Riches in Niches: 4 Main Advantages the Entrepreneur Has Over His Peers Westbrook ME
Portland , ME
Riches in Niches: 4 Main Advantages the Entrepreneur Has Over His Peers
It’s Not How Much You Know, It’s How Much You Know About Your Niche
By Susan A. Friedmann, CSP
Your customers are changing. You might not notice this right away, but they are changing. They’re changing in a way that could make or break your business, depending on your reaction to the changes.
What has changed? Today’s buying public — consumers of everything from DVD players to health care — has undergone a dramatic shift in the way they view doing business. The day of the mass market is rapidly fading into the golden glow of history.
The public has been trained to expect products and services targeted exactly to their wants and needs — no matter how obscure those wants and needs might be. This has the potential to be a gold mine of opportunity for home business owners.
Many service providers have been taking advantage of this phenomenon for years. By succeeding in niche markets, they've become Nichepreneurs™ — those service providers who, by marketing themselves as the Expert, managed to find riches in niches.
Being a Nichepreneur™ has clear benefits. The four main advantages they have over their peers are:
1. Fewer Competitors
The smaller a market segment you seek out, the less competition you encounter. The vast majority of business owners try to be all things to all people, concentrating on the marketplace as a whole.
By focusing on a small, select segment of the market, you bypass all of that competition. It’s far easier to be the best — and occupy the advantageous Expert position — when fewer people are vying for the honor.
2. Ability to Be More Efficient
A Nichepreneur™ focuses his or her efforts and practice in one narrow area. This makes doing business far more efficient. No longer does a professional have to keep abreast of each and every development in their field on the off chance that they may someday need the information. He or she can instead, delve more completely into the chosen field of study.
3. Become More Profitable
Expert advice carries premium prices. The public, well trained by the media to value the expert, fully expects to pay top dollar for their services. This is a very lucrative position. Although the services and counsel you offer your clients may be very similar to those your peers and colleagues offer, you’ll realize greater profit. You’re the expert!
4. Increased Visibility
A serious problem exists out there in the marketplace — professionals from every discipline face the unending challenge of sameness — a sea of providers offering identical services. This creates confusion for the customer.
Home-based business owners often have an added visibility problem. Without a storefront or other “official” presence, it’s often more difficult to get noticed. There can also be a credibility issue, particularly for the new entrepreneur. This is slowly changing, as society is acclimating to the work-from-home concept; however, it is still an issue ...