Identifying your market

"Focus - people like to buy specialists"

People cannot offer you an assignment if they don’t know you exist. The first challenge for Interim Managers therefore is to create awareness in the market place. Of course there are thousands of others trying to do the same, so it’s easy to get lost in the crowd.

There is an old marketing adage called the rule of 7, which says that a potential client needs to see your marketing message at least seven times before they really notice you. Whilst the actual number is up for debate, it’s certainly true that a single awareness campaign has limited value.

Most interim managers do not have marketing budgets or resources the size of Pepsi Cola or Virgin, so, if you believe the Rule of 7, it means you need to target our market fairly tightly if you are to get your message in front of them multiple times.

There is another very compelling reason to target your markets. People like to buy from specialists. Not only in the types of problem they solve but who they solve them for. For example, if you are the practice manager of a large accountancy firm looking to grow the business and seeking an interim manager to do so, you would be more likely to be attracted to a Business Development Interim Manager specialising in the profession than a non-specialist.

Many interim managers resist target marketing as they feel they are cutting themselves out of a vast market by doing so and therefore will win fewer assignments. In reality this is not so. Whilst specialising will narrow down your target market, you will significantly increase your chances of creating awareness and ultimately winning an assignment in that market. Of course you may have more than one specialisation and that is fine, but market them separately to avoid the 'Jack of all Trades’ label.

Factors to consider in selecting your target market

"Obviously you are most likely to succeed where you can demonstrate your competence (you know what you are talking about), your credibility (you have a track record in the same or a similar market) and your compatibility (you speak their language and understand their culture" says Simon Berry of Interim Assignment.

There are a multitude of factors you can use to narrow down your target market. These include:

  • Size – could be measured in, for example, turnover, profit or number
  • Industry – type of industry they are in usually defined by SIC (Standard Industry Classification) Codes
  • Stage of Growth – from start up to maturity to close down
  • Geographical Location
  • Issues faced – such as mergers and acquisitions, regulatory changes, outsourcing central services etc

"When all is said and done" says Simon, "Perhaps the most important factor is your own motivation and desire to work with that sector. Even if it ticks all the other boxes, if the desire is not there, it’s going to be a struggle for you"