Get rich in the niche

Recently, I was asking a home-based entrepreneur what was her niche -- who was she selling to? Her answer to me was "everybody". She has great products and services, and spends a lot of money and time marketing her products and services, but she rarely makes sales.

Why is that? Hmmm....

Well, her customers don't know who they are. That is to say that she has not clearly identified who her customer is. If you don't clearly identify your target market, no one will step forward to buy, nor will anyone be able to refer prospects to you.

As my business associate, David Frey, who is the author of the best-selling, The Marketing Bible, teaches that you can "get rich in the niche".

For instance, the niche that I tend to focus on at the typing of this blog post is network marketers. I have clearly identified challenges facing this particular group of people (and have a unique understanding because I am one of them), and my angle is to offer various relationship-building tool and a contact management solution to help them grow their business.

"Getting rich in the niche" was best explained in Chris Anderson's book The Long Tail: Why the Future of Business is Selling Less of More. Chris Anderson, editor-in-chief of Wired wrote an article published in that magazine in October 2004. It made a huge impression immediately and Mr Anderson subsequently expanded his theory into a book.

The theory refutes the long-held wisdom of the 80/20 rule whose premise is that 80% of sales would be made on the 20% of the inventory. The arrival of the Internet as a mass medium has proven this wrong. Amazon says 50% of its total sales come from a wide range of items that only sell once a month, while eBay’s staggering success came from auctioning obscure items.

The classic graph pictured above illustrates the Long Tail. The Long Tail theory is that the Long Tail equals the Head in size; that collectively many products account for as many sales as the few bestsellers.

In short, my understanding and application of the Long Tail approach as it pertains to my niche is to contiually reach out to them to add value by sharing information that will help them grow their business. I also keep my options open to offer them additonal products and service to help them meet their objectives. That way, I can 'recycle' the customer and each customer is worth more because she buys more - of less.

Don't try to sell everything though. Joining too many affiliate programs or become resellers of too many products or services will cause you to lose focus.

Well that's my two cents.

All the best,



Notes: "Long Tail, Short Head: unprecedented cross-selling", by Annie Turner - BKI Media. Article can be viewed by CLICKING HERE.

Balanced Goals for a Successful Life

Comment | Copy This

Cover these 8 areas for success:

• Family - "It's all about the family." ~ Don Vito Corleone



• Job - "There is nothing necessarily wrong with working in the E quadrant" ~ Robert Kiyosaki



• Business - "Having a home-based business can help you save a ton in income taxes." ~ Sandy Botkin



• Education - "Seek knowledge from the cradle to the grave." ~ Mustafa Muhammad Al Amin



• Service - "Help others get what they want, and you'll get what you want." ~ Zig Ziglar



• Fun - "Party on dudes!" ~ Wayne & Garth



• Health - "Your health is your greatest asset." ~ Unknown



• Spiritual - "Free your mind." ~ Morpheus

I hope that you enjoyed reading and/or listening to this blog post.

To your success,

Mom & Pop Shops Will Save The Day

Comment | Copy This

PREDICTION: Micro and small businesses will be the superheroes of this recession.

Here are a few reasons why:

• They growing and create a kinder, more personal, more human way to do business



• Today's Mom & Pop Shops, become tomorrow's Inc. 500 companies



• Opportunities abound for talented corporate professionals who can lend their training and savvy to help the Mom & Pops Shop to grow

Of course, there are challenges with small companies - particularly the need to multitask, but if you have the stomach for it, you may be rewarded handsomely. Remember, in all things, fortune favors the bold.

"It all started with a little mouse." ~ Walt Disney

I hope that this blog post gave you some things to think about.

Will you be one of our superheroes?

All the best,

Team-up with others to boost sales

Comment | Copy This

This is kind of a follow-up to my previous post about The ARC of the Convenant for Entrepreneurs. To better appreciate, reward, and celebrate my customers, employees, and partners, I teamed up with two other entrepreneurs that market products and services to my very same target market - sole proprietors and home-based entrepreneurs.

Here are some of the main points covered in this audio:

• Team up with other sole proprietors and home-based business owners who are not direct competitors, but you share the same target customers



• Complimentary products/services make you more attractive to prospects and existing customers



• Joint ventures add value to the marketplace



• We didn't come in on the same ship, but we're all in the same boat, so let's work together

My associate, Felicia Richardson (aka The Candle Burning Diva) markets gourmet, scented candles. Her website can be viewed by clicking here.

To view Steve Kessler markets travel certificates, gas and grocery vouchers which can be great incentives. You can visit his website, clicking here.

I hope this helps,

The ARC of the Covenant for Entrepreneurs

Comment | Copy This

The relationship between a business owner and her customers, employees, and partners is sacred and should be treated as such. In the Jewish, Christian, and Islamic holy scriptures, reference is made to the Ark of the Covenant.

However, this is not about that Ark, but about the ARC.

ARC is an acronym for appreciate, reward, and celebrate.

Here is the breakdown:

Appreciate

• Appreciate your customers because their patronage puts food on your table. In today's world, there are endless choices, but your customers chose to do business with you. Appreciate them for that.



• Appreciate your employees. If those hard-working, dedicated men and women didn't deliver on the promises that you make to your customers, you would not be able to compete in the marketplace.



• Appreciate your partners because they help add value to your employee and customer relationships by helping fill 'gaps in your game' or but offering a complimentary product or service.

Reward

• Reward your customers with outrageous customer care, and a very good product/service. Offer specials like reward dollars and other 'frequent flyer' like incentives.



• Reward your employees with public praise and other performance based incentives (e.g. extra paid time off, professional development, etc.)



• Reward your partners with what they crave most - new business referrals.

Celebrate

• Celebrate customers on special days like birthdays, anniversaries, promotions, holidays, and other special occasions



• Celebrate employee achievements and milestones. For example, throw pizza parties and such to celebrate birthdays, employee anniversaries (e.g. 5 years with the company, etc.), and other life-changing events like birth of children, marriage, etc.


Celebrate any successes that your partners may have like closing a new deal, a new product launch, and the anniversary of the partnership.

Ladies and gentlemen, hold fast to the ARC of the Covenant for Entrepreneurs, as it will set a chain of events, and put people in your path that will help you achieve success in uncommon hours.

THAT is the secret.

All the best,