Follow Dallas Linkedin
Email Dallas Email
Business Growth
Jun 15, 2014

How to Create A Niche Strategy

Sponsored Content provided by Dallas Romanowski - Managing Partner, Cornerstone Business Advisors

If you don’t already have a winning niche strategy, it’s not that difficult to create one. The biggest roadblock is probably your mind-set because the best niche strategy may mean disrupting your current business model. You may need to think outside of the box and leverage ideas outside of your current industry or geography. 

To create your winning niche strategy, you may find it helpful to:

  1. Identify challenges in your industry and target market. Evaluate the best solutions to solve these challenges. If you have the resources and expertise to solve this challenge, you have likely found your niche.
     
  2. Travel to different cities and explore how companies in your industry are competing and marketing their service or product.
     
  3. Attend trade shows and conferences. Remove yourself from day-to-day operations and take time to strategically think about your business.
     
  4. Explore new trends in different industries and brainstorm ways that these trends can be applied to your business, industry and target market.
     
  5. Test market potential niche strategies. If you can easily sell the solution or product, you are on to something.
     
  6. Re-invent your business model using the latest technology or resources (if you don’t do it, a competitor likely will).
     
  7. Create a mastermind group or join a Peer Advisory Board offered through organizations like The Alternative Board®. Get input from others outside of your business as you may be too close to the problem.
     
  8. Facilitate brainstorming sessions with your employees and customers. Your best idea may come from someone inside your company or a customer you currently serve.
     
  9. Be open to failure. Some of the best-known entrepreneurs have tried a dozen different business ideas before being successful.
     
  10. Execute on your ideas and stay committed during the test pilot. In many cases the problem isn’t the idea; it is poor leadership, or lack of accountability or planning.
     
  11. Explore ways to differentiate your current product or service. This may include a customer service commitment (such as 30 minutes or less or your pizza is free), a warranty (such as a 10-year warranty or free follow-up service calls) or a differentiated product or service feature.
The Absence of a Niche Strategy

Without a Unique Value Proposition (UVP), you will have to put forth more effort to grow revenue. This will include developing better relationships, implementing the best marketing and advertising programs, building your brand (reputation), delivering excellent customer service and increasing operational efficiency (price competitiveness). If you are well capitalized and have solid management practices, this may be doable. Community banks and independent insurance agencies are a perfect example on how this can be done. It’s very difficult to differentiate your company on interest rates, insurance rates or service fees. Small banks and insurance agencies win market share through relationships, individual sales skills and customer service. 

If you don’t have an effective niche strategy, you will need the best people, culture and management systems to win in the marketplace. The goal of this column and our Cornerstone Business Advisors coaching program is to help you develop a competitive advantage (niche strategy) combined with the best execution (people and process).  

Cornerstone Business Advisors provides access to experts in business strategy, management, process and finance. The Cornerstone team includes former C-Level executives, successful entrepreneurs and advisors who offer unmatched experience in delivering advanced, custom-tailored, results-oriented solutions for business leaders. Cornerstone has worked with hundreds of companies that range from fast-growth start-ups to Fortune 500 corporations. It developed the Performance Culture System™ to help clients implement best practices and drive high performance throughout their organization. For more information, visit www.launchgrowexit.com, call 910-681-1420, or email [email protected].

Other Posts from Dallas Romanowski

Bizjournalblockad
Ico insights

INSIGHTS

SPONSORS' CONTENT
Webilm julieformal kellystarbuckcom mg 5471

Business is Growing at the ILM Business Park

Julie Wilsey - Wilmington International Airport
Deedee gasch

An Injury is Reported at Your Business… Now What?

Deedee Gasch - Cranfill Sumner & Hartzog LLP
Rob20beale2 311791810

The Key to Project Success

Rob Beale - W.M. Jordan Company

Trending News

Family-owned Artisan Market Planned For Third Street Property

Christina Haley O'Neal - Feb 15, 2019

Changing Tides

Laura Moore - Feb 15, 2019

Brunswick County Has Second-strongest January Home Sales

Johanna Cano - Feb 15, 2019

Food Hall Trend Coming To ILM

Kyle Hanlin - Feb 15, 2019

Pushing Investment Crowdfunding

Johanna Cano - Feb 15, 2019

In The Current Issue

Tourism Group Names Azalea Festival Top Event

The Southeast Tourism Society recently named the N.C. Azalea Festival one of the group’s Top 20 Events in the Southeast for April this year....


Pushing Investment Crowdfunding

After almost two years since the NC PACES Act was enacted, three companies have completed crowdfunding fillings with the state, demonstratin...


Housing Market: When History's For Sale

Homebuyers in the market for a historical dwelling seem to have at least one thing in common: a love of storied structures, big or small....

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Health Care Heroes 2018
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties