A couple of approaches to business for you to think about today.
The Populist Approach
Figure out what is selling like hot cakes and jump on the bandwagon.
Advantages:
- market already clearly defined;
- popularity guaranteed;
- average skill required from support team;
- easy to get started.
Disadvantages:
- what’s so special about you?
- popular markets can quickly become dominated by price;
- keep an eye on saturation (and what are you going to next when that happens?);
- support team can be transient.
The Expert Approach
Identify niche markets and focus on them. Become the best at what you do.
Advantages:
- smaller market of higher spenders but clearly defined;
- less competition;
- less sensitive to price – if anything, robust;
- your support team will be experts as well;
- easy to identify why you are special – expertise and experience.
Disadvantages:
- tougher to get started;
- you have to stay the expert;
- you have to deliver the results (and manage customer expectations very carefully);
- you must not compromise on price;
- more demanding customers.
Decisions
Are you going to take The Populist Approach and join the waiting list for an oversubscribed post-graduate course on MID, then throw stupid money at digital advertising and cross your fingers?
Are you going to take The Expert Approach and invest in yourself, your team, your equipment and your internal marketing?
I’m noticing that my most successful clients at the moment are those taking The Expert Approach.
If you want to know what that means in practical terms – join The Extreme Business Club.
