Someone once asked Willie Sutton why he robbed banks. He replied simply, “Because that’s where the money is!” So should it be with the selection of our target markets.
Today’s Wal-Mart strikes fear into the hearts of competitors worldwide, competing in the biggest, toughest markets. But they didn’t start out that way. Sam Walton began with what he called a “Go where they ain’t” strategy. His vision was to provide those who lived in small towns and rural areas the opportunity to buy department store quality merchandise at a bargain price. He knew the market was there and believed he could build a profitable business with that market even though the biggest retailers at the time laughed at the notion. By singularly focusing on building a system catering to a neglected customer group, ol’ Sam got the last laugh.
As you’re deciding which market segments to target, remember that what you want to target are the segments that have the most profit potential or that best align with your strengths, and those may not necessarily be the largest.
Why join the navy when you can be a pirate?” - Steve Jobs