Nothing Happens in One Day
Exit Mindset
Goals are necessary, but that's half the battle. You must use the right metrics, and utilize two unlikely traits — patience and annoyance — to your advantage.
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Just Getting Started? How to Apply the Exit Mindset to Your New Business
Exit Mindset
Just because you do not currently own your own business doesn’t mean that the Exit Mindset does not apply to you. The idea of nurturing an Exit Mindset and treating your businesses as if there is a buyer around the next corner is one that can be valuable no matter the circumstances. Whether you are looking to sell, are a satisfied owner or are an aspiring entrepreneur, it’s important to keep your mind open to the possibilities of growth.
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Don't Confuse Hard Work with Productivity
Exit Mindset
This episode explains how, as a business owner, you should be making sure that your employees aren’t just working hard, but that they’re actually being productive. So that ultimately, they will be more efficient with your company’s time and resources.
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Pivoting Your Business
Exit Mindset
This episode explains how you can dive deeper into your company TODAY! If you wait for the right time, it will never be the right time. Now is the time to ‘pivot’ when you want your team to start achieving at a higher level of results.
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What Is Your Niche?
Exit Mindset
This episode explains why the primary issue for a lot of business owners is targeting the correct consumer, and how finding their company’s niche will ultimately help them stand out.
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Installing a New Perspective
Exit Mindset
This episode explains how you can set your employees up for success and ultimately your business, too. By helping them focus on their core job tasks and installing a new perspective for your company, you will see a change for the better.
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Harnessing the Right Resources to Achieve Your Goals
Exit Mindset
This episode explains how to accomplish long-term objectives, increase the profitability of your company, and enjoy more free time as a business owner, through harnessing the right resources to get to your goals.
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What Makes A Great Team
Exit Mindset
This episode explains what you can do as a business owner to reassess your company’s infrastructure, in order to improve your team’s overall performance.
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Positioning Your Business in an Unpredictable Economy
Exit Mindset
This episode explains what the federal budget deficit is, and how the success of the economy may influence the future revenue of your business.
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Understanding the Totality of Your Business
Exit Mindset
The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth, with assistance from Amber Giannone. All rights reserved.
info_outlineThis episode explains market segmentation, strategies to identify your target consumer, and different ways to incorporate the Exit Mindset in this process.
Key Links
- Sign-up for your FREE COPY of Exit Mindset (Releasing soon!)
- http://exitmindset.com/
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What is Market Segmentation?
- One of the most important elements of your business is who is purchasing your product.
- Market segmentation refers to the different types of consumers you target and how those consumers are categorized.
Segmentation and Target Market Analysis
- Wouldn’t it make more sense to you target people who like your product?
- When it comes to market segmentation strategy, you have to consider all three principles - product, infrastructure and conversation.
Product
- Is your product right for the market segment you’re targeting?
- First, look at your revenue. Then, evaluate your market research.
Infrastructure
- This can cover a wide range of departments and processes, including support, sales, operations, marketing systems — and everything in between.
- You need to identify the problem areas and troubleshoot how to make tweaks and improvements.
Conversation
- This refers to all of your verbal and non-verbal communications with the consumer.
- Most businesses only focus on changing the latter, while ignoring the non-verbal conversation.
Brainstorming Ideas for Market Segmentation
- Create three columns; one for your product, one for infrastructure, and one for conversation. In each column, write down three things that you could change to improve the corresponding principle in relation to your market segmentation.
- This will likely require a brainstorming session with your team, write down nine different ways that you could implement the idea.
- Methodology can bring about the results you want, especially if you designate a team member to focus on each strategy.
- If you actively work to implement ideas and assign them to your team members, you’ll find that your ideas can become reality.
4 Consumer Market Segmentation Classifications
- There are hundreds of factors to consider, but here are four important types of market segmentation.
Age
- Your infrastructure would need to be tweaked as well. You may hire different staff to handle certain processes based on the age of your target market segment.
- Oftentimes, business owners over-generalize their target market.
- Try to specify your ideal market segment as much as possible.
Gender
- Gender can affect certain needs, desires, and expectations. As a result, you’ll have to adjust your product, infrastructure, and conversation accordingly.
Income
- Income is a major factor to consider when specifying your target market segment.
- You’ll also have to consider the spending and saving habits of your target consumer.
Family Dynamic
- The family dynamic of your consumer could affect your product, infrastructure, and conversation.
- These factors will all affect your consumer’s needs and interests.
Taking the Perspective of a Buyer
- Selling to the wrong market segment or not exploiting your product to its full potential could severely reduce revenue. In turn, this could devalue your company and decrease the incentive to buy it at a fair price.
- Buyers will offer you a better price to acquire a company that’s truly reaching its target market.
- You have no obligation to sell your company, but taking this perspective will allow you to grow your company to its full potential.
- Remember: action is everything. Use it or lose it.
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- The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth. All rights reserved.
- For more information, please visit ExitMindset.com.
- Follow Exit Mindset for more ways to “Think Like a Buyer” on Facebook, LinkedIn, Twitter, and Instagram.
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