A strategy you may want to incorporate is to take your macro target market and then break it up. A great example of this strategy is with the 7 Up campaign years ago. If they were to compete in the cola market, Coke and Pepsi would slaughter them right? Knowing this, they positioned themselves and the "unCola". Brilliant. What do you think of when you think of uncola? Hummm…7 Up.
So, learn from 7 Up and apply the strategy to your business. You realize that this is a million dollar idea and you haven't paid a dime, just attention. Do you want to compete in the same space as the big boys in your industry or do you want to carve out a profitable niche within your market and own that piece. Why struggle more than you need to, right?
Here are the steps to focus on a micro-niche within your macro-target.
- What do you like and where is your expertise? – We all like something and we are all good at something. So, focus on what you like and what you are good at. Seems simple, so why do we need to be reminded of this. How many people do you know who are wasting their life doing what they don't want to do? Looking in the mirror? Take inventory and make changes.
- The whole equals the sum of its parts – besides being a probabilistic model of grouping by proximity and similarity in regular patterns, your macro-target is the whole and the micro niche within the target are the parts. When you eat a sandwich do you do a John Belushi in the cafeteria line or do you take bite sized portions? You really can't handle the whole sandwich without getting sick or looking like a pig. So find the piece you want and easily digest.
- Become the expert that experts go to – I met a man on a SWA flight the other day and I like to know what people do. This man is a stripper. Get your mind out of the gutter, not that kind of stripper. He is a metal stripper and he uses a technique that only a few, count on the one hand few use, as in 1. He is the only one using the technique. Do you see completion? Nope. Do you see price concession? Nope. Do you see a smart business man who made a fortune being a stripper to a micro-niche market in the metal preservation business? Yes.
- Fly under the radar – lots of traffic and noise out there in all industries. You have to love an economic system like ours that allows for so many flavors. Let the giants in your industry battle it out while you pick up the crumbs of the micro niche and position yourself for success. Many a person lived on the crumbs in a successful, happy, fortune building life. Let the big boys miss out. Fly into the radar and you will get crushed. Even as you grow to a new niche or your niche expands, keep your head down and push forward in your commando fatigues and avoid confrontation up in the traffic and noise. You'll be happier, wealthier and wiser.
Pretty simple: take digestible bites, don't be a pig, do what you like because you will be doing a lot of it, be happy and get your portion of the business, invest wisely and die complete.