By Isaac Maloba
Each day, more and more new companies dealing in the same products and services as the existing companies spring up. Competition stiffens even more and customers are spoilt for choice as to which companies deserve their vote for business loyalty. This business environment has created a massive advantage for some entrepreneurs and a disadvantage to the rest of the businesses. Almost every business that has built and sustained a reasonable niche has found itself clearly visible – standing above the crowd. Without a niche, you will be suffocated and swallowed up in the crowd while a clear niche with help you stand out the way a uniform separates a student from the crowd.
A niche is the cloud of uniqueness that an individual or a company chooses to sail under. Your niche is your identity; it is your way of demonstrating to the market that you are not only different but relevant, that you provide a new dimension of solution to their problem. If you ever realize that your business is perceived as any other in the market then evaluates your niche.
As an emblem is to a nation so is your niche to your company. It says a lot about your business. It says that you are not just like everyone else, you are different; that you are not a mere participant but a formidable competitor in providing your customers with the best offer or solution. That you don’t claim to know or do bits of everything but that you have mastered a particular thing better than anyone else. Nothing provides an instant presence of a business in the market place as a niche… and the reverse is true. Businesses that choose to sail under gray identities soon lose visibility and customer favor. It is the fastest way of positioning a business to enjoy a positive customer perception…
There are several aspects about your business that if mastered and delivered with exceptional dedication would immediately grant you a favorable customer perception of your business. These could include price, packaging, personality, speed, accessibility, clarity, integrity, quality, simplicity, etc - aspects that make doing business with you easier and better.
When you create and sustain your niche over a reasonable period of time, it will gravitate into a brand. Your business name will soon be synonymous with your niche in the market place. Think about different business names and particular mental associations will spring to mind … positive or negative. If your niche is compelling enough, your brand alone will be worth millions of dollars. However, it all starts with carefully and clearly building a worthy niche. Over to you!
Isaac Maloba is a Human Resource consultant and Chief Administrator at Potential Management Centre ( POTMAC)