The advantages of a Single Target Market

B2B, Marketing, Product Management, segmentation, single target market

Once you have identified your niche and segmented the market by usage, you may be left with a very small portion of the overall market which you had originally thought.

In context of the B2B space you should at least have a bundle of around 100 accounts to start out , as your minimum economically viable market,  to test your offerings. You can build this to a maximum of a thousand. Anything more will be unmanageable if you’re a small company.

Once you start of with this bundle of 100 accounts,  you get to learn and adapt your offerings extremely quickly.  Within these 100 if you keep sustained education based marketing,  you will be able to create a “brand” for yourself. While B2B marketing is a slow process because of the inherent inertia of a complex structure like an organisation, you can also be sure that within a typical period of 3-5 years 50% of these prospects will be looking for a new vendor for the services you offer.

Once you’re able to get into a conversation with one prospect,  you can quickly identify the challenges and mould your future communication with the new understanding.  As you grow, your interactions, your learning compounds at a much faster rate because all the prospects are similar in nature. So the challenges they face could be similar and the solutions that you deploy can also be deployed faster.

Which helps you reach critical mass faster and you’re able to quickly dominate that market before moving to th we next market.

Till next time then .

Carpe Diem!!!

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