If you’ve been in the promotional business more than a few months, I’m sure you’ve heard about the controversy concerning whether niching is good for your business or not. I have recently studied businesses offering biker patches, custom patches and Save the date magnets. It is my goal to tell you about the alternatives available you behind operating in a niche and how it might be helpful to your business.
First, let’s review a handful of the issues regarding why you might choose not to niche. Okay, let me come clean right here! There are few rationales, if any, not to niche! Period! I thoroughly believe in creating a niche in your business. Even if you have a growing opportunity in your hands, you can still add substantial growth to it by establishing a lucrative niche. Creating a tight focus does not mean that you will turn away business outside your niche. It just means you will concentrate your marketing and sales efforts within a certain niche to make better use of your marketing dollars and your precious time.
Some people question why should you niche? The number one reason to focus on a particular segment is to poise yourself as an expert in your network of customers. And, frankly, there is no way to become an expert if your clients come from all walks of life. Again, you won’t be turning any client away (at least in the beginning). But, you will be able to learn quiet a bit about your focused area and be able to anticipate their every need. Wouldn’t it be great to offer a solution to your client before it was obvious to them that they had a need? This is most likely if you really study your niche. By reading what interests the people in your area of expertise, you will know what new trends are on the horizon, know the challenges they are facing and know the movers and shakers in their industry.
Once you become an expert and thus a business partner to your clients in your niche, they will begin to send you to others in the same industry. While your clients are attending trade shows, conferences, networking meetings and community events, they will be happy to tell everyone who it is that are helping them grow their businesses through the use of promotional products. They’ll do this because you have grown into their trusted expert – not just another salesman who calls on them! You have become an expert in their industry by understanding and offering real answers to their concerns, problems, their obstacles and their desired growth!
Stretching your budget for all things related to advertising is the second reason to choose a niche. Use your marketing budget to target only those in your niche. This will eliminate the sprinkling of marketing dollars across a broad market with little affect. Rent a booth at a trade show specifically designed for your target audience. As potential clients visit your booth, you will know who your customer is and their general needs before you even know their name!
Making the best use of your time by calling on only those in your chosen niche will have you working more efficiently and effectively. Again, instead of spending time and money on a wide array of companies on a chosen street, you will save time by calling on businesses only of a certain trade. You won’t waste any time at all researching products for all different types of businesses and clients. You will cultivate a growing set of terrific concepts for your client in your niche because you know who they are, what they need and what works in their business. You will be living othe dream of the proverbial “smarter not harder” method!
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