As a small niche market business, it is sometimes difficult to first break into your market, and then also keep a steady flow of sales to keep your small business profitable. When business is lean, many business owners consider branching out and expanding brand and services to attract more customers. I’m here to tell you not to. Nothing could be worse for your small business success than spreading yourself too thin. Your niche marketing strategy needs to go deep, not wide!
If You’re Losing Customers…
First off, ask yourself why your customers are leaving, and try to be as objective as possible. Look at your analytics or lead data and see if there is a recurring point in your marketing funnel where leads and customers are leaving you. Your niche marketing strategy needs to be target audience focused.
To go deeper, you can also reach out to a lost sale to specifically find out why they left. Their specific reasons may give you good ideas and insight on processes or actions to change going forward. Up your content game and try to create interactions with your prospects and customers. Many times this is the easiest way to address concerns and build your relationships at the same time.
Few will argue that losing customers isn’t stressful, but you need to keep a cool head when you’re going through it. If you decide to rapidly change your business’ products, services, and systems all overnight, you could end up losing the loyal customers you do have. It’s no use to change everything about your niche marketing strategy and try to expand your small business reach if you’re not sure what the problem is in the first place.
The pressure may be on, but you need to take the time to fully asses the problem and formulate a long-term achievable plan to help your small business move forward.
Too Much is a Bad Thing
Small businesses are just that, small. That means, smaller resource amounts, fewer employees, and a smaller customer base. But, “small” isn’t always bad. As a small business, you’re in a unique position to personalize your relationships and sales with customers that larger companies just can’t take the time to do. Use your smaller business size to your advantage and create a hyper-focused niche marketing strategy.
It’s easy for small businesses to become over-involved in projects or changes they’re not fully able to undertake. If you get involved in too much too soon, you’ll end up damaging your business more than you’re helping it. The answer is not to change what your small business is, but how you do it. Invest in a deep, comprehensive business plan, not a wide one. Your niche is a potentially untapped well. Digging deeper is the only way you’ll find that sought-after water to nourish your business success.
What Does “Go Deep, Not Wide” Look Like?
Using the analogy from the paragraph above, your niche marketing strategy is, from here on out, to dig a deep well. Pick a spot (in your case, a specific product or service) and dig into that idea. Most importantly, keep your focus on that one, specific area!
When you choose to put all your energy into your business focus, you can concentrate your effort and resources into molding your small business to be the best in your market. A centered, business focused and niche marketing strategy allows you to offer the best services to your customers possible. Having a deep approach to small business means you’ve taken the time to work out any kinks in your systems, you’ve worked to solve any problems, you’ve done your target audience research, and you’re invested in your customers’ success.
This niche marketing strategy does take more time, it’s a slow and steady approach, but it works! Potential customers will go where they can get the best service. Make sure your small business can offer them that. If you want to gain customers, you need to be able to offer them something that other businesses (large or small) can’t or won’t. If you really dig into who your customers are and what they want, you’ll be able to expand and increase the quality of your existing services.
Once you go deep and have a unique offer for your customers, more will start to come to your business. You may even start to attract leads from outside your original target audience because your business method has improved.
This method will also result in saving you money in the long run as well because you won’t be investing in a variety of other areas that may end up failing anyway. Focusing on deepening and improving your already existing service or products will keep your business focus centered on what you originally set out to achieve.
Now, with all this being said, there may be a time when your small business is in a place to expand. But don’t try to expand out of fear or pressure, do it because you’ve experienced success and growth. Before you can successfully expand your small business, you need to deepen your niche marketing strategy. Amplify your services, enrich your customer relations, and hone your marketing systems!