<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=275610486160139&amp;ev=PageView&amp;noscript=1">
CLIENT LOGIN
802.846.1264
South Burlington, VT

Value Creation Blog

Niche Planning... Five Things You Need For Success

Posted by Josh Patrick

niche planningNiche planning is one of the most important things most private businesses can do.  For most of us, the problem is not finding enough potential Customers.  In fact, it’s usually the opposite; what can we do to narrow who we’re looking for.

This means we need to have a clear understanding of who our best Customers are and why we need to narrow our search.  Here are some things you might want to consider as your narrow and develop your niche:

  • Do a demographic segmentation of who your best Customers are.  This means developing both a psychographic and demographic profile of who these Customers are.  Your best Customer is someone who you make outsized profits with and who is easy to work with.
  • Start developing a value proposition aimed at your best demographic.
  • Make sure you are adding value at a massively higher level than your competitors for the niche you want to target.  This means putting together programs that help your niche become better at what they do using your expertise.
  • Develop a marketing program that lets your niche know that you exist and that you are interested in helping them make their life and or business better.  You want to be specific in how you are going to go about doing this.
  • Join organizations where those in your niche are likely to be.  Get involved in community or trade associations where your niche hangs out.  Helping people in your preferred demographic achieve their goals will put you in good stead with them. 

It’s important to understand that it takes time to develop a niche that is meaningful.  You first must spend a significant amount of time adding value to the people who live in the niche you want to serve before you start seeing business come from this niche.  The more avenues you can find to add value, the faster and deeper you will inhabit your niche and keep your competitors out.

As always, let me know what you think about niche management.  If you have any other points that are useful, please let me know.

Josh Patrick

We publish a newsletter twice a month.  I invite you to click on the button below which will take you to our newsletter signup page.  We believe you will enjoy our newsletter and find the information useful.

niche planning

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

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.

Topics: enterprise value, niche planning, niche business, niche management

Subscribe to Our Blog

Subscribe to Our Blog

Most Recent