The previous blogs have looked at future proofing your business which ultimately aims to introduce measures where possible to account for unpredictable changes which can have a significant impact on your business. Previously, we looked at future proofing through managing client’s relationships and generational planning. The final blog in this future proofing series is going to look at minding your niche.
Minding your niche refers to attempting to target a gap in the market and ‘future proof’ your business as it addresses a need in the market that no one else is. Therefore, with a close eye in the market trends and changes you are far more likely to be able to adapt and accommodate changes that other businesses may not have been aware of.
Developing a niche can seem pretty risky on the face of it, but it can actually become a much more efficient way of attracting new business. Here are our tips for successfully managing your niche!
Create your focus
Create your focus you need to build a profile: geographic, economic, behavioural, demographic and social factors will need to be considered. You need to visualise your target audience and remain focused on them.
It is important that you know your market, especially when dealing with a niche market. It’s always a good idea to trust any insights from the team as well as your customers, whether individually or through questionnaires and focus groups.
Choose appropriate media
Once you know who you want to target and you know your market, it’s time to think about exactly how you should contact new potential clients. You will most likely need several media types but you must be sure to use the media which are used by your customer profile.
Niche marketing will prove itself successful over time as it is an efficient way of attracting new businesses which are attractive to your service rather than taking whatever comes through the door. You can read in more detail about niche marketing by reading Mischievous Marketing’s Guide to Future Proofing your Business.