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Think Small: Micro-place of their way to success
Conventional wisdom tells us to think big. Having trained hundreds of young entrepreneurs, I find those who are most successful tend to think small.
What I mean by "think" small?
I refer to the choice of a narrow micro-niches where they can stand out and attract attention. A niche where you get to do what they do best every day – and nothing else. A specialty that can excel in because no one else offers the unique approach or expertise to do so.
The biggest mistake many entrepreneurs do alone, "is trying to be all things to all people. Pursue large areas and markets in which thousands or millions of people are seeking advice or support. Son think too big. General fall, when the market really want is to specialists.
What is the advantage of choosing a micro-niche?
Micro-niching is a smart business strategy for business owners alone. Instead of trying to be all things to all people, to focus their energy on doing one thing extremely well. It aims to be the best in your region or the world in this major.
I define a micro-niche as the combination of a unique specialty also a narrow target market. Think of it as the intersection of the best of their experience with a very particular client or industry specific needs.
How to choose a micro-niche?
The first step is to determine the one or two things you do well and that you really enjoy either doing or speaking. It may be something you has experienced as a challenge and have learned to overcome, or something you've studied to become an expert, or something that comes naturally to you, but others struggle. The Trails may be in the things that continually talk to customers, or speak to groups, or in books and magazines to read forever. Any of these would give an indication clear of their specialty.
The second step is to determine the group of persons or the public who most need what you have to offer. This is your ideal target audience or target market. The close more make this, the more chances you really stand out and be recognized as an expert in your field.
To give an example, a customer service specialist is not a micro-niche. Or, an expert in leadership for managers is not a micro-niche. But a customer service specialist for the industry retail, or an expert in leadership for newly promoted managers in the financial services industry are micro-niches.
There are three very powerful commercial advantages of election of a micro-niche for your business.
The first advantage is credibility.
Focusing on one area where you have expertise in something who have experienced directly gives instant credibility. The narrower their field of specialization, the more people will believe what you say. For micro-niching, people will want easy to work with you because you are a specialist in exactly what they need at this time. It can become your trusted advisor and build a list of powerful, long time.
The second advantage is that virtually eliminates any competition.
By positioning itself as the expert in a micro-niche that can virtually owning the market. You want to choose a niche that's close enough that nobody can compete directly with you, but big enough that there are enough customers.
The third advantage is commanding higher fees.
A key benefit that dominates a niche is being able to charge much higher fees because they can offer very specialized information, products and services. The market will always be willing to pay more for the wisdom of the expert that knowledge of the general.
In these times of global business on the Internet if you do not micro-niching solo-preneur, you're getting lost in a sea of generalists.
My advice: think small to get a larger piece of the market and make more profits.
About the Author
Jan Marie Dore, “The Women Entrepreneurs Success Coach,” helps women business owners and independent professionals attract more clients with creative marketing strategies. Get her marketing tips and FREE report ’7 Critical Women Small Business Marketing Mistakes’ at www.femalepreneurs.com
