As a small business owner, do you try to satisfy everybody or to satisfy only the niche where you are the best?
Think about satisfying the niche where you are the best. You are the best in one part of your market, but you are average in other or weak in the rest parts of the market. If you want to have a successful business, you need to satisfy needs that you know how to satisfy better than everyone else.
Can we really satisfy everybody or please everyone? This is an important question that all of us need to ask and give the right answer.
I Don’t Know the Key to Success, But the Key to Failure is…
The market has different types of needs, different problems that need solutions, different types of customers, different habits… Look at the quote below:
I don’t know the key to success, but the key to failure is trying to please everybody.~ Bill Cosby
Many businesses try to reach a very wide variety of customers, but after all, they very quickly find themselves in a failure mode.
When I talk with entrepreneurs, I can see that the logic behind pleasing and satisfying everybody is that if they satisfy more needs, or solve a more different type of problem, their market will be higher. Because of that, they think that there are more probabilities of higher market share and because of that, there will be more probability of success.
For some businesses sometimes this logic is their most important competitive advantage. However, it’s totally different when it comes to small businesses, which have very limited resources. You cannot allow dispersing your already very limited resources, because there will be a huge probability of fail in some of the niches. But, this failure can easily become fatal for your small business.
Questions to Ask Before You Start to Satisfy Everybody
Before you start to satisfy everybody ask yourself the following questions:
- Do you have enough resources to please and satisfy everybody on the market?
- Do you have the potential to solve too many different problems or to satisfy too many different needs?
- Are your business or you as an entrepreneur enough knowledgeable about leading battles on various market niches?
1. Do you have enough resources to please and satisfy everybody on the market?
Satisfying everybody on the market will require additional resources from you and your small business. It doesn’t matter if these resources are financial resources, the time you need to spend, or intellectual resources. Simply, you will need to have them ready before you start.
So, think about the resources. What you will need? Do you have such resources in enough quantity?
2. Do you have the potential to solve too many different problems or to satisfy too many different needs?
The next important thing you need to take into account is focused on do you have the full potential in order to please and satisfy everybody.
This is related to your competence. Do you have enough knowledge, skills, and experience to work on solutions that will satisfy all possible different customers for your small business? What about your own time? Do you have enough time to satisfy everybody?
3. Are your business or you as an entrepreneur enough knowledgeable about leading battles on various market niches?
If you decide to satisfy everybody, you will need to be present in different market niches. As I already have mentioned, different market niches have different needs, different habits, different behavior, etc.
So, are you ready to compete in such different markets?
This week small business advice:
Do not try to satisfy everybody. Focus on the niche where you are the best, target your customers, and satisfy them with the best solutions for their problems. If you succeed in this, you will look at how your business grows fast.
📝 Related Articles