Adrian Newman’s latest ‘e-Wealth Daily’ article is titled “A Small Fish in a Big Pond Can Succeed, Too”. [‘e-Wealth Daily’ Article]


Adrian Newman’s latest ‘e-Wealth Daily’ article:

A Small Fish in a Big Pond Can Succeed, Too

Sometimes with a business — particularly if you have a retail establishment — you will find that it is difficult to compete with the bigger companies. Big-ticket department stores are popping up all over the place these days and you probably feel like a very small fish thanks to this fact.

However, the good news for small retailers is that the pond is big enough for everyone. The secret is to focus on just one part of it.

You will find that it’s almost impossible to compete with certain companies’ product selection and stock quantities, and perhaps even with their prices as well. It can seem bleak, but the best advice I can give you is to be happy and focus on one particular market segment. Own your piece of the pie. You don’t need to have the biggest piece right away, but always remember that you do have a piece all your own.

If you find that the competition’s product selection is far greater than yours is — and you feel that there is no competing — then you need to find another way to attack this challenge. Instead of trying to offer the same product selection, create a market niche for yourself.

Focus on one item that you sell well and create a buzz about it. Make people feel as though this is the only place that they can get this one product. People respond well to the concept of exclusivity. They want to feel as though they are in on a little secret.

If you’re a small fish in a big pond, then you have to find a way to better serve your customers. Remember that people react to customer service more than anything else a business has to offer them. If customers can take advantage of a service that is convenient and efficient, then they will do business with the company that offers it over and over again.

If you can’t compete on the same level as the big-box stores, then create a level of service that is all your own. If you offer people services and products that are unique and exclusive, then they will come back to your business time and time again.

You need to be able to find that small window of opportunity that allows you to take a specific segment of the market away from the competition. You might not have the largest segment, by any stretch, but you can take a piece of the pie regardless of what the competition is doing.

For instance, Wal-Mart sells everything from frying pans to TVs to towels to decorative items. So there’s a very slim chance that you could afford to offer the variety that they do. So concentrate on unique and hard-to-get items instead.

If you want to sell decorative items, look for a variety that isn’t sold by the big-ticket stores and concentrate on those unique items instead. Sell only a certain type of product, which is handmade or ceramic, etc.

All you need is to capture one segment of the market in order to become successful. Also, create a buzz around your products and eventually you will be able to compete. Create a specialty business that focuses on customer service and satisfaction. Once you’re able to create a customer base, then you can start taking on bigger segments.

Remember, even though you might be a small fish, you can become successful by swimming around in several different ponds.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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