Building a successful business rooted from its niche
by Jade Allen
Discovering your niche
In any business establishing your niche is what gives you the competitive advantage and in turn brings in new business, but how do businesses discover this? First off, identify where your passion lies “It’s important to start by identifying your goals / dreams and desired lifestyle; define what interests you and what kind of life you wish to live and structure your business around that,” says Allen.
A brand should be innovative and unique. It’s important to identify the USP’s and communicate them accurately, making sure they are honest and sensible. “Our unique 360◦ approach, powered by below and through the line marketing, is what sets us apart” explains Allen.
Part of establishing your brand is the identification of your specific target audience. Beginning with market research – know exactly whom you wish to speak to and think carefully about how you plan to grab their attention. PR, marketing, social media, advertising and events are generally the best ways to generate leads. “Without leads a company will find it pretty difficult to leverage any conversion rates.” iterates Allen. Furthermore, it’s vital that the brand offers customers a guarantee. “In order for someone to invest in your brand they need to feel a sense of trust and reassurance. Always ensure your guarantee is achievable and forthright”.
Once you have discovered the underlying passion that drives the need for your business venture; defined your brand and pinpointed your target audience the next step is getting the ball rolling. Thoughts plus actions equal results. According to action coach, Bradley J. Sugars, SMART goals should be specific, measurable, achievable, realistic and time bound. “Putting goals into motion requires a lot of planning,” adds Allen. “Not only has this been a strategic mega-step in the establishment of Red Carpet Concepts, but a very regular part of our service offering. Each client’s communications strategy is mapped out over a six-month period, detailing every element of each campaign along with the relative dates for execution.”
Much of a company’s successes is powered by a well-structured work force. States Allen: “Be sure to hire the right staff for the correct positions with clearly defined roles, responsibilities and targets; candidates passionate about the company or brand’s specified niche. A good plan and infrastructure in place will result in a well-oiled cog.” The team should be self-sufficient, able to run day to day procedures with a sturdy management system in place. “Step in when there’s fire; otherwise concentrate on working on the company rather than in it.”
In order to benchmark one needs to have measurement tools in place. To reach optimum profitability one must always have facts and figures to reflect on. Allen advises: “always review the results. Look at what worked and what didn’t work for your niche. Then benchmark to improve based on the information and measurements at hand. Keeping your finger on the pulse will assist you in staying that crucial step ahead.”