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Niche Markets: The Key to Success

Small business owners and direct sellers are lucky in that they have a major advantage over large corporate businesses: small businesses don’t have to be all things to all people. In a big business’s effort to reach a very large audience, there are several groups of people whose needs are being left unmet. This is where you come in; by defining and marketing to your niche, you will be able to focus on those needs and build a successful business.

Evaluate your products/services for unique qualities. Consider something you already offer to market in an original way, or create a new product or service completely based on something you already have. For example, if your business sells cookware, consider marketing a few pieces together with some recipes aimed at busy adults who need a “one-pot meal” for quick prep and easy clean-up. Something like this might appeal to both working and stay-at-home moms because both would benefit from such a convenience.
Do some target marketing. Marketing to your niche may require some education, especially with unique products and services. Some may not even know that such a niche exists or that they might have a need for it. Focus your marketing efforts on educating potential consumers about the product or service in general, and then demonstrate how you can meet that need. Some examples to get you started can be found here.
Set clear objectives. What do you hope to achieve in your business by creating a niche market? You may want to expand your customer base, increase your network, cut your marketing costs, or raise your profits. Make sure your goal is concrete and your efforts directing toward achieving it.
Test-market and size up the competition. You will need to know how you stack up against any potential competitors. In order to assess your competition, collect and analyze some of their products/services, brochures, print ads, websites, social media pages, etc. You should be comparing elements such as pricing, marketing strategy, and customer service.
Speak the right language. As with any type of marketing, niche marketing requires you to speak a common language with potential customers. Going back to the cookware example, when targeting that working mom, you are going to appeal to her needs by using words and ideas she can relate to. These words and ideas will be somewhat different from those used to appeal to the stay-at-home mom. For example, you might paint a picture for the working mom of what her typical day is like and how your product will make it easier; the full-time mom will have a very different mental picture, even though the product and need are the same.

Being able to focus your business efforts on niche markets, you will be able to reduce your overhead costs and acquire a new customer and networking base. How have you used niche markets to build your business? Please share your strategies and ideas below!

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Habits to Build Your Business

Think about something positive you do during the course of any given day that would be considered habitual. Jogging every morning before work? Checking in on a loved one with a phone call? Reading at least a few pages a day of a new novel? Chances are you have established some good habits throughout your life that enrich you in some way. Building a successful business also requires good habits. How many on the following list are part of your business protocol?

Set goals. This tip includes both short term and long term goals for your business. Maybe a short-term goal would be to update and enhance your website. What can you do each day to achieve it? A long-term goal might be to expand your overall online presence by year’s end. What can be done each month to reach it?
Define success. Success is measured differently by everyone, so take some time to reflect upon what is important enough that represents success to you. For some, it might be a dollar amount; for others, the flexibility to make one’s own hours. Your definition of success may change throughout your time as an entrepreneur, but having a concrete idea of what it actually is will keep you motivated and on task.
Prioritize. It can be tempting to try completing everything that needs to be done all at once. However, this is unrealistic. Owning a business requires stamina, and without pacing yourself, burnout is bound to happen. Prioritize your tasks and reassess your list regularly.
Organize. Disorganization can literally cost your money. If you need to bring order into your office, do so immediately. If you are already sufficiently organized, establish habits that will encourage you to stay that way. Small business ownership is a sort of juggling act, one in which chaos and clutter have no place.
Personalize. The one huge advantage small businesses have over corporate giants is customer relationships. Assess the relationships you have with your customers and the service you provide them. How can they be improved? What can you offer that goes above and beyond? Word of mouth is a powerful thing, and being a poster-child for exceptional customer service will benefit your business in a multitude of ways.
Identify the bad habits. The creation of good habits must come from the replacement of bad ones. Figure out what you are perpetually doing that is ineffective for your business, and come up with a way to replace those things with good habits. For example, do you procrastinate when following up with customers? Replace this bad habit by dedicating a set window of time every day or week to exclusively contact your customers that need a follow-up. Stick with this plan consistently, and before you know it, it will be second nature for you to stay on top of customer service.
Change one thing at a time. As with anything new, it takes time to make the behavior habitual. Do not try to change your whole work life in one fell swoop. Choose one element on which to focus, and perfect that first before moving on to the next. This will facilitate consistency and long-term maintenance of those good habits.

What habits do you practice that contribute to building a successful business? Please share with us in the comments below!

