Beach Walk Insights - Volume 1, Issue 19 - Play time 2m 42s
The vast majority of successful businesses serve well-defined market niches. Such businesses have a clear idea as to who their customers are. Of course, you can serve multiple niches too. For example, BMW knows the differences between customers who buy a BMW Series 1 and a BMW X5. Both cars serve different market niches.
Clearly defining your niche prior to embarking on extensive marketing will yield better results. As the saying goes:
"If you try to be everything to everyone, you won't be anything to anyone!"
Too many people either:
- spend huge amounts of time and resources identifying a niche, but then service it inadequately. or...
- do the reverse and expend the same effort in a diffuse manner, rather than on one niche.
Spend time finding your niche and having done so drive your message home consistently - similar to splitting a log with a wedge. Imagine the grain in the log is your niche, first locate where your wedge fits best, then aim the thin end of the wedge and put all of your effort into driving it home.
To find your niche first identify your strengths - these will become part of your wedge. The sharp edge of your wedge is a simple clear benefit statement. Aim this at your target market and focus your energy into driving the message home.
In this edition of Beach Walk Insights Chris shares how the simplest of tools can help clarify your business strategy and help you create defined wedges for your niche.