“Nothing happens unless first we dream.”
– Carl Sandburg
Dream big thoughts but it is better to build businesses upon little ideas. The most common strategic marketing mistake is to think too big. So, the answer is think small. Think niche.
By focusing on a niche, you become expert at providing your product or service. Because you understand the needs of this niche, your marketing message resonates with truth and fit; and your target market buys from you. Your customer is happy because of your expertise and product quality. Your happy customers gladly refer you to other prospective customers who have the same need. This referral process lowers the cost of sales, since you do less prospecting and qualification.
Conversely, the more general your solution and the less specific your customer, the more likely you are to fail. The more you diversify your efforts, the less centered you become. An overly broad charter keeps you from gaining customer knowledge and from gaining operational efficiencies. Your marketing message is weakened by your lack of focus. You get fewer references. Selling is harder and keeping your customers is difficult. Your customers are not as happy.
Niche marketing makes finding the customer easier. You can cull out the customers that don’t fit with your plan since not everyone gets the honor of being your customer. Successful niche firms say “no” frequently and don’t waste their time on customers that do not fit their niche. The wisdom in knowing what business to avoid is critical to a niche play.
It is OK to dream big, but you need to think small.
John Bradley Jackson
© Copyright 2008 All rights reserved.