How to Be a Top Business in Your Niche
What do companies like Apple, Amazon, Lehmans, and Volvo Trucks have in common? They are companies that dominate their niche. And in every industry, some companies call the shots and run the show. If you want to rub shoulders with the best and rake in money, you’ll have to become a go-to-business in your industry. Here’s how to do just that.
Learn From the Best
What do you think sets the best businesses apart from those who are barely making it? Luck? Nope. Think again.
Of course, many companies benefit from good fortune, but a large chunk of their success can be chalked to hard work and strategy. Make a list of the top 20 companies in your niche and conduct a thorough study of what makes them stand out. Find out the strategies that work and the ones that don’t. These lessons would provide valuable fodder for each decision you make. Additionally, you may spot gaps and opportunities that you can exploit.
Get Creative About Marketing
There’s more to marketing than putting up a product and listing a price beside it. At its core, marketing is about convincing clients to purchase your product or service. And there are several marketing strategies that convince and convert your clients.
Some of these marketing strategies include viral videos, giveaways, contests, freebies, flashmobs. However, not all marketing ideas may work in the niche you’re in. For instance, marketing ideas in the massage therapy niche are likely to be different from those in the food niche. So, know your market and find out what works best.
Focus on the Customer
While most of the traditional marketing methods try to sell a product or service to customers, content marketing focuses entirely on the customer. It thrives on creating content such as blog posts, webinars, infographics to help the customer.
These resources drive traffic to your website and make customers see you as an authority in your niche. In all you do, put the customer first. Find out what their pain points are and deliver content and solutions to help them. As long as your customers feel valued, they’ll keep coming back and they’ll recommend you to others.
For every industry, there are big questions that need answering. These questions often revolve around trends, prospects, customer behavior, amongst others.
Anyone who consistently answers these questions is a thought leader. That’s why you’ll notice that the top companies in every industry often release whitepapers. If you’re looking to call the shots in your field, then thought leadership should be top of your agenda. Put together a team of researchers and periodically conduct surveys, interviews, and research to answer the biggest questions in the industry. If companies in your industry are quoting your data and insights, then you’re on the right path.
Build a Robust Team
Vision and hard work can only get you so far. In business, everything rises and falls on the quality of personnel you hire. Is it any wonder that the top companies have workers who are the envy of other companies?
Create a brand and sustain a culture that attracts the best employees. Don’t only try to poach top workers from your competitors. That method can be expensive and counter-productive. Instead, invest in your employees through seminars, courses, and training. And while you’re at it, take steps to reduce your turnover rate.
Don’t settle for the low-rungs of your industry’s ladder. Instead, aim high and work to become a reputed brand and thought leader in your industry. That way, you’ll build loyal and raving clients who keep coming back. These tips are not meant to be one-off: keep doing them until you see results.