How This One Business Misconception Is Holding You Back and What to Do About It

There’s one terrible misconception going around I hear once a day:

You can spend a lot of money on a very small group at the expense of your existence as an organization. 

I’m going to debunk this for you. But before I do so, answer these questions: 

Is this misconception a valid fear?

Do you have facts to back it up?

And, since when is an “edge” or a niche -nothing more- a threat to drive you out of business?

Think about it. 

This fear only stems from a lack of customer insights. 

You even know it because it’s based on fear. 

Not fact.

The top 45 disability inclusion companies identified by Accenture on average had 28% higher revenue and 30% higher profit margins than other companies on the index - Why Microsoft’s Satya Nadella and Lowe’s CEO Marvin Ellison care about disability inclusion, Fast Company

Yet, I hear you say these 3 challenges that are keeping you stuck: 

1) It's challenging to market what you’re selling so it resonates most and is the most relevant to your customer.

But have you engaged with them?

2) You really don't know why you can't get people across the line and none in your team can figure out why. 

But have you checked in with your own biased assumptions?

3) You don’t have the time or people to do “formal” customer feedback.

But have you improved on your offering based on what your customers shared?

The problem isn’t your “edge” or “niche” or “very small group” of customers that are a threat to your existence. 

It’s your lack of customer insights.

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The solution is in assessing how you seek customers’ perspectives to realign your priorities.

> See how you score.
> Take a step back.
> Take this kind of time to get the feedback from those individuals who will help you easily scale your product.

When Rihanna launched Fenty Beauty last year—offering 40 shades of foundation for all skin tones right off the bat—the brand experienced immediate, staggering success. (In its first 40 days, it brought in $100 million in sales.) - As Rihanna’s Fenty Effect Sets New Standards, Why Do Some Brands Still Refuse to Create Wider Shade Ranges?, Fashion Magazine

Champions, let’s look at the world through the eyes of those overlooked segments (also niche and untapped, by the way!) and lead with empathy. 

Have you actually engaged directly with niche audiences and listened openly before deciding it’s not worth investing there? I'd love to hear it.

Share if you found this helpful - let's debunk this misconception! Shall we?