21:44
Faizan
Ever heard the old saying, "You can please some of the people some of the time, all of the people some of the time, some of the people all of the time, but you can never please all of the people all of the time?"
What this means is that it's impossible to make everybody happy no matter how hard you try. But frequently, businesses try to do exactly that. The feeling is that services and products should be offered to absolutely everyone to maximize the potential sales/profit possible. But is this a smart way to run a business? That depends. If you are the CEO of a shopping mall then maybe so. But if your particular business is focused on photographing newborns within their first week of life the "anyone and everyone" strategy just won't work; it's not efficient use of your time and it won't be effective in building your client base.
If you put more thought into it, you will discover that your business has a very specific market or niche from which the majority of your sales/clients will come. Identifying your niche and speaking to them specifically will be the fastest path for you to build your business.
When you focus on your specific niche only, others who may be outside your market will still find you because your marketing speaks about the specific solution they are looking for, whether if it's for them personally or someone they know.
As an entrepreneur, it's important that you understand that you need to set yourself apart from the competition in order to be successful and the best way to do this is to find or create a specific niche and then concentrate all your efforts into promoting your product or service to your clearly identifiable niche market.
Having a niche allows you to:
Specialize in one set of problems and solutions
Deliver specific results
Be the expert on a particular topic or in a particular industry
Be the solution or problem solver for a specific person or group of people
Be known as the "go to" person in a particular industry
Achieve mastery in one targeted area
What this means is that it's impossible to make everybody happy no matter how hard you try. But frequently, businesses try to do exactly that. The feeling is that services and products should be offered to absolutely everyone to maximize the potential sales/profit possible. But is this a smart way to run a business? That depends. If you are the CEO of a shopping mall then maybe so. But if your particular business is focused on photographing newborns within their first week of life the "anyone and everyone" strategy just won't work; it's not efficient use of your time and it won't be effective in building your client base.
If you put more thought into it, you will discover that your business has a very specific market or niche from which the majority of your sales/clients will come. Identifying your niche and speaking to them specifically will be the fastest path for you to build your business.
When you focus on your specific niche only, others who may be outside your market will still find you because your marketing speaks about the specific solution they are looking for, whether if it's for them personally or someone they know.
As an entrepreneur, it's important that you understand that you need to set yourself apart from the competition in order to be successful and the best way to do this is to find or create a specific niche and then concentrate all your efforts into promoting your product or service to your clearly identifiable niche market.
Having a niche allows you to:
Specialize in one set of problems and solutions
Deliver specific results
Be the expert on a particular topic or in a particular industry
Be the solution or problem solver for a specific person or group of people
Be known as the "go to" person in a particular industry
Achieve mastery in one targeted area
Posted in: business
