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Value Creation Blog

9 Things You Can Do In Your Company To Promote Great Niches

Posted by Josh Patrick

Niche ManagementThe holy grail of a great business from a Customers point of view is how well the business provides services and products the Client wants.  I’ve compiled a list of things that make sense and should be part of your analysis of the service your company provides.

You will see that much of this list deals with understanding your Customer.  This really fits into the area of niche development.  I encourage all of the people that I deal with to have great niches.  It’s within those niches that you can be effective and efficient with those you serve.

  • Do you answer the phone with a real person?  Does this person make your companies feel welcome?
  • Are questions answered in a timely basis?  And, once they are answered what is your strategy for taking action?
  • How fast do you get back to a Client or prospective Client with an answer to their question?  I believe response rates are a very important factor to Customer satisfaction.
  • Do you tell the Client that your service is not right for them?  If your company can service “everyone” you’re not likely to have developed a service that will have raving fans.  Specialization in market niches provides those raving fans that we all want.
  • If you tell the Client your service is not right for them, do you have suggestions for what they should do?  If we’re going to develop effective niches can we send this person to someone who will their needs?  Even those we don’t do business with can become fans of our business.
  • Do you concentrate on educating your Client on why your service or product fills their needs?  Having a deep understanding of what our Clients want is important in providing the type of service that’s important to them.
  • Do you let the Client stay in control of the sales and purchasing process?
  • Do you ask the Client what is the best way to communicate with them?
  • Are you and your company authentic in how you actually work with Clients and Customers?  Authenticity is always presented from the eye of the beholder, meaning our Customers.

It’s my belief that working towards following the obvious answers to questions above will help provide great service for your Customers.  It’s our responsibility to be proactive when working with our Clients.  It’s not their responsibility to follow through unless they’ve agreed to do so.  Hopefully our Clients will work towards becoming great Customers so we can concentrate on providing service and not tracking down people for broken agreements.

This is my small list of things companies do that provide great service.  Let me know what your list is by sending an email to Jpatrick@stage2planning.com

Josh Patrick

I’ve put together a Stage 3 Exit Readiness Report I would like you to have.  This personalized and complimentary report will help you understand the strong and weak points in your company.  To get this report click on the button below and learn how others look at your company.

Stage 3 Exit Readiness

Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

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Topics: value creation, enterprise value, value enhancement, niche management

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