Nurturing Your Niche - Part 2

If 56% of consumers don't know who you are and what makes you different from the competition, and 27% don't care, then you must make sure the remaining 17% are acutely aware of your niche, can identify it, and are compelled to go out of their way to do business with you.

As we discussed in Part I of Nurturing Your Niche, the key to the strength and success of your business is defining, refining and nurturing your uniqueness in the marketplace, not your similarities. That 17%, or in other words, your "premium customer" is the target you want that will come to you for not only the purchase, but also for knowledge, accessory items, follow up and of course, repeat purchases.

That's a pretty small target with which to score a bulls eye, isn't it? How do you win the war for that 17% who know your niche when you have to weed through the 83% of consumers who are shopping you on price alone or the ones who just shop for the thrill of dreaming and never intend to buy? Wars are never won by closing one eye and hoping you hit the target. Victories are gained by having a battle plan and then carrying it out from the front line all the way to the top brass. Following are some top Battle Tactics you can implement to nurture your niche.

Battle Tactic: Seek Service Niches as Opposed to Product Niches.
Although you may pride yourself on having the best selection or your particular product or the best service, any of your competitors competes with you at a core level on product. The proliferation of products in the marketplace tends to push products through their life cycles, quickly becoming mature commodity items. Why do Marriott's guests stay with them when they could choose from any number of premium hotels? Because Marriott chose service as their niche, their guests now can be greeted by a host at the front door, receive their suite key and do away with time wasted standing at a crowded front check-in desk. Are you in the business just to sell products or are you in the business of giving peace of mind to customers and the assurance that they will be given the best in selection and service from you?

Battle Tactic: Constantly Survey 20% Of Your Customer Base.
Successful businesses spend time not only building focus groups but also building telemarketing functions that regularly call their best customers. Surveying customers with specific, results-based questions will help you consistently target business and nurture your niche. As a result of your continual survey, you should be able to identify at least 5 of your top strengths and what it is that your customers depend on you to provide for them that they find no where else in the market.

Battle Tactic: Develop Systems That Control The Buying Cycle.
Most customers go through a series of steps in any buying process. Briefly, the first is the "search" step. They look for a product or a dealer without really realizing they're doing so. You could encourage this step by letting consumers know your niche and that you provide a product or service that they are missing. The second step is the "find" or discovery step. Third is the "compare" step. Fourth is "decide. And the fifth and final step is "reaffirm", ending the buying cycle. The challenge for the independent business owner is to control the buying cycle. It is critical to keep loyal customers coming back and to induce potential customers to seek you out during their buying cycle. Part of this battle tactic is to be able to say to a customer, "Mr. Smith, I appreciate the time you're spending with me. I know you just started looking and that there are a lot of things you're going to see. I'm sure you'll also have more questions you want answers to before you make your purchase. I'm going to be in next Tuesday. Why don't we set up a personal appointment so I can answer your most important questions?" That's what is called "controlling the buying cycle." By establishing an appointment in the midst of a decision making process you are anchoring prospects to you.

Battle Tactic: Become A Single-Source Supplier.
To capture a larger market share, identify items that customers would buy from secondary suppliers. The video store that offers popcorn, candy and automatic tape rewinders adds additional margin to every rental. Do you have an excellent selection of accessory items to suggest for gifts?

These are just a few suggestions that can help you differentiate. No matter what your niche, you can develop a list of Battle Tactics that work for you. The key is to have a plan. By nurturing your niche and carrying out the battle tactics, you can turn casual shoppers into premium customers.

ARTICLE TAGLINE FOR THOM WINNINGER

Visit Thom's website at http://www.winninger.com

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