Which Is Better, to Be a Jack of All Trades or Master of One?
Think about your favourite customer – or the one who brings most revenue into your business. If you’re really lucky, they’ll be one and the same.
Imagine how you would feel if every one of your customers was just like them. Because we all know that t’s easier to be successful if you’re selling to fans of your business.
Why focus on people who aren’t a good fit, when it’s so much easier to talk to someone who needs exactly what you sell? Don’t worry about being ignored by everyone else. And definitely don’t invest time trying to bend them to your shape.
Once upon a time, being all things to all people was a recipe for riches. Department store icons like Sam Walton and Harry Selfridge built fortunes selling a vast range of products to anyone and everyone. In the golden age of mass marketing, newspapers, radio, and television, made it easy to buy eyeballs and ears.
Now, if you’re going to interrupt time poor, multitasking viewers, you’d better be sure it’s a bull’s eye message, otherwise you literally won’t get a look in.
The key to a sustainable business is to specialise. Become an expert and you separate yourself from the competition. Don’t fear being different. If you embrace it, you’ll be offering something that no one else can.
Here are my 5 Steps to identifying your business niche and stand out:
The purpose of focusing on a niche market is to discover the right audience to buy your most profitable products. The best niche is one that has an unmet need (no point in dominating a niche where there is no demand), and competition that is non-existent, or ineffectual.
Once you’ve identified a possible niche – research! Study the competition, get very clear on what is special or unique about your offering, and understand what advantages you have to offer in comparison.
3. Who, Where, Why?
Who is your buyer? Look at age, gender, occupation, economic status, education level. Where do they live or work? Why would they be interested? Delve deep into their lifestyle, interests, values and aspirations.
4. What do they need – and want?
Understand the pain points and desires of your buyer group intimately. What are their problems, and why are you the best solution?
5. Tighten the niche
The more specific you can get on the Who, Where and Why part of the exercise, the more likely you are to achieve success.
Let’s look at Peter, who owns a digital marketing agency in Melbourne. He can service any Small Business – but that’s a very broad and highly competitive category. If he narrowed down to a specialisation in established Dental Practices in Melbourne, he could become the dominant player in that field.
Once you have clarity on your niche, there are lots of benefits. You’ll know exactly who your buyer is and understand their problems perfectly. Your laser focused messages will more easily attract their attention, so your marketing will cost less and be more effective.
Boost Juice is a great example of a business that developed and dominates a niche in the fast food industry. But success for Janine Allis didn’t come by accident.
Before the first Boost store opened, Janine and her team researched in detail their location and the demographics of their likely customers. It was old fashioned foot slogging, and it paid off in spades. Together with perfecting their recipes and a commitment to outstanding customer service including seeking feedback and acting on it, they created a platform for fast growth.
Understand however, that you don’t have to be a one niche business. Perhaps your business serves 2 or 3 different audiences. The principles are exactly the same – understand the needs of each audience and hone what you say and do to suit. Just be careful not to spread yourself too thin. Maintain focus and keep refining.
Get this right and you win more business more easily with less hassle. From customers who love you.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
SHARE THIS ARTICLE WITH LIKE MINDED SMALL BUSINESS PEOPLE