My friends know some things about me you might not:👉 In conversation I’m a chronic interrupter👉 I’m overly pedantic about stuff where I think the meaning of words matters a lot👉 One of the places where my pedantry comes out in full force is when speaking with a client or prospect and they utter the following words (it happens weekly in my world)…”If this market turns out to be big enough…”Nope! Here’s the proper way to phrase that question:“If this market turns out to be SMALL enough…”I know I’m being sort of pedantic here, and I know my prospects and clients are headed in roughly the right direction when they’re thinking of picking a single target market to focus on. But the phrasing of the question often reveals a mindset that I’d like to correct here.You do need to choose a specific focus for your business. About 80% of the time, that focus should be a market vertical or audience (ex: automotive manufacturing, logistics, outdoor lifestyle companies, etc.).And that focus does need to be the right size to support your current and future financial goals.But… the problem in the transition from generalist to specialist is almost always that you’ve chosen an excessively large market because you fear you’ll starve yourself of sufficient opportunity.Yes, it’s possible to be excessively, ridiculously, overly specific in your focus. Sure, that could happen. And yes, actually following through on an overly narrow focus would starve you of the opportunity you need to run your business.However, most people would never do that because of The Fear of economic starvation. So they start thinking “is this potential specialization big enough to support my business?” rather than “is it small enough to dominate?” or, even better, “is it the right size to support my business for 10 or more years and small enough to dominate in 10 years?”.Let’s have some fun… open a new browser tab right now and do a Google search for forklift rodeo. Just those two words, no quotes around them or anything else. I’ll wait here while you do that………..Is your mind blown a little bit? Mine was when I ran across that term earlier today.I’d never heard of such a thing. Turns out it is pretty much what you’d think. It’s forklift drivers doing competitive forklift driving.Google reports about 1.3 million results for the forklift rodeo query. There are how-to guides. There are YouTube videos. There are mainstream media news stories. There are safety guides. And that’s all just in the first two pages of search results.This is not some great business idea I’m handing you. This is not a suggested market position. This is simply a reminder that the world is a MASSIVE, COMPLEX place with all kinds of interesting and strange niches.And this is a reminder that the real question for you as you plan and execute your transition to specialist is probably not whether a potential market is large enough.The real question is probably whether it’s small enough.Quick heads-up: I have one open seat in my Positioning Accelerator Program (http://positioningacceleratorprogram.com). There’s a 6-person deep waiting list for this program but for various reasons nobody on the waiting list is ready to get started in February, so if you think a little help from me in a group setting would be helpful, let me know, we’ll speak to make sure the program is likely to produce a positive ROI for you, and if so that open seat can be yours. Send me note HERE to kick of this conversation.-PWant help improving your positioning or marketing? I offer a small group program to help you do exactly that: http://positioningacceleratorprogram.comI work with people 1-on-1. If you’re interested in learning more, click this here trigger link to get a short email sequence with more info sent to your inbox: https://philipmorganconsulting.com/11-retainer/Know a self-employed software developer who might benefit from specialization? Send ’em this free gift! Details here –> https://philipmorganconsulting.com/referrals/
Insight for Indie Consultants
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