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How to Build a Unique Business

What is the first thing that comes to mind when you see a red bullseye? If you’re like most people, your answer is Target. What is it about Starbucks that makes it different from other coffee establishments? Perhaps it’s the taste of the coffee itself, the blended language of their drink sizes, or maybe even the first place to bring the culture of Italian espresso bars to the U.S. These are exceptional examples of a million dollar idea, but they are also standards that we can look up to. Sometimes it seems as if everything has been done before. Even so, your business can be a unique endeavor if you can apply and incorporate your own individuality.

Focus on your personal strengths. Even if your business is very similar to others, there is only one you. Do some serious personal reflection to pinpoint what makes you different. What can you bring to the table that no one else can? For instance, you may be one of many direct sellers in your area working for the same type of company. However, use your strengths to make yourself stand out from the rest. A consultant with a background in theatre might do very well using his/her knowledge and expertise to create an entertaining and polished sales presentation unlike any that customers have seen before. Your business is a reflection of who you are, so take advantage of that, and give it your personal flair.
Choose a micro-niche. Instead of casting a wide net and trying to cater to a large market, narrow down your business and your target market. The more narrow and specific you make it, the more recognized in your field you will become. For example, a hair salon might focus on children’s hairdressing. A micro-niche would be a salon that specializes in children’s hairstyles for the pageant circuit. Now, a very specific target market can be reached, and the business can become a well-known one among those in that circle.
Make customer service a top priority. Considering experiences you have had with other small businesses, what were their strong points? Where were they lacking? Use this knowledge to perfect your own customer relations. Is there something you can offer that goes above and beyond what your competitors are doing? Think about learning your customers’ names, something personal about them, and what they could get of your business that would somehow make their lives easier or more pleasant. Modern technology has stolen much of our culture’s person-to-person interaction, so the better your customer service is, the more memorable you will be.
Use unusual interests to your advantage. Whether you are starting a brand new business or looking to make an existing one more innovative, take a close look at your own interests. Is there something unique or unusual about them? For example, a forward-thinking individual named Jason Sadler developed an idea for wearing t-shirts to advertise companies wanting viral exposure. His website has become its own community of people viewing and sharing his team’s content.

The key to building a unique business is identifying your own personal distinction. What other ways do you bring originality to your business? Share with us in the comments section below!

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Socialize to Increase Business

Socializing is the art of meeting and engaging people. Mastering socialization skills will not only help you in developing better relationships, but will also increase your business. Incorporating these characteristics into your everyday interactions will help you find and reach your target market.

Sincerity – Most people can see through a fake smile or greeting and are therefore turned off by it. Be genuine in your interactions. Your customers will know that you truly do care about satisfying their needs and giving them a positive experience.
Confidence – Project confidence not only in yourself, but also in the product/service you are offering and the manner in which you conduct your business. It reassures your customers that you are knowledgeable about your field and qualified to meet their needs.
Inquisitiveness – Getting people talking is all about asking the right questions. It is of utmost importance that your customers feel that you have a sincere desire to learn more about them, but they won’t divulge anything without being asked. Decide what you really should know about a customer to meet his or her needs and strike up conversations with people that relates to those topics. Tip: Create a “script” to get you started that includes a few pre-planned questions, topics, or anecdotes to break the ice or fill a pause in a conversation.
Listening – There is a great difference between hearing what is being said and listening to it. Listening requires you to process information; a person can easily tell if you are listening to him or her. Show that you are listening by responding when prompted, making eye contact, and reading the body language of those to whom you are speaking. Tip: Listening skills role-play makes a great activity for professional development. Plan a few topics ahead of time, and take turns speaking about and listening to them for five minutes at a time.
Positive – People are turned off by negative people. Make sure your conversations stay positive. Even if the conversation turns critical, always maintain a positive view. The impression you will leave after the conversation is an optimistic and can do person. And that’s the kind of person people want to do business with.
Promote others – Make sure most of your conversations are about others. This shows people that not only are you caring, but also gives you an opportunity to highlight your ethics and values. Customers are loyal to businesses that they like and trust.

Places to socialize with your target market:

Community events and hot spots (local fundraisers, playgroups, sports games, farmers markets, dog parks)
Informal and formal parties (summer barbeques, beach outings, holiday cookie bakes, New Year’s celebrations)
Online through blogging, social media sites (Facebook, Twitter, LinkedIn, etc.), your business website
Self-sponsored open house or grand opening event

However you choose to do so, socializing with your target market requires you to know exactly who they are. Once you have identified them, put yourself in situations that allow for meaningful social interactions. You will not only promote your business, but also learn more about how to satisfy your customers’ needs in the process.

