If you can remember getting interest on your savings account (if you can remember savings accounts), you recall that compound interest, as opposed to simple interest, allowed you to earn a bigger return because you earned interest on the interest.
Compounding gave you more bang for your savings buck.
The same principle applies to investments you make in your marketing.
One reason I preach the value of targeting niche markets is that by targeting small(er) niche markets, instead of “all” markets or “no” markets, your money, time, and energy compounds.
You get bigger results with less effort.
Instead of getting one new client when you deliver a presentation, for example, you might get five new clients because the people in that niche not only see your presentation, they also see your ads or read your articles or hear your name mentioned by one or more colleagues or friends.
Each instance of “you” in a niche market has a greater impact.
If you want to get more bang for your marketing buck, concentrate your efforts and dollars in smaller markets, especially where people know each other and word of mouth is strong.
In addition, group your “shots” by publishing more articles or running more ads in one or two publications (in the same week or month) instead of multiple publications. Publish a weekly or daily newsletter instead of a monthly newsletter.
You can expand your reach later, after you have saturated and dominated one publication (ads, articles), one organization (speaking, networking), or one niche market.
Most lawyers use a shotgun approach to marketing. Their message is weaker because they try to appeal to everyone. Their message is diluted, if not drowned out, by a sea of messages from other lawyers. They waste time and money and make a smaller impact by spreading their time and money too thin.
If you want to get more results (clients, referrals, traffic, subscribers, publicity, etc.), focus your message, your time, and your dollars in smaller markets, and let the magic of compounding go to work for you.
How to choose the right niche markets for your practice: click here
