Focus on winning just small percentage of market ill-advised
| February 4, 2008 |  View for printing |
Tell me if this pitch sounds familiar:
"If we could capture just 1 percent of the market for this product, we could do more than $500 million in sales. And that's with just 1 percent of it."
It's the basis for the popular albeit lame 1 percent-of-the-market approach. The suggestion, used by overzealous and inexperienced entrepreneurs is that 1 percent of a market is so little, that it couldn't possibly be hard to capture.
And let's face it, 1 percent is awfully small: It's about two bites of a pizza; small enough that you could probably pay your mortgage with cash from your wallet; and just two pages of a typical business book. So capturing it sounds ridiculously easy.
Wil Schroter
Full Story: http://www.bizjournals.com/extraedge ... lumn16.html 
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