Molly Stinn, CPA, gives advice on successfully building your presence in a niche market:
Google “niche marketing articles” and you’ll get hits on all kinds of advice. Strategies for successful niche marketing, why niche marketing matters, ways to ace niche marketing – the recommendations are endless. How do you know where to start? I doubt that there is one perfect way to go about segmenting your market and setting strategy, but I do know that there are things to avoid when doing so.
- Running by the seat of your pants. Creating a successful niche plan is a discipline. Set aside time routinely to focus on your goals. Write action steps down with defined goals and planned outcomes. A shotgun, or reactionary, approach expends resources senselessly
- Not making yourself accountable. Write it down – the plan, the actions, the results (good and bad). You want to develop a foolproof way to make things happen.
- Never comparing results to goals. What return are you getting on your efforts? What actions are working and which are not? What’s the most efficient and effective way to achieve your goals? If you don’t measure your achievement, you’ll never know.
- Avoiding your disappointments. Sometimes the best lessons are learned from what did not go well. What was it about the unsuccessful action plan that didn’t work? Why did that “sure thing” not pay off? Asking a potential customer why they said “no” can provide invaluable insights.
- Remaining one-dimensional. A niche plan is not merely a to-do list. You can’t just define your niche and go from there. Make sure you’ve assessed your strengths and identified your challenges. Align yourself with complementary alliances. Develop your arsenal by studying your competitors, assessing your credibility and innovating your services.
Growth and development occur step-by-step. Give yourself the gift of investing in your own niche plan by taking a disciplined and multidimensional approach.