The Porter Generic Strategy Model suggests that businesses are most successful when they target one area of the market only.

Rolls Royce, for example, goes after a niche market with a high degree of differentiation. Asda, on the other hand, goes after a total market using a low price strategy.

Where is your business on this table, and where do you want it to be?

	Low / Modest Price	Other differentiation
Whole market
Niche market

 

Now think about your products or services. Which are relatively easy to provide and attract a wide potential market?

Finally look at your customers and potential customers in terms of industry segments. Again, which are easiest to service and offer the largest demand?

These exercises could help you focus your marketing and define your Unique Selling Proposition (USP).

As with all of our tax tips and web pages this information is necessarily summarised and of a general nature.  If you would like detailed specific advice please contact us.