Find, Keep That Niche
Rhonda Abrams at USA Today
I’m a firm believer that the road to success for small companies is through specialization. A local hardware store has a hard time competing against home improvement big-box retailers, but if you specialize in unique knobs and fixtures, you can build a national clientele. It’s tough to get started as an accountant, but if you market primarily to health care providers, you can stand out.
Having a specialty — or niche — not only enables you to distinguish yourself in your market, it provides you with a built-in marketing plan. Imagine, for instance, if you made organic pet food (something of great interest with the recent pet food health scare). You could advertise in publications reaching readers concerned about the environment, sponsor Sierra Club events, and market to health food grocers.
How do you find a niche for your own business? You can break down your specialty by:
- Industry. Specializing in an industry gives you credibility with potential clients, an easy marketing focus (you can go to conventions and trade shows of your target market) and enables you to develop unique expertise and become familiar with that industry’s practices and lingo. I know an accountant in the South with a national clientele of optometrists.
- Demographic group. Ever hear of hair salons just for children? How about computer classes for seniors? Financial investing for women? Selecting a specific demographic group gives you an immediately recognizable way to attract customers and make them feel welcome.
- Geographic area. In most cases, geography isn’t enough to distinguish a company. But in some cases, there may be distinctions that make your customers want to select a geographic-specific company.
- Type of work. Another way to specialize is to select a specific aspect of the work you do and emphasize that. A graphic design firm I know specializes in preparing annual reports for publicly traded companies.
- Unique knowledge. If you have truly unique knowledge, focus on that as your niche. For instance, a pet cardiologist can develop a specialty serving a large region.
- Style. Choosing a specific style of service or product is another way to specialize. You can sell only all-wood furniture, open an all-organic restaurant, or provide hand-wash-only car washing.
Finding a specialty is one of the most powerful ways to set yourself apart from the competition and focus your marketing efforts. You’ll find another benefit, too: Companies that specialize typically charge higher prices. The pet cardiologist can charge more than your local veterinarian. The graphic designer who does annual reports can charge more than the designer who does everything.
USA Today
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