SBTM May 2015 Anthony Ford - Page 24

EDITORIAL FEATURE How to Dominate Your Market and Get Rich in the Niche By Howard Partridge “If you try to be everything to everyone, you won’t be anything to anyone!”  - Zig Ziglar I f you want to dominate a niche, you first have to know what your niche is.  Do you know that when you try to be everything to everyone, you won’t be anything to anyone?  You want to be a big fish in a small pond, rather than a minnow in a huge ocean.  So, who is your perfect target niche client? Positioning and domination is a result of being UNIQUE. Let’s look at three companies that have done this well:  1.  Whole Foods   They recognized the trend of natural food enthusiasts (target market) and decided to take up a position in that space.    2.  Starbucks They created a unique experience around coffee, a commodity that has been around for thousands of years. My good friend and business consultant, Ellen Rohr, explains a simple way to find out.   Think about your very best customers.  You know them; they never   3.  Harley-Davidson  Whether you’re a biker or not, you must concede that complain about price; they always pay on there’s a unique experience around time; and they are a pleasure to work with.  owning and riding a hog!  That could That picture describes your target niche be good or bad, depending on your market.   Of course, in your phenomenal view!   LOL!!!  marketing plan, you will determine the demographics (age, gender, income, etc.) and psychographics (purchasing habits, Being unique means you can charge more. etc.) of your perfect target market. Why do you need to charge more?  Because working 24/7 just barely scraping by is not a phenomenal life.   RememDomination is a result of positioning. In the classic marketing book “Position- ber, the only reason your business exists ing” by Jack Trout and Al Ries, they de- is to help you achieve your life’s goals.  scribe positioning as a slot in a target Why doesn’t the average person shop at market’s mind much like a file in a file Whole Foods?   The answer is because cabinet.  To illustrate this, let me ask you of the cost.  I personally love to shop at a couple of questions.  When I say laun- Whole Foods when I am home because dry detergent, what brand first comes to they offer the natural foods that I want.  I mind?  For most, it’s Tide.   When I say pay more but I get what I want all at the soft drink, what brand comes to mind same place.   My wife points out that I could get certain items cheape