It’s tempting to want to be everything to everyone, but honing in on your niche will keep you focusing on the area that you do best.
It seems like the more people you can reach the more sales you can get. This is true in general, but doesn’t always translate well when you are coming up with a strategy for your business. This is a common trap that new and even young businesses fall into. Rather than pinpointing their niche, they try to stretch the business to the widest extent possible and eventually discover they have stretched themselves too thin. You need to know that it’s ok for your business model to be narrow. By focusing on your niche – on a small solution and only that solution – you will find that your sales audience is broader than you would imagine.
Focusing on your sales niche allows you to set yourself apart from the crowd.
When companies start to add more services and products that step outside their niche there tends to be a “me-too” mentality. But when everyone is raising their hands trying to go after the same customer your hand gets lost in the crowd. So why waste effort trying to go after yet another niche when you can put all your time and energy into focusing on the one you can excel at? This happens a lot with trends. When the low-carb trend took hold every food manufacturer was producing foods labeled low-carb. Pretty soon every brand had a low-carb line of food. Currently there is a gluten-free trend and suddenly the shelves are stocked with gluten-free products. Historically jumping on the band wagon has been profitable for companies getting in on it in the beginning but those at the tail end often face disastrous results to their bottom line.
Keeping your focus narrow allows you to build a loyal clientele and creates the impression that your business is the place to go to for that solution.
Keeping a narrow focus allows you to provide a superior service.
Another downfall to having too many things going on with your business is that you become a jack of all trades and master at none of them. More than likely there will be some areas you are stronger in and some in which you’ll need to do some learning to become proficient. That takes much-needed time away from concentrating on the things you are good at already. When you are doing a diverse number of things with your business it’s hard to concentrate on so many things and become number one. Focusing allows you to concentrate on your offering. With much less work, you can be the best at what you do.
Offering the best solution is the only way to keep your business moving forward – and fine tuning your niche to perfection with help pave the way.
There is so much resistance to keeping a narrow focus and having a niche in business.
Some business owners think that by focusing on one solution their business will become trivial. So they try to think big. Because bigger is always better, right? They think if they create a big business then they will be successful or at least offer the impression that they are, and that in turn will lead to lots of sales. However, thinking big doesn’t always mean sales will be big, as well. Sometimes it will be overwhelming—for both you and your clients. Sometimes when you think too big you will notice that for all the effort you’ve put out your profits look pretty small.
On the other hand small things almost always turn out to be bigger when you zoom in. For instance, focusing allows you to easily position and market yourself. If you focus on one much-needed solution you know how to market that and to what audience. Knowing where your focus lies is also beneficial when it comes to partnering or being acquired. Having a narrow focus means there’s less chance for conflict because there are fewer variables. You produce a certain type of solution for a specific audience and you are at the top of the market for that solution. It’s as simple as that.
But more than anything you can easily climb to the top of your market when you focus. When you get to the top you can always broaden your scope if need be, but at that point you can do so with leverage.
Keeping a narrow focus on your niche isn’t as easy as it seems. It takes dedication and effort to put aside all those great ideas and inspiration that try to steal your attention. It takes an excellent business strategy and a lot of discipline to stick to it. A good business coach can help you stay on course as you build your sharply focused business into a widely recognized solution. http://marcogiunta.com/whatwedo/salescoaching/ We’ll match you with a coach who knows your industry and has practical, not theoretical, experience. We can help you create a business strategy that will guide you in perfecting your niche – and provide ways to help you stick to your niche.