by guest contributor, Brad Krueger
Have you heard successful small business owners recite the mantra, "The riches lie in the niches?"
They know probably know from successes and failures that offering a unique product or service (i.e. serving a niche) is key to attracting clients away from the big guys and having healthy profit margins.
That's because today's marketplace is competitive! Consumers are inundated 24/7 by loud and colorful digital stimuli that make it difficult for even well-known brands to be noticed. Even if you get their attention, you may not make much if consumers can easily shop around for a cheaper option.
Like I said, riches lie in the niches!
Every successful business has some combination of unique emotional, social, functional, and cost value that attracts clients to them versus their competitors.
This is why I often ask my clients the question, "Why do your ideal clients pick you over the competition?"
Ask yourself, and if the answer is "because I'm cheaper," do you really want your unique value to be the most efficient, no frills, Walmart of your market? Being the cheapest is not for the faint of heart.
Needless to say, this is not a one-time, 10-minute exercise. Successful business owners solicit feedback, self-reflect, and constantly refine their unique value as their market and industry changes.
The outcome is powerful. It's much easier to focus your investments in marketing (e.g. branding, ads) when you have solid understanding of the unique value your business provides.
Keep repeating the mantra, "The riches lie in the niches!"
Brad Krueger is the founder of Success Beyond Luck, a WA-based business management coaching firm serving privately held service-sector businesses nationwide. Brad's clients get the expertise and capabilities big companies take for granted so they can shape, protect, and grow their businesses.
We’d love to hear about why your customers choose you, and how we can help you shine a light on those reasons. Please get in touch.