Saturday, April 16, 2011

Find a niche

“Don’t spread yourself too thin” Great military leaders have said this phrase and followed these principles for millennium. Why don’t the rest of us?

It’s alluring to do everything at once because the dream of capturing a number of different markets on one front would be incredibly profitable. The problem is, that never happens. If we spread ourselves thin, we are sacrificing the opportunity to become a market leader in a certain area. Being a market leader is substantially more stable than not being one and we need to become market leaders in order to establish a base to expand.

For example, if I were to create an audio equipment company. I’d be up against some tough competitors in the general market, but because I am smaller it is much easier for me to customize my products to ONE certain niche. I might customize my sound equipment to become pre-loaded with all the jacks for movie equipment. Assuming my product and company are competitive, the movie industry will begin see that I am committed to them and that they’re not just another piece of my market – they are my market.