Before you begin selling, determine who your ideal target market is. Broadly, a target market is a segmented group of people or businesses.
Companies often talk about rebranding — as if “reinventing” or “refreshing” a brand is the magical solution to any problem. This is not true. Here’s how branding really works.
Unicorns are exquisite, profitable customers, but exceedingly rare. You can waste a lot of time selling to unicorns. The opportunity for growth is in the herd with “ideal average” customers.
It’s better to be hated than to be stuck in the indifference trap. The art of polarizing your brand is to avoid a middle ground to stand out in your marketplace. Find that place that no one can say you’re catering to everyone.
A lot of time and effort is wasted developing the wrong niche markets. When building a niche strategy ask 3 key questions. 1. Is there a market? 2. Can you compete and win? 3. Will a market leadership position endure?
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