How do you interact socially with your prospects? Would love to read your thoughts in the comments below.

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What Do Your Customers Want?

In any given industry, customers have a plethora of businesses from which to choose. When they finally do make that choice, they are doing so because the business offers something they want. As a small business owner or direct seller, you have the advantage of catering to many different types of customers, so finding out what they want is essential to building your business. Read on for some suggestions.

1. High quality products/services – In these tough economic times, making the decision to spend any amount of hard-earned money is a serious one for lots of people. Nobody wants to put money out for something that is poorly made or not performed correctly. Make sure what you are offering your customer is something that you would feel good about purchasing yourself.

2. Friendliness – Odds are that you already enjoy interacting and socializing with your customers; this is a quality that it priceless in small business. Customers want to interact with others who are friendly, courteous, considerate, and generally pleasant to be around. Show them that you value them above any sale.

3. Convenience – It seems that people’s everyday lives are getting busier and busier. Implement convenience measures into your business model that work for both you and your customers. Can they find product information and complete orders on your website? If there is a problem with a purchase, can they easily contact someone who will resolve the issue? Make their shopping experience not only a positive one, but an easier one as well.

4. Knowledgeable staff – If you employ others who have regular customer contact, they should be thoroughly trained in all products/services offered and any purchasing policies that may be in place. Many potential customers do their own research before they buy, but often the tipping point is in the answers that can be acquired from a real live person in the business. For example, before purchasing a new camcorder to capture videos of the new baby, first-time parents might spend a good amount of time online researching the different features, prices, and reviews of various products. However, they will usually decide exactly which one to buy and where to buy it based on how well the staff can answer their questions and help guide them in the right direction to suit their needs.

5. The right to change their minds – For whatever reason, sometimes a purchase just wasn’t the right one for that person. When that happens, how do you react as a business owner? Make it a core value of your business that customers should leave happy with how any problems have been handled. Sometimes this even means going above and beyond the norm. If a customer needs to return or exchange an item, find out what the concern is and help them select something that might be better suited to meeting a need. Furthermore, the process of resolving any issues should be as painless as possible; when a customer sees you doing everything in your power to give them a good shopping experience, they will appreciate it, remember it, and continue to come back.

It’s never possible to please everyone all the time, but by incorporating some basic elements of customer satisfaction into your business, you will be able to attract and retain customers. What have you found to be the wants of your customers? Please share with us in the comments below!

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Four Priorities for Small Businesses

Being a small business owner often requires you to wear many different hats. However, it is important to focus on your business’s main objective, which is to turn a profit. Read on for four elements of small business that should be at the top of your priority list.

Be social. Make a list of all the possible ways you can meet and socialize with people. Start with a list of people you know and their interests. Then make a list of the people they know and finally, create a list of ways to meet new people. Becoming a social butterfly will help grow your business naturally and effectively. The benefits of being social will result in greater word of mouth for your business, increase business and increase opportunities. To optimize your social interactions utilize social media networks to stay connected and to nurture relationships with all your people.
Focus on your local market. In the past, the idea was to cast a large net and hope to catch as many as you can. But, that was expense and usually yielded poor results. The better strategy is to help customers find solutions that your products solve, keep them close by so your business can easily maintain a relationship with them, and efficiently promote return business. Here are a few ideas on how to tap your local market. Hold an open house, inviting local residents and business owners to see what your business is all about. Consider getting professionally involved in a local cause such as school fundraisers, community food banks, or places of worship.
Collaborate with others. In addition to focusing on the local market, join forces with other businesses that complement your own. Collaboration can take several other forms as well. Perhaps attending a convention or other professional development opportunity, you will meet people with similar goals and interests. Working cooperatively with them can benefit you both.
Make it snappy and easy. Most people today are always on the run and are multitasking all day long. When introducing your business either in person or online, make sure you have an informative couple of sentences that sums up what you do and how it might help that possible customer. Also make sure your business processes are efficient. Make sure your business is easy to find, make the sales process quick, make customer service engaging and quick to respond to customers/prospects needs.

What other elements of being a small business owner do you feel are important? Please add them to the list by commenting below!

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A Sales Pitch that Doesn’t Sound Like a Sales Pitch

In the past, sales pitches were intrusive and created to reach a wide population. Now, with the dominance of the internet, effective sales pitches cater to individual customers’ needs. They are not canned or contrived because the modern consumer can see right through it and has a wide variety of alternatives right at his or her fingertips. Here are a few ways to frame your sales pitches in such a way that it allows you to promote your products/services without sounding like a pushy sales pitch, and even encourage others to market your products/services for you.

