Do You Have a Rich Niche?
As a business coach, my niche is working with promotional products distributor owners and sales representatives. I teach them strategies to sell smarter and make more money with less time and effort. I help my coaching clients identify ideal, profitable niche markets (that speak to their strength, skills and passions) and then show them how to become the go-to person in those markets.
I believe you can't be all things to all people but you can be a star in your target market.
Why develop niche market expertise? Whether you're new or established in the promotional products industry, you may have noticed that things are shifting dramatically in our industry.
Many of the traditional ways of selling promotional products are no longer working. In fact, many are obsolete. To prosper in promotional products sales today, you need to work differently. You need to position yourself as an expert, target your marketing and be invaluable. Your clients want to do business with experts.
Many people fear having a niche market will limit their business. Actually, the opposite is true. When you establish niche market expertise you'll get more referrals, your reputation will grow, and clients will seek you out. As an added benefit, you'll enjoy your work more.
There are many ways to establish a niche. You can niche by the industries you serve, the products you sell or the services you provide, and these are just the tip of the iceberg when it comes to niche marketing.
One thing to keep in mind, having a niche or niche markets does not mean you can't sell outside of that market. It just means this is where you will concentrate the majority of your marketing efforts.
In my own promotional products business, the year I decided to concentrate my efforts on a lucrative niche market my sales doubled and continue to grow rapidly. Shortly thereafter my company made the "100 Fastest Growing Companies" list in the Philadelphia Business Journal, and I had clients seeking me out for my expertise.
The same niche marketing strategy I used to grow my own promotional products business, I have been able to share with many of my coaching clients who got equally great results.