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Business Advice

How to increase the odds of business success

This marketing strategy could increase your odds of business success
ST701 Editorial Team - June 15, 2010
By: Sheila Lim
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How to increase the odds of business success

I am single, and I have money to spend. I don’t have considerable wealth, but aside from a few household bills, I’ve no family obligations to bear and so can well afford to splurge on myself. But strangely enough, retailers don’t seem interested in wooing me at all.

Enterprising business owners will find that my large cohort of single friends and I constitute a niche market that’s worth mining. So do other largely unexplored “emerging markets” like the burgeoning population of greenies and ageing baby boomers. The singles have disposable income to spare, while the greenies are passionate about supporting causes dear to their hearts and the seniors have the time to pursue their interests.

Singapore is a small and saturated marketplace in which the cost of operating a business is high, therefore it can be exceedingly tough for businesses to thrive. Price-cutting is a foolproof way of increasing sales revenue, but can business owners afford to erode the profits that they’ll need for paying landlords and investing in marketing campaigns? It makes sense to adopt niche marketing strategies rather than compete against myriad generic or bigger opponents.

But the greatest challenge in developing niche markets lies in getting a thorough understanding of what makes your target consumers tick. This means learning all you can about their lifestyles, developing products or services befitting their specific needs, seeking the most effective ways of reaching them, and building loyalty.

Steve Jobs is no computer whizz; in fact, he’s a college dropout. But he had excellent foresight, read his market well and was highly imaginative in conceptualising and developing seemingly far-fetched product ideas like the iMac, iBook, iPod, iTouch, iPhone and iPad.

These products came about because he aimed to provide solutions to a fundamental problem – that computer technology is complex and intimidating to many of us, yet can benefit us in many aspects of our lives; and in order to get potential customers to hook up to his products, he had to transform and simplify technology to make it acceptable and accessible to as many of them as possible.

But remember this, whether you are targeting the environmentally-conscious, singles, elderly, youths, family-oriented or technologically-challenged – it’s always the early bird that catches the fattest worm.

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