Entrepreneurs, what is your ability to act in spite of fear, in spite of worry, in spite of inconvenience, in spite of discomfort? Can you act when you are not in the mood? Your character, your thinking and your beliefs are a critical part of what determines the level of your success!
The above statement is not at all new to me or to many of you, but I thought I should share it just to once again encourage you no matter what environment you are operating in.
Today my tip is simple:- Niche Marketing. This is where you simply target a small core group of people with your product at a high price.
Why should you do this or at what point should you do this?
If you are in an environment where you cannot get enough financing for running your business, you can use this strategy. For instance/example instead of making simple cakes like everyone and pricing them at $25 a piece then trying to sell to the masses, make specialty cakes and price them $60 a piece. If you are an event organizer, and you want to find a niche, you could look for that market/people who will do anything for their event to be glamorous and charge them $3000 vs you doing a hectic event for $500.00.
A niche normally has very few people, but they give you good money all year round.
You have to look around you and look for the customer needs. In every economy they are people willing to pay for consuming something extra ordinary. With your very own product you can modify it for an extra charge to be unique.