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Why Being a “One-Stop-Shop” Isn’t Better than Being A Niche Business

By Edward Cates

In today’s landscape of crowded industries and competition, narrowing your target audience by determining a niche for your business can be an essential way to grow. Establishing a business niche can be a fast track to success by creating a laser focus on how your business provides specific solutions for a targeted marketplace of customers.

Not every business can benefit from a niche approach. However, choosing to not be all things to all customers can be liberating and extremely profitable. Simple products and services can be highly successful in small, targeted markets.
Develop a Simple Product or Service
A simple product or service provides a very specific solution for a narrowly defined customer group. During the planning process you should be asking; who needs our product/service? What’s unique about our product or service? What makes us better than the competition? With those answers compiled, analyze, assess and plan on marketing your solutions to the specific audience or marketplace.
Master Your Marketplace
No one should know your niche market segment better than you. Success with a simple product or service depends upon knowledge of your target audience and how they are underserved, why they’ve been underserved and how you solve their problems better than a competitor. Understand where your customers go to events and organizations they are affiliated with, and stay focused on connecting with them through those niche connections.
Be Specific. Be Relevant.
Pursue every opportunity to show how your business is a better fit within your marketplace than your competitors. Enhance benefits and features that make your product or service better. Relevant businesses stay in business because they provide solutions that are proven and timely.

As your competitors tout being a “one-stop shop”, you have the opportunity to gain market share by being the specialist your niche marketplace prefers.
Edward Cates is CEO & Managing Partner of Nuance Marketing, an Atlanta-based digital marketing, media and strategy agency and certified MBE. As a journalist and writer covering business, entertainment and technology, his articles have been published in Savoy Magazine, Emerge, Hispanic Network, MBE Magazine, MBNUSA, Atlanta Business Journal, Black EOE Journal and Pride Magazine.

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