Is Your Business Missing the Target?
SBJTargeting potential clients who are interested in building relationships, rather than just focusing on those who may need your goods or services, may lead to long-lasting partnerships and added value for your business.
Is Your Business Missing the Target?
Say the words “target market” and a business owner’s thoughts instinctively jump to focusing on who they think their bull’s-eye client should be.
It is natural to focus on identifying and targeting a specific market for your goods or services. This approach makes sense, especially in a retail setting, as it allows you to concentrate on reaching potential customers that are most likely to find value in what you offer.
However, consider making a minor alteration to this school of thought if your company is a service-based entity or provides a mix of goods and services. Allow me to explain.
Two-Way Street
Paragon offers a diverse range of goods and services in various disciplines. While our typical clients may be looking for solutions in specific areas, such as audio, video and lighting, we take a broader approach to defining our target market. Rather than just aiming for people or businesses who might need our services, we take things a step further by targeting individuals interested in building relationships with us. We want to work with people who appreciate the expertise, value proposition, accountability and turnkey design-build services we offer. In other words, we want the whole process to be a two-way street.
We seek clients who want to collaborate with a team they see as partners, not just vendors. If a client views you only as a vendor, it can lead to lower service expectations. Sure, meeting expectations can mean a successful job, but it’s not enough for us. We strive for more than just satisfying customers; we want to add value beyond the minimum.
That’s the real win.
New Mindset
When we understand our clients’ needs and reasons, we can better serve them and add value. This changes the dynamics of our work and makes it easier to help clients achieve their goals.
You can do this by building long-lasting partnerships, and I believe you’ll find that projects with long-standing clients run more smoothly. The “one and done” mindset doesn’t allow for this. By partnering with clients, we can become valuable resources and can share in their success.
By understanding our clients’ needs and objectives, we are better equipped to provide value and support beyond the scope of the project. This approach builds long-lasting, sustainable relationships with clients and helps to avoid the pitfalls of a transactional mindset.
While only some projects or clients may fit this model, you can maintain the same high standards of quality and care for all clients to uphold your reputation. By setting your sights on building partnerships, you’ll open yourselves up to new opportunities and potential clients that may see the value in working with you for the long term.
Donnie Brawner, Partner Colligo Holdings
CEO/Owner, Paragon 360 & Paragon Fabrication
Originally Featured in Springfield Business Journal: Is Your Business Missing the Target?
