Although picking a very targeted niche and sub-niching inside of that is a given for any business at any time, during a tough economy, it becomes even more important.
This may sound a bit counter intuitive as many businesses are scrambling to find as many clients as possible in panic mode, but it's an important concept that should not be over looked. Sticking to your guns on a focused target audience is a key to survival.
A buckshot approach will quickly devalue what your business brings to the table. This is exactly the opposite of what you want. Hunkering down into a specific target audience will get you to hero status in that niche.
It will also keep a tight grip on your offered products and services so you are not scattering your resources (ie people, time and money) and keep a reign on your marketing (which will now be utra-focused and more effective as you track everything you do) so you don't make the super big mistake of not marketing at all to save money.
As your niche gets serviced, more potential clients in that target niche will notice you making it easier to be the go to company with minimal marketing. And when the smoke clears on the economic conditions of today, ancillary markets related to your focused niche will take notice. Without even having to market to them, they will find you because of the fact that you did such a good job with your niche and you're still standing.
Have faith. This is how it actually works. It's never a good idea to be everything to everyone and a bad economy is the worst time to attempt this feat.
To Your Business Success-
George Sierchio
The Consultant's Coach
Monday, February 2, 2009
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