The Profit Paradox: How to Make More Money by Marketing to Fewer Clients

 

Question: Should I change to a broader business name so people don’t think I just do weddings?

I just closed my store front, but will be continuing online.I sell flowers and gifts for all occasion, I’m debating whether to change myname for the business. From Flowers and Gifts by Sarnia Weddings to Pat’sFlowers and Gift Gallery.

I think one of my mistakes is that people thought I was just for weddings.

What do you think?

Pat

Answer:

Pat,

When we’re selling our stuff, we usually think broadening our target market will bring us more business. The more people who can buy our products, the more we can sell, right?

Strangely enough, that isn’t true.

People are bombarded with a million advertising messages on the internet, TV, print, etc. A broad and generic offer doesn’t even get noticed. The more broad your offer, the less attention you get.

On the other hand, the more specific and focused your message is on one particular customer, the more powerful your message will be. When you have a narrow, targeted offer, the right customer will recognize it immediately and be drawn to it.

With all of that said, answer this question:

What is the 20% of your floral business that makes 80% of your profits?

If wedding flowers generate the majority of your revenue, focus on wedding flowers. If holiday flower delivery makes the most money, focus on that. Don’t be like the other generic companies who specialize in “everything;” choose a narrow focus and dominate that market.

Then name your business to represent that specialty.

Another idea: since you’ll be running your business online, you can easily create TWO websites if you’d like to focus on two markets. This way you can still laser target your message just for the ideal clients you want to attract.

We wish you every success in your business!

Stephanie

P.S. Since you’re considering a name change, make sure you buy a website domain name that includes the keywords people would type in to find you, even if your business name is different. Such as ontarioweddingflowers.com or ontarioflowerdelivery.com. This will make it easy for the right people to find you online when they’re searching.

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