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Dear MSBCoach, Is a niche market a good thing? Why is it difficult for me to develop it? – New Entrepreneur, Staunton, VA.
Dear New Entrepreneur,
Fear is often the root cause for an entrepreneur to not develop a niche market, the other is lack of understanding of it's importance. Most new entrepreneurs want business so bad that they are afraid a niche will exclude them from potential customers. The truth is just the opposite.
A niche allows the consumers to know exactly what you do. It sets you apart from anyone else and makes you the specialist. Often I will hear entrepreneurs describe their business something like this, "We are a graphic design company that will help brand your organization, we also can create mailing lists for you, print your products and develop your web site... oh yes, we also have several years experience in landscaping too."
I know this sounds crazy but it happens. This message confuses the consumer. It is too much information so instead of choosing which one to talk to you about, they do not talk to you about any of them. The last comment about landscaping tells the consumer in case you don't make it in your graphic design business you have a back up plan. You may have a back up plan; however, your customer does not need to know about it. Once you have built a relationship with a client within your niche, it is then OK to offer more services to them.
Let me leave you with this thought - could you imagine if Coke's tag line was, "Have a Coke and a Smile and by the way, we now sell tires...." The goal is KISS - Keep it simple sweetie - LESS is MORE!
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