- by Rory Ramsden
Whatever niche you are in, the challenge is to beat out the competition by winning more business, more cost effectively and more profitably than they can. This requires you to have a customer centric vision that addresses the real underlying challenge that your core audience is faced with. The United States Postal Service has failed in this regard and are therefore laying off workers and experiencing falling revenues.
Their market is being cannibalized by UPS and Fedex on the one hand and by email and texting on the other. Traditional mail is effectively history. And what have USPS done to compete in this new market? What have they done to reinvent themselves and their product to remain relevant in the 21st century?
It’s a rhetorical question.We all know the answer.
It didn’t have to be this way. The Post Office, like GM, like the big steel companies fell victim to its importance and its world view. GM, recall, was happy to cede the “low end” of the market to new entrants, Toyota and Honda. Big Steel ceded the low end of the market to Nucor and other mini-mills, and the mini-mills discovered that they could do everything Big Steel could do, with better quality and lower costs.
On the other side of the coin. Bill Gates and then Steve Jobs set out to reinvent the solution. The PX destroyed ‘Big BLue’. The Iphone and the Ipad will destroy the maret for desktop home computers as the whole world goes mobile.Disrupting the market like this is the only way you are going to stay relevant.
Moving into a new niche market, you are free to innovate solutions much more effectively than the existing ‘players’. They have overheads. They have a company view of the world. They are trapped by their past successes. They cannot afford to move into new small niche markets until they have sufficient sales volume to give them a satisfactory ROI
This is your opportunity. Coming up with a different solution, one that reinvents the market, will give you a competitive edge. In fact, it should leave you dominating a completely new market altogether. Big successful companies used to last 75 years. Now its down to 15 years and the period of dominance is getting shorter. Soon it will be down to 5 years…
Being an entrepreneur, you can be fast on your feet. You can exploit small micro niches one by one by doing one product launch after another. The speed that you get your nascent product to market is crucial which is why digital products are king. You can start the product launch process without even having a product on paper or on video.
Simply by creating a LIVE online workshop for a selected group of customers, you can deliver tremendous value to them and get paid for doing it. The recordings become an instant product which you can launch to your list of prospects. Then refine and optimize ready for your second product launch to a bigger portion of your list.
If you are not constantly honing your offer in response to customer feedback and the evolution of technology, you are on the downward slope to oblivion. You find yourself being dominated by the management process where costs are your main focus. The original spirit of product reinvention is lost. Arguably, now that Steve Jobs has gone, Apple has moved from phase one to phase two as shareholders look to maximize the returns that they can take out of the company.
Your job as a small businessman is to learn from the failures of the big behemoths by moving quickly to exploit new technology to deliver customer centric solutions to age old problems. Doing so more quickly and more easily will give you an edge. It will allow you to stack one product launch after another. Each time, strengthening your position as THE niche authority and attracting new clients almost on autopilot.
There were many opportunities, and perhaps some still remain, for the USPS to question its purpose and to reinvent and innovate its purpose. Historically, in our economy and society, firms had long runway to recognize societal and technological change and adapt to that change. A firm could be slow, but adaptive. Those days are over. Firms must adapt not just their products and services, but must innovate their purpose as well, because even purpose and strategy have much shorter lives than they once did.
Reinvent your products; Reinvent your vision; Reinvent your marketing strategy; then do one product launch after another to exploit new specialized niches and you will make big money.
If you have not done a launch before or even if you have and now realize that hiring a launch manager would be a smart thing to do, you may be wondering how much hiring a product launch manager will cost. The quick answer is not as much as you might expect. Our aim is to structure a win-win sort of a deal with clients. We get paid when you get paid. That is we work on a percentage of the ‘pre-return’s gross’ revenue that your product launch makes. Naturally, you have to pay a fee to get on our calendar. We can only take on 2 or 3 clients per year so our time is valuable and we must know what our schedule is well in advance. It would be unfair on our other clients if we didn’t insist on this. Find out more by booking a free consultation with me now