Why Aim For 10% of the Market?
Why Aim For 10% of the Market….when you should go after 2.5% of the market instead!
This may not even seem right! Why would anyone aim there marketing efforts at a group that would represent 2.5% of their target rather than 10% of their target? It’s called, going after the INNOVATORS!
Simon Sinek, in his book (START WITH WHY), talks a lot about success coming from the group of people known as Innovators. This group not only accepts and creates new ideas and products first but it is their attachment to them that lead the way for success of these products. Simon notes that many companies shoot for the middle of the “Bell Curve” (more on this in a moment). They hit that target of 10% but this is not enough to sustain the company (or the product).
Simon talks about The Law of Diffusion Innovation where the Innovators represent 2.5% of the target market. It is with this group that a new product should be established to meet success. This group will propel the product into the next group which is the Early Adopters. They represent about 13.5% of the market. As they move forward, there is a concept called the “tipping point” and that is between 15%-18% of the market. When the acceptance of the product reaches the tipping point, the product is on its way to success through the momentum.
You would have a better understanding of Simon Sinek’s Law of Diffusion Innovation by clicking on the video below:
Where does that lead us from here? I’m somewhere in the middle of Simon Sinek’s book, (Start With Why) and one of the concepts that has a hold on me right now is his discussion of that gut feeling. He talks about feelings not being attached to the area of the brain that puts thoughts into words. This is why you can’t express your feelings in words.
Go with your gut!
This is that feeling that has made me grateful for the decisions I have made with my online business (and sticking to it against all odds -and other people’s thoughts)!