Anybody who’s anybody in business will tell you that you cannot be all things to all people. You need a niche market. This is not a surefire recipe for success, but it’s definitely a good start!
I made an enquiry on behalf of one of my clients to a marketing company and this is the reply they sent back to me:
“Many thanks for your enquiry regarding marketing support. I am afraid we only provide marketing consultancy services to established and larger firms, generally over £10m in turnover and who have been trading for 5 years plus.”
Can you pick out their niche market? This is what I got:
- Marketing Consultancy Services
- Established and larger firms
- Over £10m in turnover
- Trading for over 5 years
You might be pleasantly surprised that this firm could drill down even further to only serve firms in specific industries. They could also limit the type of marketing consultancy they engage in. The streamlining could be done in so many ways.
Many of us, in our bids to make quick sales and grow our businesses, focus on too many areas at once. I was guilty of this too and I soon realised that I was confusing my clients more than helping them. More so, I was putting unnecessary pressure on myself. I tried to learn about so many subjects and areas of my business. When starting out, it is understandable that you may not know the specific area you will like to specialise in. But going forward, if you want to become an expert in a specific field, it is important that you narrow your market and refuse to become ‘a jack of all trade, master of none.’
The Furniture Maker
For example, you set up a furniture company. You make all manner of furniture for homes, offices and anyone that cares to buy from you. Over time you realise that you make more sales from tables for home use than any other product in your store.
To help you narrow down your market:
- Research the size of the market.
- Research demands, customers and trends
- Is there room for development and modification to meet new demands?
- Does the market have potential for growth?
- Most important seek to find the gap in the market.
What if you specialise in antique tables or tables made from a specific type of wood? There are so many options you can explore, once you carry out in-depth research before you decide on your niche market.
Niche market also helps you develop your skills in key areas rather than trading through general knowledge. If you are the furniture maker, people will come to you for your expertise because you have in-depth knowledge of tables. They surely won’t come to you for wardrobes, but they are guaranteed that you will provide quality and durable tables with a lot of tips too. Then they refer their friends to you and before you know it, you become the key person of influence for home tables.
So do you have a niche market or do you hope to sell to all and sundry? Revisit your products and services and use the tips above to discover your niche market. You might be pleasantly surprised how effective you become at selling your products or services to the people that actually need it.
Leave a comment and let me know how you get on, or if you have successfully found and mastered your niche market.
I wish you business blessings.
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