You can learn some things from this guy…
It is well know in the animal kingdom there are generalist and specialist species. Generalist species are those that thrive under a wide range of conditions. Specialist species thrive under only highly specific conditions.
Koala’s diet are the epitome of specialisation in that they only eat one thing – eucalyptus leaves.
It follows: they can only exist in places which have eucalyptus trees.
The Koala has put Australia on the map. It has put generated over $1 billion for the tourism industry here in just over 10 years. It is one of our iconic animals which is known around the globe.
How has one animal been able to become a global phenomenon?
It’s highly specialised diet of one thing, has kept it to a constrained environment. In turn making it function and appear as totally unique.
Unique is worth talking about.
Most people start a business with the exact opposite thinking. Their logic is they want to appeal to the widest possible audience to give their business the best chance of success. The primary risk is not in having a business which is too narrow but in having a business which appeals to too many people.
It all starts with picking your customer.
The advantages of picking a highly specific customer is:
You can charge higher prices
Your marketing communication is easier to write
It is easier to find customers
Your conversion rate is higher
The market does need to be as big as you think (take 5 minutes to read: 1,000 True Fans Article. It will change the way you think about market size)
Ask yourself the following questions about who your customer is:
What do they talk about?
Who do they trust?
What are their greatest fears?
What do they love?
Who are they friends with?
Is their age relevant to your product? (for example a 20 year old male may not think about a men’s underwear product differently from a 40 year old male, but a 20 year old female may think about a fitness product differently from a 40 year old female)
Male of female? (if it is relevant)
Where do they spend the time and what do they spend their time doing?
Spend 15 minutes forcing yourself to answer these questions. And come back to it every week. You need to constantly refine who your customer is.
If your diet is unique, your business will be unique.