Why Niche Selling Works
Remember the movie You’ve Got Mail with Tom Hanks and Meg Ryan? Meg Ryan ran a small neighborhood bookstore specializing in children’s books and literature…until she was forced to shut shop because Tom Hanks bulldozed his way onto the same street with a mega retail-chain bookstore, several floors high, with a coffee bar and fancy trimmings. The single seller catering to a niche market may seem passé in the days of large conglomerates and mobile shopping, but niches will never dissolve into nothingness- in fact, your niche may be your biggest moneymaker. Here are a few reasons why niche selling works.
DEVELOP BETTER RELATIONSHIPS
Mass market goods may be the flavor du jour, but with niche products and markets, you know that you will satisfy the customer- for the simple reason that he has not been able to find your product or service among the mass-sellers! The more specific and targeted your niche is, the easier it is to identify customers. You have a clear picture about whom you are selling to and as a result, your sales goals become clearer. Niches also give you the added advantage of understanding your customer thoroughly. You get to know them better, their wants and needs; you are able to take in their suggestions and improve their customer experience. And, as we have said before- sales is all about creating and growing a lasting relationship with your customer.
When you are in sales, the ‘budgeting badger‘ is never far behind- how much you should spend to acquire a new customer, how much you should spend to retain old ones…and of course, how all of that ties in with the profit you make. But when you work with a niche, you know who you are catering to and can plan and execute budgets better. Your campaigns and sales strategies will be reflective of your niche customers- so you know where to splurge and where to cut back.
BECOME THE LEADER
With your one-of-a-kind products and targeted sales efforts, you can become an expert and sales leader in your niche- and you get a competitive advantage over your peers. You will find yourself catering to a particular type or group of customers, and you will be the go-to resource for all things related. And recommendations and referrals from your customers will help you expand that niche market…and sell more.
One, or several small niches, can turn your business around by bringing in a steady stream of orders from loyal customers. All you need to do is find a unique product for a unique customer!