In Praise of Small Ponds: Why Being Picky Is Good for Business

March 26, 2009 9:09 PM

Who wouldn't love to work exclusively with clients that fit "just right"?

But in a down economy, who can afford to be picky?

You can. In fact, you can't afford not to be.

In any economic situation, the quickest way for a tiny business to fail is to:

Be as general as you can to attract the widest possible range of potential clients and customers.

Take care not to turn anyone off; tone down your personality.

Be careful not to scare people away by talking about price.

When you do discuss price, quote the lowest price possible.

This approach ensures that your tiny business will get lost in a very big pond.

And, for small fish, the key to success is to make the pond smaller, not bigger.

How to Shrink the Pond

The key to standing out is to be very, very specific about the client that fits just-right. Rather than trying to promote what you do to the largest number of people, focus on addressing the concerns of the just-right client.

Here's how an image coach might shrink the pond for her business.

First, she thinks about the women she's worked with and realizes that she's gotten the greatest delight and given the best work to women with cancer.

So, she builds her Web site and brochure around those women. Instead of stuffing them full of dry credentials and desperate calls to action, she thinks about what a woman with cancer who is struggling with her changing body would want.

She realizes that her just-right client needs validation and reassurance. She wants to know that the treatments, products, and resources she sees are safe for someone receiving chemotherapy or radiation. She may be feeling ill and have low energy, so she needs information in short, easily accessible forms. And she wants support and companionship.

The coach chooses colors and imagery for her Web site and brochure that make her just-right client feel at home. She writes short, upbeat, articles that solve practical problems. She has an podcast where visitors can ask questions anonymously and receive an expert response within 24 hours.

Once she begins to build her site around her just-right client, she is full of ideas that add value. The site becomes more and more attractive.

It doesn't matter if there are fewer women with cancer than women without. What matters is that the just-right client will be able to find the Web site and will know she's home when she gets there.

Think of your customers and clients. Which ones "light up" as a result of your work? Which ones are most engaging and interesting to work with? Look for the common denominators and start building your Web site around them. Tell their stories. Speak to their lives. Then no persuasion will be needed for you to establish a mutually beneficial relationship.

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Comments

Wow. I think I'm finally starting to get it. I am realizing I was in fear and desperation mode for a long time - throwing my "net" out to catch whatever I could - only to realize that a lot of my "catch" was undesirable. I was doing everything you listed as ways for a tiny business to fail.

Ironically, now that the economy is less than ideal, I am focusing on what I really want to do and saying no to those undesirable scenarios that undermined my confidence last year. I'm not making any less money, I have more time for myself, and I am so much happier. The Way of the Accidental Entrepreneur is really helping me stay on track.

Thank you!

Posted by: Kristen Schwartz at March 27, 2009 9:23 AM

Thank you for confirming what I have recently been learning. I am in the process of updating my website and creating new marketing materials to focus on specific types of clients and industries that I want to work with. Sometimes it takes hearing the same idea from several different sources before it actually sinks in!

Posted by: Traci O'Very Covey at March 27, 2009 9:45 AM

It is only recently, since the recession, that I have given serious thought about how I would go about opening up a career for myself.This is after 15 years of retirement and 35 years of serving mothers and families and making people happier through individual and social change.
I have received your communication since you were sending it out as the New Leaf.But it is right now that your wise advice is resonating with me,helping me think in many new ways.The small pond was a good lesson. I feel hopeful of gaining clarity and focus through your work. Thank you.

Posted by: lor slepian at March 28, 2009 8:48 PM

Molly,

Thank you for your candid talk about elevator speeches. I often speak at job clubs and career centers and hear the well developed elevator speeches folks have developed. It is exactly as you say. When someone starts their conversation with me with an elevator blurb, I feel as if he/she cares nothing about who I am. It's a pitch, not a conversation.

Elevator speeches have their place. No one wants to hear a long, way-to-detailed description of what someone does or is looking for. However, laying the groundwork first, uncovering common ground, acknowledging the person first will fertilize the soil for the seed you want to plant. Thanks for putting the truth out there.
--Jerilyn Willin, Career Strategies Coach

Posted by: Jerilyn Willin at April 3, 2009 10:07 AM

Kristen, I hear you. Isn't it ironic that economic pressure makes us more rather than less clear about our standards and boundaries.

Traci, Yup. Multiple sources of info and multiple angles help me a lot, too. For one thing, with each twist and turn of life the lessons look a little different.

Lor! Wow, we have been together for a long time. :) Thank you so much for taking the time to comment. And please come on back.

Jerilyn, You're right. Acknowledging the person has to come first. And in case someone who is reading this wonders, here is the elevator speech post.

Posted by: Molly Gordon at April 3, 2009 2:45 PM

Molly,
Thank you for your discussion of "elevator speeches." I've never been able to create one that felt good to me and now I know why. Speaking from the heart does not require writing, rewriting, editing and practice in front of a mirror.

I appreciate your ability to present and explain concepts with wit as well as wisdom.

Carol McKeag
Coaching for Life & Spirit

Posted by: Carol at April 7, 2009 11:01 AM