Dr. Lynda Falkenstein     "The Niche Doctor"

Bigger Isn't Better. Just Ask K-Mart.
If you've had any lingering doubt that size, by itself, is the key to a business' success, it's time to check-in on K-Mart. The retailing giant's recent trip to Chapter 11 bankruptcy filings reminds us that superstores and large organizations are as vulnerable to nichelessness as "Mom and Pop" on the corner. And when that happens, the rest is predictable. Large or small, it's out-of-business. Or in K-Mart's situation, it's give-it-a-last-shot with reorganization.
     Martha Stewart wasn't enough.
     The lessons of K-Mart are many, but two of the most obvious are important for all of us serious about our business:

1. You've got to stay ahead of your niche. Among the first of the "big boxes," it wasn't the last. And while it may have been among the earliest of the superstores to offer discounted goods to price-sensitive consumers, again, it wasn't the last. Enter Wal-Mart and Target in even bigger boxes. Ultimately, looking something like a bland filling in a squished sandwich, you couldn't tell K-Mart from the rest of its surroundings. Even Martha Stewart's imprimatur wasn't enough.

2. You can't go to sleep at your niche. Not if you want to keep it, that is. Regardless of your company's size, you must be vigilant, especially when things are good. Your success feeds knock-offs and encourages imitations. The one thing between you and the others chomping at your bit is your niche. Most importantly, we know that like a healthy person, your niche evolves and grows. If it doesn't, it's subject to the K-Mart fate: niched today, gone tomorrow. The issue is that you want to be in charge of that growth. Most of all, you don't want to be chasing a niche. You won't win.

     If you're concerned about protecting your niche's health, start the process now by taking my complimentary NICHECRAFT Self-Test. 
           With best wishes from Niche World Headquarters,
           Dr. Lynda Falkenstein