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Scratching A Niche

7/1/2015

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Sorry…I couldn't resist that title!

When it comes to marketing, one of the most powerful concepts is the Niche Market. I've found that many small business owners are reluctant to focus on a smaller segment of their market, for two key reasons:

1. They have a hard time actually defining that segment/niche

2. They are afraid they’ll lose potential customers that are outside that niche

Defining the niche is a tricky task, but your niche might just be sitting there waiting for you to run with it. Take a look through all of your customers. Is there a group that are just a real pleasure to work with? You know, the ones who pay on time and truly appreciate the value of your product/service! Or…Or! You might look at one particular product or service that sells the best. In either case, your potential niche might just be right there in front off you.

The second problem is a little more difficult. I completely understand the reluctance to take your current efforts and, in a sense, REDUCE the size of your target. The key is to make a smooth transition from a general marketing campaign to a niche marketing campaign. I hate to do this to you, but look at the law industry (lawyers). It’s very rare that you see a sign for a law firm that just says, ‘Lawyer’ or ‘Attorney’. They all dig out a niche: accident law, business law, sports law, divorce law, bankruptcy law, etc. In fact, they likely carve it a little deeper by sticking to a certain geography.

The other thing to consider here is the shear size of your market. If you did some research and counted the size of your current market, I’m positive you’d find enough of them to start getting more focused and still have plenty to sell to.

The point is that a marketing message designed to target a specific niche will be heard faster and louder by its intended audience. Isn’t that something we’d all want from our marketing campaign?


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I Work Twelve Hours a Day!

4/16/2015

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I Work Twelve Hours a Day!

This is one of the most commonly uttered phrases from an entrepreneur's mouth: “I work twelve hours a day!”, or “I work 80 hours a week!”   It makes me wonder, “Do you really love what you do, or are you just bad at it?” I think as entrepreneurs, we are too creative and innovative to put up with working those kinds of hours.

Now, I know that if you’re a new business owner, you are probably putting in these long days. My point is not to insult you, but to get you thinking about a new way to improve.  When you are getting started you may need to put in crazy hours, hopefully, it is a pleasure.  But, if you are still there a year, two years, ten years later, you may want to rethink your methods. 

If you took a good hard look at your day, would you realize that you could take just as many steps toward reaching your goals in much less time? How many hours could you cut out of your schedule each day or week?

I propose getting onto a Time-Loss Program (as opposed to the good old Weight Loss Program). Use these tips/ideas to help you get rid of wasted time:

1. What tasks can you delegate or outsource?

2. Where can you move from “perfect” to “good enough” in order to save time?

3. How could you better manage your calendar to save time in travel, meetings, and events?

Once you start thinking this way, you’ll be amazed at how much time you can get back: time to think big; time to explore; time for yourself.

Where Should I Go Now?
Main Blog Page
Become A Business Coach like Stuart


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    Stuart Preston

    Stuart has run MyBusiness Advisors for over ten years.  Here, he share his experiences for those who also run or wish to run business coaching practices.

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