Stop FOMO in your business
The term FOMO was coined a couple of years ago to describe a disorder brought on by the effect of technology, primarily social media. It stands for a “fear of missing out”and is used regularly today to describe kids that are addicted to social media (some of them staying glued to their devices throughout the night).
While social media has allowed us to connect more, it is the constant connection that has caused this modern syndrome and made the FOMO term more relevant than ever before.
It is not just youngsters that are affected by FOMO, it has impacted the social lives of adults and even encroaches into our work lives. If you reach out for your phone first thing in the morning and check your emails and social accounts right up until you go to sleep, then you know what I mean. A lot of us are being completely consumed by our gadgets and it’s starting to effect our day-to-day life.
This realisation is scary enough in itself. What’s even scarier though, is that businesses have caught the FOMO too! While it is important that businesses need to be seen, many want to be seen by everybody. This FOMO is a fear of missing out on audiences and therefore potential clients and is a massive problem for businesses.
Why? Because FOMO stops the right audiences from being targeted, and when you’re trying to be all things to all people, your general message just won’t be heard. It makes sense when you think about it, because how can you expect to be heard when you are shouting your general message at irrelevant audiences?
You can’t be all things to all people, so defeat the FOMO and identify your target market!
Why You Need to Identify Your Target Market
Businesses that have the FOMO, invest a lot of time and effort into spreading their message, but don’t get much in return. When you think about it, it’s understandable, as what would people come to you for if you do everything? If you think about the local handyman, he’s a “Jack of all trades” and perfect for the odd job you need doing around the house, but would you call him if you had a very specific problem? Probably not.
Well, it’s the same for businesses. The thing is, people associate diversity with a lack of quality, so would seek a specialist to get the job done to a high standard. After all, they are the experts in their field.
Identifying your target audience is essential for business, as the more niche you are, the better you can appeal to someone and convert them into a client. It’s not about the more reach you have, it’s about reaching the right audience. Once you’ve identified who your targeting, you can tailor your marketing to them and create print that will make more of an impact. With relevant marketing, you’ll soon find that you won’t have to invest so much time to get the results you want.
Why Focus Is so Powerful
Many people think that targeting one type of audience makes them too specialist, and that they are putting all their eggs in one basket. Don’t fall prey to the FOMO! Take a step back and get creative.
Whether you’re incredibly niche or specific to a couple of areas, many businesses will need your product or service, especially if you set yourself up as the go to expert. You can still market to multiple types of audiences, but the trick is not to market to them all at the same time.
For example, I run a print business. This service is relevant for everybody, but I need separate marketing campaigns. Now, if I target the printing of marketing materials for charities, just by simply mentioning that I’ve got products for charities and I understand their needs and requirements, I become very relevant to this audience. Now they are more likely to engage with me. In simple terms, making a connection with the audience is more effective than shouting “everyone needs print!” to every audience. So don’t feel like you have to have one target market, you can have many eggs in many baskets, you just need to target them one group at a time.
How to Identify Your Target Market
To help you identify your target market, these are the questions that you should be asking yourself to help you narrow your aim and have more impact:
- Who will my offering help the most?
- Which markets do I currently serve?
- Which are currently my most profitable markets?
- Who or what is my perfect client for my product/service?
- Are there any similarities in my audience that I can focus on (age/sex/location)?
- What is the best way to appeal to each audience?
- Why should people buy from me? What makes me unique to these new targets?
This basic research should be done as soon as possible as it is crucial to focus your goals. Once you have them in mind, every decision you then make will move you closer to those goals. Knowing your target market is essential for this success, as specific marketing with a tailored message for each market, will get the attention of the right people and turn them into loyal clients.
Although it might be tempting to believe that getting heard by more people will lead to more success, don’t fall prey to the FOMO! The first step is accepting that we can’t be all things to all people; be an expert in your field! Once you’ve embraced this, you’ll be more focused, more effective in your marketing strategies and will be rewarded with a greater return on your marketing investment.
What I can do for you:
As a print consultant, we work with customers to help them identify their target markets, and fine tune their print and marketing methods to get results. If you need advice on finding your target market, feel free to get in touch.Back to Blog