Word count: 691 Exactly What Is A “Niche” And Why Does Every Small Business Need To Be In One? First of all, a “niche” is not a gimmick encased in a “silver bullet.” A niche is nothing more than a fancy word for a “specialty” and specializing is the name of the game in growing a small business today. Niches are at the heart of every successful business, product or service. Niche marketing is the polar opposite of “mass” marketing. Mass marketers often have their own niche as in “always low prices. . . always” (WalMart). A small independent business and/or business professional needs to clearly isolate exactly what their business has and/or does better than their competition – including the mass marketers. Whether your business is mature, in a start-up mode or you are just contemplating, you need to identify specific customer needs (NOT “wants”) that have been ignored, overlooked or neglected by others. These opportunities represent “niches” – areas that you can specialize in and capitalize upon to grow, start or build your business. Identifying a niche is not a destination, however. It is and must continue to be a “work in progress.” The reason for this is that today’s marketplace and today’ s consumers continue to change before our very eyes. You and your business, your product mix, your menu of services must be capable of changing with the “times.” The big boxes (mass merchants) with their corporate headquarters far a field are usually slow to pick up on changes in your local or regional market. That fact gives small local businesses an advantage IF the business owner or manager has their pulse in sync with their local customers. You need to think sideways, backwards and outside-in about your present or potential customers and how they are currently being served in our local marketplace. When you do, you’re bound to come up with a good niche concept. If you constantly see agitated customers waiting in line at the big box stores, make sure every customer in store is waited on promptly and courteously. That’s not easy to do, but the payoff can be huge. If you feel like ripping the phone out of the wall when you call a business and are put through the “push one, push two” routine, see to it that YOUR phone is answered PROMPTLY by a REAL person who has a friendly phone presence and a “smiling” personality. Again, not easy to pull off, but IF you can do it; the payoff will be well worth the effort. If your local research shows that prospects are turned off by the fact that they do not get their calls and/or questions answered PROMPTLY, take the necessary steps to see that every customer and prospect receive immediate attention from you and your staff. Here are six compelling reasons why every small business needs a niche: 1. A niche increases your chances of survival by insulating you from the “whims” of the marketplace. 2. A niche increases the effectiveness of your advertising because you can concentrate on a clearly defined audience instead of aimlessly prattling on to “everyone.” 3. You’ll experience less competition because a niche will position you as a leader in your chosen area and not as “just another business.” 4. Your business will be more profitable because you will have better control of your pricing and your promotional expenditures. 5. The hour-to-hour changes blowing through our marketplace will affect you less because you can spot the change and act upon it immediately. 6. You’ll be able to build your business faster by making fewer mistakes as regards who you are, who your customers are and how you can cost effectively reach them. Back to Home Page About the Author Small Business Workshops Information Small Business Marketing Audit Getting Any Business Unstuck Book Launching a NEW Business Book Marketing Emporium 636 Horizon Drive, Unit 604 Grand Junction, CO 81506 Direct Telephone: 970-210-8648 |
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