DYB Podcast EP80: How Finding Your Target Market Increases Business Success – and how you can find yours easily!
In this episode of the DYB Podcast, Seth Peek of S. Peek Painting out of Atascadaro, California and Mike Gallagher of Gallagher Painting out of Winchester, Massachusetts, join me to discuss the power of finding their target market. They, like other DYB Members, found out just how vital it is to know your target market –if you want to grow a successful painting company, peacefully.
Like a majority of painters, when they began their journey, they didn’t want to turn down any work and that is the way you may have to start, just to get some jobs on the calendar. However, the first goal should be to –as quickly as possible– shift your calendar to only work with your target market and referrals of your target market, as you’ll hear about from Seth and Mike.
Also, I’ll give you step by step directions on how you, too, can find your target market to increase your profitability and streamline your company.
WHAT YOU’LL LEARN:
- How Seth and Mike’s companies ran before working with Steve to find their target market
- The negative side effects of not knowing your target market
- Seth and Mike share the peace of mind and confidence they have in working within their target market
- Strategic success Seth and Mike experienced after finding their target market and the positive shift in their company team morale.
- Step by step how to find your target market using the 3P’s Process of the DYB System
08:09 When scheduling things come up with them now, I feel more confident in the current jobs we’re in just to put my foot down and say, “We can’t be there till this date.” It gives them opportunity to reflect whether or not they want to get a bid out to somebody else or if they just want to wait for us to do it, but I’m no longer going to cater to another contractor in order for our work to get done.
10:01 We’re going to just keep going with what works for us and, in turn, those referrals will just bring in more of the jobs that fall within our 3P’s. I’m feeling confident and I’m feeling pumped and I’m stoked for the new frame of mind I’ve gotten. It feels really good as a business owner to finally have the confidence to say no to certain clients.
11:12 So you’re getting similar jobs from similar people in similar neighborhoods because they’re all referring to their friends who live in similar houses. After a while, as long as you do your job and you’re friendly and your guys take care of the process, it kind of just works on its own after that.
12:49 At that point, I just realized something had to change. Year after year, I was like, “This is the year I can make this work.” And it just never did. I found that I had guys, when I would bring in a crew that, towards the end of the job, they could tell a customer was frustrated. I was frustrated. And it just really set a low moral standard amongst my employees. when we first started talking and we realized that this was my biggest thing was affecting me. The very first thing you said to me is just cancel those jobs.
13:51 Knowing that I could then focus on jobs that I could finish on time that I could make a profit on and that my crew would be satisfied with at the end, was such a big game changer for me.
15:04 Step by step, how to find your target market
16:21 The 3P Process Distinction
17:28 The compounding of referrals in the target market
18:55 What happens when you find your target market
LINKS & RESOURCES MENTIONED IN THIS EPISODE:
ADDITIONAL FREE RESOURCES: