They say that there are “riches in the niches”. And while that is true – agency growth (and sales velocity) often accelerate when you focus on your target market and dial in on your ideal client, having a focused market isn’t enough any more. The idea of a target market is that you develop true and deep expertise in solving the problems of the potential clients in that audience. And it is powerful when you get the right fit.
But, in today’s hyper-competitive agency environment, so many other agencies have grabbed on to the same philosophy that you might find yourself in a sea of “me too” competitors with nothing to differentiate you from an agency offering similar services. On some level, all agencies focusing on the same market will look and feel the same. So today, the agencies that separate and stand out aren’t the ones with the case studies of dubious veracity, but the agencies that have a deep insight or point of view relative to a vertical or audience. For instance, and agency that works primarily with women-focused brands because they have intellectual capital to use in order to drive the best results;ts from a particular audience, or an agency that brings a particular math rigor or customer journey attention to bear will with the day.
Target market is good…but truly that is table stakes today. The agencies that are growing the fastest are the agencies that have their own special approach that brings unique thinking to the value stack that they offer.