It’s been reported in the news, by some governments, and by some financial institutions that many businesses will go out of business over the next while despite some financial aid from governments. Many businesses have already closed for good or have filed for bankruptcy protection. While many businesses struggle, there are actions that can be taken to strengthen the business and have a higher chance of surviving, and possibly prospering. The opportunity for those who survive while their competitors fail, they can grow significantly when the economy turns around. Your business will be able established and known in the marketplace while others will be starting a new business from zero.
One way to become more resilient is to identify a niche or market segment to become the leading business in your industry. This doesn’t mean that you ignore or exclude people outside of that niche but your marketing and lead generating is focussed on attracting and pursuing that niche. The purpose is to develop a strong customer base, strengthen your brand, and to be known as the go-to businesses for that niche. You want that niche to think of your businesses instead of your competitors. If you find a niche who is being ignored, who want what you sell, and can afford it, then it’s an opportunity to have no competition. Once your business is highly successful with that niche, you can expand by repeating the process to become the leading business in another niche. You can keep repeating the process to keep growing. As you expand to other niches, your business needs to still continue marketing to the niches that you have already become strong in to maintain your leading position.
To become the leading business in a niche, you may need to only adjust your marketing strategy or you might need to also adjust your products, services, or price point to fit the needs and wants of the niche. The steps are:
1) Identify the needs and wants of a niche.
2) Identify products and services that will meet their needs and wants.
3) Identify the price point that the niche is willing to pay for those solutions.
4) Create and implement marketing strategies and tactics to reach this niche. This may include promotions and special offers.
5) Make adjustments as needed to improve the business results.