THE SIZE OF YOUR MARKET

I've been thinking about narrow specialized niches, verses
"mass marketing". There are advantages and problems with
each approach and successful businesses develop strategies
for them.
I've been working with two businesses that have great
products for very narrow niches. They have followed the
popular advice to choose a specific vertical market then
"drill down deep". That is good advice, if you can reach
enough people, at the right time, with enough money, in
that narrow niche.
For these businesses, however, only a small percentage of
the population needs their product, and the obvious problem
is that they have not found an effective way to reach
enough people, at the right time, with a powerful message.
Great product for a specific audience that really needs it.
But how do you reach them?
The opposite problem is having a service that "everyone"
needs. If everyone needs it, there is probably lots of
competition - think grocery stores. Secondly, how do you
craft a marketing message to "everyone" that is going to
powerfully motivate any one, particular customer to buy?
Both problems have solutions. In narrow vertical markets,
working with associations, advertising in specialty
publications, or becoming a recognized expert can be
effective strategies. In a narrow niche, one way or
another, you must solve this problem in order to reach
enough customers!
If your service appeals to everyone and you are selling a
"commodity", consider specializing or marketing to various
segments at different times. You must find a way to
develop your unique brand and stand apart from your
competition. What is your unique marketing advantage?
Find it and focus on it!