Scavenger Hunt – This can be used to draw in new customers. Use promotional items (electronic or paper) to start a scavenger hunt for a special first-time customer gift. As an added convenience, you can create one totally online by taking your prospective clients on a guided tour of some relevant websites. Start by creating a theme that works with your business, like food, jewelry, or health & beauty products. Make sure the questions are easy to answer and that each item only takes a short time to find. At the end of the hunt, your would-be customer is rewarded with a special gift! You’ve now drawn them in to try your product, made it fun for them to share it with their friends, and you’ve promoted your business without the traditional sales pitch.
Giveaways – Many businesses offer free products or services for first-time customers, but usually some sort of purchase is necessary. Consider a giveaway that stands out from the rest: one that literally gives something away totally for free. Offer it for free for first-timers, and wow them with your quality and customer service. By doing so, you create a risk-free situation and promote your products/services through the giveaway without sounding like a sales pitch. You have now started a relationship and given them a reason to share it with their friends.
Referrals & Rewards – Not only do you want to draw in new customers, but you want to reward your loyal ones as well. Create and use a reward system for referrals that promotes your products/services. Whenever a new customer makes a purchase, all they have to do is mention the name of the person who referred them. That referrer then gets a special discount or promotional item. Word of mouth is an effective method for bringing in new customers, so motivate your current ones by showing them how much you appreciate their patronage and recommendations.

When creating a non-sales pitch sales pitch, remember to frame it in such a way that the promotion includes marketing your products/services. If done correctly, people should feel like you are talking about the promotion and not delivering a sales pitch. Make them simple and direct, but most importantly, be genuine in your interactions with prospective clients. They will appreciate your sincerity and your creative approach.

Please share your own ideas for a creative sales pitch in the comments below!

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Crowdsourcing for Your Small Business

Crowdsourcing is a relatively new idea that small businesses can use to solve a problem or improve their business. This process takes a task usually done by individuals to a group of people or community for their input. Here are some benefits and ideas to implement crowdsourcing for your business.

The benefits of Crowdsourcing:

The process helps you find out exactly what your local clientele wants and/or needs.
Provides you with a list of people who may be interested in your products/services or opportunity.
Provide a formal way to gather feedback from neighbors and clients that will help you tailor your products, services, marketing, and customer care to the very people who frequent your business.
Keeps your marketing cost down. Ask people who frequent your business in person, and utilize free websites like Craigslist that let you post to one of several different categories, depending on your needs. The website is also localized by city, so you can find people close by to provide input you need. Social networks like Facebook are also an efficient way of reaching more people quickly. Keep in mind, though, that you want to engage your target market and not the whole world.

Here are some disadvantages to keep in mind:

It may take you a long time to assess the quality of each submission.
The quality may not be professional.
It will take longer to screen candidates and assess the data.

Crowdsourcing initiatives:

Provide your community/network with voting ballots they can use to vote on their favorite products/services. This will help you assess your current product/services.
Run a poster contest that asks participants to create an image that best innovates one of your products/services or highlights a new one they would like to see. Then invite the rest of your community to vote on the ideas to select a winner. This can help you develop new products/services.
Ask your community to create and vote on a motto that promotes your branding. This will help you promote your brand and improve customer care.
Invite your community to submit and vote on a “how to” video for a product/service that you offer. This is a great way to generate videos of your products/services and provide visual testimonials at the same time.

When crowdsourcing, you must offer some sort of incentive like a voucher or discount for participating or a prize to a winner(s). You’re also showing that you value your community and customer opinions and appreciate the time they are taking to help you.

What are your thoughts on crowdsourcing? What have been your experiences with it? Share with us in the comments section below!

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7 Ideas to Personalized Business

Providing Personalized Business

As a small business owner and/or direct seller, you have a significant advantage over the ubiquitous “big-box” stores. You can offer personalized customer service, which is something that bigger businesses simply cannot do. These days, most shoppers are so used to being just one of many in a retail atmosphere, so they can truly appreciate the extra effort a small business owner or direct seller puts forth in making them feel like valued customers. Here are some ways to personalize your business and give you an edge over your competitors.

