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Why You Need a Sales Niche #495
If you ever sold a new invention, idea, or innovation then you’ve probably experienced the crushing defeat and rejection that comes with disrupting the status quo. After that experience you may have walked away with the same feeling I had when I did the Point of No Return waterpark ride which descended 10 stories in 4 seconds, No thank you, once was enough for me. But on the other hand, if you are bold and believe in the old adage that the “Riches are in the Niches” this is the episode for you. How to get a new innovation adopted. That’s the topic for today.
Today’s Chapter – Find Your Niche
The giant oak
grows from a tiny acorn.
A skyscraper in the heavens
starts on a pile of dirt.
The ocean is vast.
But the wise fisherman
casts nets in narrow waters.
Serving every market
serves no one.
Listen to the niche.
Great deeds have a humble beginning.
The journey of a 1000 sales
begins here, under your feet.
Today’s Story – Know Your Niche
Given the disruptive nature of the company’s new product innovation, Pat’s strategy was to focus on early adopters who would partner and provide critical feedback. Despite that coaching, Chris secured a contract with a client who wasn’t a perfect fit.
“Why did you do that?” asked Pat, “these folks will never be a good reference for our target market. In fact, I bet they never use it.”
Head shaking Chris responded, “Look, this is a good deal. They are much bigger than the companies you want me to target and it really goes a long way to meeting my quota.”
Frustrated Pat interrupted, “It’s my mistake you’re not getting paid at a higher rate for high-value early adopters. I’ll fix that. But if we sell to everyone, we sell to know one. We have a clear ideal client yet limits on our ability to invest in the new product. We need to start slow with small steps. In time, by partnering with early adopters, we can build out the product for the big guys. It’s going to take patience but we will get there. That’s our strategy for long-term success.”
Take Action Quote
The Adoption Curve and Innovation author Geoffrey Moore believes that,
“The number-one corporate objective, when crossing the adoption curve, is to secure a distribution channel into the mainstream market, one with which the pragmatist customer will be comfortable.”
When you’re looking to promote a new innovation, it’s essential you start with buyers who are open for change and willing to share their experience. Too often startups fail by trying to please everyone thus securing conflicting feedback. As they say in golf. Aim small, miss small. Start with one thing and do it well. As Lao Tzu said,
“Have patience until the mud settles and the water clears.”
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