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Specializing to create a new market niche
ОглавлениеYou’ve probably heard the expression “A jack of all trades is a master of none.” You don’t see a lot of demand for a jack (or a Jill) of all trades or even a business that offers everything to everyone. Some of the big players offer all things, however, and are successful. At Walmart, for example, you can find a broad selection of products, have your vision tested, get your car repaired and your hair cut, and even have your taxes done. But even many of the big players have a niche; Walmart competes on convenience and price.
When you’re building and launching a new brand, you’re not a big player, so don’t try to be or offer everything to everyone. Eventually, you may want to reach a broader market, but start small by focusing on the needs and desires of a small segment of your market. This advice applies whether you’re creating a business, product, service, or personal brand.
To create a market niche, collaborate with people who are passionate about your industry. Most great ideas are born from creative thought and discussion among people with shared interests.