Too many small businesses struggle to determine what it is that they do and who they want to sell to. Not defining a company’s niche is one of the biggest contributors to a company’s failure. Sure, if you ask a small business owner what his company does, he may be to ramble off a quick elevator pitch, but chances are he will struggle to give you a clear and concise description of what his company sells, what his target markets are and how he markets those services.
Merriam-Webster dictionary defines niche as: a: place, employment, status, or activity for which a person or thing is best fitted <she finally found her niche> b: a habitat supplying the factors necessary for the existence of an organism or species c: the ecological role of an organism in a community especially in regard to food consumption d: a specialized market.
As Judy Sunblade, president of New England Coaching describes it, “defining your niche puts a stake in the ground - it allows you to focus your marketing message and to target the buying motives of that market.” Successful entrepreneurs and small business owners know this and the core of their business and marketing plans are developed around what their niche market is.
Successful companies know this and it is why they survive and grow! Successful salespeople know this and it is why they are consistently on top!
Coca Cola makes soft drinks. Their mission is: “At the Coca Cola Company we strive to refresh the world, inspire moments of optimism and happiness, create value and make a difference.” They do not make alcoholic beverages, office furniture or car parts. Sure, they may license their name for a few products which helps their branding efforts, but their core business is being the number one soft drink company in the world. PERIOD!
McDonalds is the number one fast food chain in the world. Their annual reports states “We are delivering simple, easy and enjoyable restaurant experiences for customers.” They sell to families and people on the “go”! If you go into any McDonalds, you will be hard pressed to not see children eating French fries and playing with the toy they just received in their Kid’s Meal. What you do not see are display racks selling electronic gadgets, hardware or books. They know their target market and sell to it!
What is your niche? How do you market to those you have planned to sell to? Are as successful as you had planned to be? Do you want to be more successful?
About the Author:
PUMA Sales Management specializes in partnering with entrepreneurs, professional service organizations and fast growing small businesses to assist them in driving their sales higher through sales and marketing training, lead generation and eMarketing efforts. www.pumasm.com
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