How strongly are your competitors entrenched? What have they in price or quality or claims to weigh against your appeal? What do you have to hold trade and win trade against them? Are there areas that your competitors are beating you to it? The answer is “yes!” [Start Reading from Here].
When you learn how to tap into an uncontested market space, particularly a rapidly growing demographic with unique needs and preferences, everything about your business changes.
Create your niche path
Every business springs out from a niche market need, and defining your niche market is critical. The most successful businesses are those that find and satisfy the needs of a specific market. Remember, it’s not everyone that wants or will want the product or service that you offer.
Whatever market you choose to serve must be large enough to sustain the business and give room for growth, and niched enough to make you narrow down the focus. It’s more like not focusing too blurrily on the forest or too minutely on any particular leaf.
And when you get a market advantage with your superior product or service that is targeted to a well-defined market, exploit it to the fullest without looking back.
So, start by doing thorough research to find a profitable niche market, and understanding who is in that market and what they want before stepping out to give them exactly what they want.
If your product can’t find its target market, or your market can’t find your product, your business will fail from the start.
Gregory A. Moore in his book, Crossing The Chasm taught, ‘Cross the chasm by targeting a very specific niche market where you can dominate from the outset, drive your competitors out of that market niche, and then use it as a base for broader operations.
Trying to cross the chasm without taking a niche market approach is like trying to light a fire without kindling.’ That says it all. In niches are the market riches.
Raise your game
Raise your game in your blue ocean is not negotiable. There will always be those who will come to challenge your newfound domain. What determines if you win in any game is not how good you are; it is how good you are relative to your competition.
It is so important to know your own strengths and weaknesses in this market that you have some inherent advantages. One thing you need to do is to play in the areas where you are strong and have a differential advantage.
James Clear in his book, Atomic Habits taught, “A good player works hard to win the game everyone else is playing. A great player creates a new game that favours their strengths and avoids their weaknesses.” It’s foolish to believe you can win a game if you allow others to control the play.
You should raise your game above what is there in your market or industry. How big is your market pie, and how much of it can you bite?
How much of the market can you capture and own based on your marketing capacity, skills, and capabilities? To win in this competitive game, you need to concentrate all your energy and resources on your chosen market space, and give it your best!
When you have found your market, continuously keep your eyes on what that market desires and expectations.
Demonstrate to your blue ocean that you care about how your offering would serve them better than the competition. When you find your blue ocean, you will redefine your business success, and make the competition irrelevant.
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About the author
Tony Ajah is a Business Growth Strategist, and the author of BUSINESS SENSE, and ON BECOMING AN ENTREPRENEUR. He maintains a personal blog, where he shares proven business ideas and principles for SMEs.
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