Pundits have proclaimed the “death of the mass market”, everybody’s telling you to niche and you’re wondering what happened and what to do about it. What happened was, in the last five years, the world changed. The culprit? You guessed it: the internet.

The internet fundamentally changed the competitive landscape. Sure, the internet gave the world websites, but it also gave the consumer unprecedented power. As consumers, we have come to expect getting what we want. And if we are at all unhappy with something, we can find a replacement within minutes. In response, most businesses are engaging in what’s looking like an arms race for our attention. And the consumer’s response? Stop paying attention.

So, what can you do about it? With all this noise, how can you be heard?

Why, Niche of course.

Forget about income, age, gender and geography. Look to Lifestyle and there you will find what you seek. Find a lifestyle you want to be a part of. It could be cyclists, attorneys, hip urbanites, the blind community, office managers, business travelers passing through town.

Your goal is to become the hands-down best buzz-worthy choice for that group, so you’ve got to learn about them. Think about their life. What do they do? What are their interests? What do they really want? And how can you change and enhance your business to become truly great in their eyes?

If your first thought was to cut your price, you’re headed in the wrong direction. Price can be a path to greatness. Look at Wal-Mart. But if you’re going to take that route you have to be certain that nobody can undercut you because if they do, you’re sunk. Your best bet is to enhance your value.

Value is THE key and it comes in endless forms and doesn’t have to cost you anything. Value is something that lies in the mind of your target market. It could be information that helps them make better decisions. It could be a website that reflects their style and anticipates their needs. Or a set of partnerships with other businesses that gives people what they really want. The value you can create is unlimited, but it has to emerge from actual needs and wants.

If you don’t know exactly what those needs and wants are, just ask. Find someone living your target lifestyle and take them out to lunch for a brainstorming session. They’ll love it and you will be amazed at the insights you find.

Next time we’ll talk about what I call Incentive Balancing and the Decision Chain and how to use them to motivate people to turn themselves from strangers into customers. And after that…word-of-mouth strategies!

I hope you liked the first issue. I love feedback and questions, so don’t hesitate to email if you have any. And, if you would like to see a certain topic covered in the newsletter, let me know.

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