Gift wrapping for special occasions – This can be especially helpful during the winter holiday season, but is a valuable service year-round. In any given month, a customer has to shop for someone’s birthday, graduation, baby shower, etc. and a free or inexpensive gift wrapping service adds to the convenience factor. It also shows that you are thinking of the customer’s complete needs, which don’t necessarily end once he or she has purchased your product.
Pick-a-day promotions and incentives – Several retail chains offer an automatic discount (10-20%) when you shop on a certain day of the week. Why not let your customers choose a day that works for them? Using a simple program like Microsoft Access, you can store such information for each customer. Furthermore, you can certainly set limitations on such a promotion, such as weekdays only or one Saturday only per month. No matter how you arrange it, you are offering your clientele the freedom and ease to shop their way, all the while rewarding them for choosing your business over others.
Suggested items – Another use for that database program of yours is to keep track of exactly what products or services your customers have purchased. After a few transactions have been completed, you can begin suggesting new or existing items that they might be interested in based on those past purchases. This is a great way to begin building a relationship with customers that they cannot get elsewhere.
Door to door delivery – A service like this adds great convenience and that very personal touch. If you have customers in your local area, offer a door to door delivery option. It gives you chance to wow your customer, to meet and connect with another potential customer on the other end.
Surprise your loyal customer – Once in a while, surprise one of your loyal customer with a balloon/flower and a free gift. This shows you are thinking about them and is a great way to brighten their day. It also gives you an opportunity to connect and check if they need anything else.
Support their causes – This is an incredible relationship builder. Let your customers know that your business has a heart and is willing to provide help for their charities. Either with your personal time and/or in discounts, products and services.
Follow-ups – Nothing says customer service like a human being on the other end of the telephone, which, unfortunately, is becoming less and less common. After a customer has done business with you, a quick phone call to verify their satisfaction can go a long way. There may have been something they didn’t like, but didn’t feel it was worth it to say something about; now you’re giving them the opportunity to do so, as well as offering to make it right. On the plus side, it never hurts to hear when you’ve done a good job and made a customer happy from the get-go.

When striving to personalize your business, put yourself in the role of your customer. Think about your past experiences as a consumer, good and bad. What can you do as a business owner to prevent poor-quality experiences and encourage excellent ones? Share your thoughts in the comments below!

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9 Ways Your Small Business Has an Advantage Over Large Competitors

Have you ever experienced a pesky fly? You swat at it and try to shoo it away, but you can’t seem to get rid of it. Small businesses are like the fly that has an advantage over a slower, bulkier and less targeted approach. You see, big businesses have a lot of corporate structure that slows down progress. In this ever-changing environment, that means they can’t stay on the cutting edge! But as a small business, you’re a lot more nimble. This means that you can shine, and target your customer base, in a way that big businesses can’t.

Understanding your small business advantages can help you succeed. Here’s how you can take advantage of the benefits of being a small business:

Respond quickly – Start listening and talking to your target market and customers. Formalize a process for customer feedback and suggestions. When you hear something that you can improve on or implement easily to add more value to your products/services, make it happen!
Be flexible to market needs, changes and trends – Sometimes watching what big business can do seems intimidating, but they are usually focused on large volume products/services, and not products/services for smaller markets. Your business can focus on smaller markets for big success. Big business are usually slow in following trends. They want to make sure something will sell first. This again, is where you have an advantage. When you spot a trend, try it, anticipate the needs of your target market, and establish yourself as a leader or innovator.
Give personal attention – Big businesses are always trying to offer special incentives to make their customers feel more important. But that’s only an illusion. As a small business person you know your customers by name, what their favorite products/services are and what their needs are. Develop those relationships with your customers that big business can’t build authentically.
Specialize – Your small business can target unique products/services for niche markets that big business can’t afford to pinpoint.
Be creative – As a small business owner, you are always thinking outside the box to attract customers with limited marketing funds.
Build relationships and community – Small businesses can reach and develop relationships more authentically with local influencers that promote their businesses by word of mouth and create a more deeper and loyal following.
Manage your costs – Small businesses requires less funds to invest, market and innovate, thus making them more cost efficient. But you need to stay on top of your finances to come out ahead!
Avoid red tape – Ideas, complaints, and suggestions go straight to those who can implement or correct quickly without going through endless channels like in a large business.
Enjoy a lot of room for growth – As a small business you have plenty of room to grow and generate greater profit margins.

When you take the time to evaluate where your competitors fall short and focus your business on satisfying those consumers, you can leverage your small business advantages and nurture a loyal following. Your growth will be connected to how well you can successfully utilize these advantages.

How do you take advantage of the unique benefits of being a small business? Would love to read your thoughts in the comments below!