Have you been in situations where you were wondering what to
do to differentiate yourself from your competitors? You want to stand out from
your competitors, but you don't know how?
To compete and win in the market place nowadays, you need to
do something unique that nobody else is doing, and that uniqueness is to create
a niche for your business. A niche is something that makes your business
different from your competitors.
Recently, I was having a chat with someone at a networking
event, and I asked him, what makes him different from his competitors, and he
said "our price"- meaning his company offers cheaper, lower price than
his competitors. From experience consulting with small business owners, I have
discovered that if you are the cheapest in town, people will perceive you as
not good enough.
You may want to ask me why do you need a niche? Here is my
answer- "The eagle that chases two rabbits catches neither". Having a
niche help you dominate the portion of the market.
It is better not to be jack of all trade and master of none.
Selecting a niche group of people who you are going to concentrate on will give
you much more chance of domination within specific area. You can become the
known expert in that niche. It concentrates both your marketing efforts and
your expertise.
Here are two recommendations for creating a profitable
market niche for your business:
1. Identify your exact target audience: Think
like your target audience or customers. Identify their exact needs, deep motivation,
want, dreams, desire, goals, problems and interest. When I consult with my
clients, I tell them "put yourself in their shoes, think like them".
Study people to discover their unrealized needs.
Do surveys to find out what they are thinking. Create a
niche that none of your competitors are using, create a differentiated value
preposition and be relentless in educating them about your new offerings.
2. Know who your competitors are: Think!
Use your brain power. Constantly ask yourself how you can differentiate
yourself from your competitors. What irresistible offers could you give your
niche audience that they can't imagine that your business is the market leader.
What niche could put your business on top of all your
competitors? Brainstorm many ideas as possible, and then choose the really
disruptive and winning ones.
These are what makes a niche successful:
- A
niche group of people with common problem
- A
demand for a solution coupled with the ability and willingness to pay
- A
large enough number of these people to support your business
- An
easy to track down target customer that you can afford to contact
- Being
able to offer something better, different and more appealing
- Finding
an opportunity to be an innovator.
Here are some example of niches to help you:
1. A life coach who helps people who are facing retirement
plan an exciting new life. I once coached a client for 6 month on this.
2. A credit control company who help small business owners
get their debtors to pay.
3. A human resource consultant who helps people recently
made redundant plan their life change positively.
4. A financial adviser who help young people in their first
job plan their financial future
5. A garage which help local female drivers with their car
maintenance problem.
Once you have your niche you can then start to promote
yourself as the expert. You discipline yourself and everything you do from now
on will be focused on creating the bait that will attract more and more of your
niche customers. Your aim will be to become "famous" for your
expertise in this niche.
Get people to talk about you and recommend you to others.
By Efe Ohwofasa - Article Source: EzineArticles.com/9665094
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