If your direct competition didn’t exist, would you run your business any differently?
Would your website look different? Would you stock different products? Would your offering be more profitable? Would you advertise with a different message? It’s very easy for me to say ‘forget the competition’. I’m not you. I don’t receive the enquiries asking whether you will price match. I don’t see the huge banner advertising your competitor when you enter your industry’s yearly trade event. I don’t hear how one of your prospects has decided to go ‘with another company’ as they’ve more experience than you. They’re all frequent occurrences when you operate in a competitive marketplace.
What if all that was to change?
Should every business operate in a niche? No. Should every business set out to create and own their niche? No. Not every business has the courage or awareness to define their own niche. Should every business ask the question ‘Are we working within a niche that we may not even be aware we could own? Yes. Here’s why.
Niche isn’t simply a limit to your offering
Niche can be product range. Collectible Dinky cars rather than vintage toys. Lavender oils rather than fragrances. Niche can be your craft. Wooden frames rather than plastic. Engraved watches rather than jewellery. Oyster dishes rather than seafood. Niche can be your location. Cornwall rather than the SouthWest. Falmouth rather than SouthWest Cornwall. Niche can be the mindset of your customer. Luxury rather than cheap. 2 week holidays rather than weekend getaways. Gluten free rather than dietary.
The fear of niche
There is a natural fear of niche. Are you selling yourself short? Would you lose customers that would no longer identify with your business as you narrow down your offering? Is it best to shout ‘come one, call all’ as apposed to embracing a smaller community of potential buyers? Is it too late to shift your focus? The niche movement has already begun. It happened before the Internet. It’s happening a hell of a lot quicker now we have the Internet. There’s the lucky few. The established. The financially stockpiled. The minority that are able to open there arms to all. Amazon. Tesco. Argos. Every marketplace has one or two. It’s not where the future lies.
There’s no time like the present
We’re human. We love to feel a closer association with the people around us and the products we purchase. When we seek help online we’ll turn to those businesses that tick the most boxes:
- a business in close vicinity
- a business with experience within a particular field
- a business that shows authority
- a business that connects with me
Look at the market created by the digital era. An evolution of the marketing craft;
We specialise in the Internet
–> We specialise in Internet Marketing
—-> We specialise in SEO
——> We specialise in SEO for B2B
——–> We specialise in SEO for B2B companies in the South East
———-> We specialise in SEO for B2B companies in Kent…
Why would a pioneering marketer set up her business in 1996 specialising in marketing with an industry, location or specialism? The Internet itself, was a niche offering. Markets change.
Niche isn’t about taking a slice of the pie….
I don’t believe you simply ‘spot your niche’. I don’t believe a niche is something you stumble upon. It’s not the lowest common denominator of your consumer base. There has to be a far deeper connection, or the niche becomes a redundant ‘tag’ to your business. There has to be a reason for your niche. Without that, people will question your motive. Think about it. ‘Why are they only working with businesses in my local area when others are working nationally?’ Niche isn’t a comfort blanket you slip under when your business is feeling vulnerable.
You lead your niche
When you own your niche you own a movement. You’re the champion of a select few. You don’t just ‘provide for’ you represent. It can be a tremendously empowering position. Like any movement, your goal isn’t to retain a small membership. It’s to grow. To reach out and persuade others to join.
As you champion your niche you’ll find your marketing content (your blogs… your podcast…your website content) becomes surprisingly easier to produce. Surprisingly easier, for your audience, to associate to. You also find you’re a little concerned with what’s going on in the space around you. You’ve steered away from a minor obsession with the methods and/or antics of your competitors. Your time is better focused on your own endeavour. What niche could you champion? Now, what’s stopping you from doing it?
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