Using Niche Marketing to get More Business

August 29, 2014 2:49 am Published by

One of the greatest problems in business is that of ‘universalism’.

We try to be all things to all people, and when someone asks what kind of customers we want to work with, we basically say we will work with anyone.

Which is not true.

If you’re a small plumbing company located in the south of England, it’s unlikely that you will be working with a new house build company in Cyprus.  It’s possible – depending on your contacts and capabilities and marketing efforts – but that is not your primary market, and if you were to spend all your time and effort pursuing that particular lead, you could end up losing work that is much more profitable to you.

Or, if you are a high-end HR company, perhaps one-man-bands are not the best type of business for you, because they are not ready or willing to invest in the kind of fees you charge (and they don’t need what you’re offering).

Naturally, you say, of course we don’t work with every kind of person or business.  But within a certain category, we’ll work with (or take business from) anyone.

But that’s not true, either, is it?

For example:

You don’t want to work with people you don’t get on with.  People do business with people, so if you’re an outgoing, gregarious business coach, and someone shy and retiring and timid comes to you, it’s very likely (unless they’re ready to make big changes) that they might not click with your personality.

There are some types of businesses (or people) who are less profitable for you to work with.  Perhaps you’ve discovered that, as a website designer, it takes a vast amount of time and effort to work with photographers or artists, and you would rather point them in the direction of a nice template and let them take it from there.  There is nothing wrong with that – you are under no obligation to accept all types.

There are things you are better at than others.  If you have a hotel and restaurant, that doesn’t mean you want the same amount of business for both.  Perhaps you’re really excellent at customer service for your hotel guests, but your chef isn’t the best in three counties (or even one).  That’s okay too.  You can focus on what you’re best at.

So, the important thing to do for your business is identify the niche or industry areas that are best for you, for your team, for your business, for your profits – and talk about those. Market to those.  Get more of those.

You’ll be a lot happier, and so will your customers!

Here are a few ways to start, and questions to ask yourself:

  • Look at a list of your current clients/customers.  What common traits do you see?
  • What is your most profitable product or service?
  • How are you different from your competition?  Are you different?
  • What “extras” do you bring to the market, to the industry?
  • What is your average transaction value?  How much do people tend to spend when they come to your business?
  • Are you an expert in any areas?

The answer to these will help you begin the process of identifying your niche areas – and if we can help, just ask!

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This post was written by M3evolve