Who is your real market?

If you're a client of ours or a regular at Toronto Marketing blog, you've probably heard me say this before... social media isn't a revolutionary way to market. It's just a new vehicle. Consequently, the best way to generate results (since they don't accept likes and follows at the bank yet!) is to apply traditional marketing principles. And effective marketing plans begin with clarity about the target market, delving far deeper than the point at which most professional practices operate. Here is an overview of some ideas to get you started:

• Go forwards - It can be challenging to describe a target market in great detail without examples. Instead, try to list the names of 10 prospective clients that you would like to work with. Then figure out why you chose those businesses and what they have they have in common with each other. What type of business? What sector? Which individual in that business? What services do they need? Why do you want to work with them?  
• Go backwards - Apply the 80 / 20 rule to your client files. Which clients represent the 20% of the work that drove 80% of the profits? Or 80% of your most interesting, strategic work? What is consistent across those files? Can you describe the commonalities to the point that it would influence the shape of your marketing plan? 
• Go outside - Marketing is easier, cheaper and more effective when it's focused on one bull's eye audience. So, as just one example, whether your firm targets consumers or businesses, your market could potentially be referrers alone. Actively targeting them with your marketing materials will make it far more likely to generate word of mouth files and also help to ensure that those referrals are suitable for your practice. 

Along with a discussion about some of the hot trends in the marketplace, these ideas are expanded on in my interview with Enoch Sears from the Business of Architecture in the video above. Although our talk is primarily focused on marketing architecture firms (and law firm marketing by contrast), the principles are transferable to professional practice generally.

See if you can take away one practical tip to get started on today! 

- Sandra Bekhor, Toronto

President, Bekhor Management

Small to mid-sized law, architecture, accounting, consulting, medical and other professional practices are invited to learn more about our Toronto-based, marketing services.