One of the top topic in business coaching is your niche. Knowing your niche is about knowing who you serve, what are their attributes and their wants and needs. Another part of knowing your market is know what tier you want to operate at.
Every market has different tiers, from low-end/low-cost to high-end/high-cost. All are valid and all have potential customers, you need to determine which market suits you and your business.
Listen to this week’s Ready for More! Podcast weekly tip where I talk about the different market tiers and why it is important to determine the tier you operate in.
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Highlights: Tiers in your Market
- Convenient/Low end – Are the McDonald’s of you industry? A convenient, low cost solution/product.
- Mid-range – Are you the Olive Garden of your industry? Reasonable price solution/product, without a lot extras.
- Boutique – Are you that special local restaurant? An unique solution/product to a smaller market.
- Five Star – High-end – Are a high-end 5 star business? A high-end/high-cost product or solution to a elite clientele
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