Most kids today are brought up on a leisure diet of video and computer games. Few have really experienced the joys of some of the great games of the past. I am from a generation remembers fondly, Meccano, Monopoly Risk and of course, Lego.
It was with interest that I heard about a story involving Lego and how they achieved success in these difficult times, partly due to the upward trend in pocket money. Apparently, pocket money has been rising at a far greater rate on average than average wages and some clever marketing by those toy brick manufacturers, has lead ton a boom in Lego sales.
Of course, this is nothing new. People have been focusing on niches for years. Whether it be the pink pound, silver surfers or any other of the many niches that exist, targeting a specific demographic is a popular marketing strategy.
Trying to sell everything to everyone is hardly a sensible strategy yet it is quite surprising the number of businesses who do just that. Specialising in a small area, becoming an expert and building a reputation for that expertise has to be the correct way to go.
With the development of the internet, your niche can be local services to a local market or specialised services to a global market. The key thing is be targeted.
As a Chartered Accountant and Consultant at Westbury, Howard Graham has been helping small businesses for the last 30 years. During that time, he has also set up numerous successful businesses including an award winning internet business and a restaurant as well as having an interest in a property company, a farm and a design company. He also is a regular speaker on small business issues as well as writing for the BBC, Microsoft and Imbibe magazine.