contractor success Focus On Your Target And Hit The Bullseye Catering your offerings to meet the unsatisfied demands of a specific segment allows you to deliver high-value branding while filling a niche. By: Kyle Strait F From generating new revenue streams to ensuring the relevancy of their brand, devel-oping new products and offering additional services are considered as some of the top growth strategies by most companies today. But, how do you design and develop the truly best products? Philosophically, you could argue that, as a company narrows its target market focus, the more specialized the product or service becomes. Therefore, the niche offering incorporates more features and attributes that provide the most value to that group. And, assuming that a company can iden-tify a specific target market that is large enough to develop a product or service for, this philosophy seems to make a lot of sense. Nike, for example, focuses their product features and attributes towards enhancing the performance of the top 10 percent of elite athletes, and they seem to be doing okay. But, it is about more than just developing a new product or service; it takes discipline as well if you want to be successful in your venture. Obviously, this starts with a commitment by the organization to focus on the selected target market and build business competen-cies to best serve it. Then, it is necessary for a company or organization to become intimately familiar with the target market through research and experience. When developing new products or services, any company, organization or other business entity would be wise to remember the say-ing, “When you try to please everyone, you end up pleasing no one.” 38 CM/Cleaning & Maintenance Management ® • April 2013 Images courtesy of Pacific Floorcare
CMM – Archives Apr 2013: 38
