I’m a firm believer that the road to success for small companies is through specialization. A local hardware store has a hard time competing against home improvement big-box retailers, but if you specialize in unique knobs and fixtures, you can build a national clientele.
Having a specialty — or niche — not only enables you to distinguish yourself in your market, it provides you with a built-in marketing plan.
How do you find a niche for your own business? You can break down your specialty by:
• Industry. Specializing in an industry gives you credibility with potential clients, an easy marketing focus (you can go to conventions and trade shows of your target market) and enables you to develop unique expertise and become familiar with that industry’s practices and lingo.
• Demographic group. Ever hear of hair salons just for children? How about computer classes for seniors?
• Geographic area. In most cases, geography isn’t enough to distinguish a company.
• Type of work. Another way to specialize is to select a specific aspect of the work you do and emphasize that.
• Unique knowledge. If you have truly unique knowledge, focus on that as your niche.
• Style. Choosing a specific style of service or product is another way to specialize.
Finding a specialty is one of the most powerful ways to set yourself apart from the competition and focus your marketing efforts. You’ll find another benefit, too: Companies that specialize typically charge higher prices. The pet cardiologist can charge more than your local veterinarian. The graphic designer who does annual reports can charge more than the designer who does everything.
Photo by MSDesign.
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