)
To brand yourself, you will have to build recognition in your community, and among your target market, for your personal expertise or your accomplishments.
You will have to educate and guide your prospects through your entire sales funnel.
It can be a long and tedious chore, but more likely will be one that will build client loyalty and strong relationships.
By branding yourself and your practice, you are exposing yourself to your market. You are positioning yourself as an expert.
This can be accomplished through almost any combination of a half dozen tactical methodologies, ranging from; developing speaking engagements and regular town-hall type meetings with local businesses, presenting seminars and webinars for local business owners, improving client communications such as newsletters and other printed materials, becoming a published author with products for sale through bookstores and online outlets, getting involved in community affairs, and becoming a resource to major organizations in your community.
While each of these activities is one that will benefit your marketing strategy in any of the simplified strategy quadrants, if you are targeting a relatively small market that is also being targeted by many of your competitors, your expertise becomes of prime importance.
You must maximize your branding efforts, and you must become a recognized expert. You will become your brand.
In the next session, I’ll discuss the strategy of “Clumping.”
I’ll bet you’re really looking forward to knowing what a “Clumper” is, aren’t you?
Video For Introduction To The Simplified Brander Strategy
Share your experiences, and pick our brains.
Join us here at Practice Builder Publishing and become a part of the community, whether you become a contributing author, a peer recruiter, or merely a raving devotee of the Practice Builder Publishing resources, I'll work with you personally so you can reach the goals you set.
Best to you and yours,
P.S. Think I'm full of B.S.? Maybe you ought to let me know what you think. Plop your comments in the section down below the related articles and let me know what you think.!
P.P.S. Got questions about products and services I talk about, the terms of service, privacy nd all that stuff related to Practice Builder Publishing? Click Here to read the fine print.