My favorite description of this concept is as follows…
If you try to be everything to everyone, you’ll be nothing to anyone.
To grow, you need to get laser focused on your target market. Generally speaking, you can’t really go too narrow.
Let’s use my podcasting as a service company Podcast Chef as an example.
There are plenty of companies out there selling some version of this service because podcasting has only grown in popularity. As such, how is one to compete?
Differentiation of course :).
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I’ve decided to differentiate Podcast Chef by targeting people like me – freelancers, consultants and coaches. The soloists of the world.
Here’s an example of a page from my website that speaks directly to these folks and the challenges they experience in business.
If you read it and it makes you go through a range of emotions and ultimately makes you want to reach out, then you’re in my target market. If you don’t get it, then you’re not. That’s the idea.
So speak very specifically to your target market audience. It’s one of the best ways to differentiate your service even in crowded markets.