February 02, 2006
Sometimes when the subject turns to niche markets, many think of this psychologically as losing something before you ever begin.
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But let’s just take Wal-Mart. As large as they are, they still have a sphere that they operate under and within. Yet they have many retail sellers out there that they don’t really compete much with, nor are they able to. Target comes to mind right away. I know when I talk to the women I know, if they want a certain quality, they will go to Target. They have carved a place in the minds and hearts of their customers that brings them to mind when certain products are thought of.
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So when you start to narrow your products or services down, don’t let yourself think that this is a straightjacket to you personally.
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Patsi Krakoff mentioned this recently in a post on her blog describing the book her colleague, Molly Gordon wrote, ‘Authentic Promotion.’ She mentions the importance of identifying a niche that works for you, “a niche narrow enough to make their products and services stand out without cramping their style or limiting their creativity.”
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She goes on to say, “…a niche does not have to be cold, dark, and cramped (yuck). Using the ecological model, she shows that each individual occupies a unique niche, a place in which they give and receive the greatest benefit, a place where they belong. Find this niche and you will find that your confidence and conviction about marketing your business goes WAY up. You will be able to make simple, memorable statements about your work that will connect with your “just-right” client without struggle or hype.”
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This is really good advice. I have always tried to explain it like an hourglass. You’ve got to keep on narrowing things down until you find the apex of your niche, and once you find it, it’s like the sand going through the narrow hourglass, once it gets through, the whole thing is much bigger than is originally thought.
Keep this in mind and you won't feel like your losing something when you make the choices of what you want to offer as a business.
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Actually Gary, Molly Gordon's book is Authentic Promotion, as seen at www.authenticpromotion.com. Thanks for participating on my www.bizbooknuggets blog!
Posted by: Patsi Krakoff | February 3, 2006 07:58 AM | Permalink to Comment
Thanks Patsi for pointing that out. I guess after 16 hours on the computer yesterday, I was hallucinating.
Posted by: Gary | February 3, 2006 11:04 AM | Permalink to Comment