Finding your competitive advantage and maximizing it's profitability is directly related to the narrowness of our niche. I heard something the other day that made me re-examine my own business. The person said, "Your niche should be so narrow that you think you've removed every prospect". That scared the bejeebees out of me! It's so counter intuitive!
Many business owners, including me, have the "General Store" mentality. We offer numerous products or services with the idea that "it's good business". When someone comes to our place of business, whether a brick and mortar building or our website, we want to have something to offer that will solve at least one of their problems. We don't want them walking away empty-handed.
In today's marketplace, the internet has opened doors to possibilities that didn't exist before. People go online to do research about their problem and find possible solutions. Keywords hone their search down to specifics... No more wandering the aisles hoping to find what we are looking for or someone to help us. It's all right at our fingertips!
This allows us, the heart-felt, passion-filled business owner, to compete on a global scale.
Here are a few tips 15-minute tips to help YOU find your competitive advantage so YOU, and what YOU offer, is found by the people who want, need, and are willing to buy from YOU!
- Narrow your niche down to what you feel is ridiculous. What one thing are you most passionate it about? If you are in the health industry, what one disease or issue do you want to become THE expert on?
- What keywords do people use when searching for information? Use a keyword search tool to determine what words they use - these are the words you need to be using!
- Talk about the specific niche in professional and layman's terms.
- Share stories and testimonials about how your solution has solved the problems of your clients. If you don't have personal stories from your clients yet, ask. You can also borrow stories posted by your company until you have some of your own. Ask your clients/customers/patients for their testimonial and ask if you can use it for marketing. Use only their first name or initials of their first and last name in your marketing. No photo of them unless preapproved by them. Keep a separate file with the testimonials and marketing permission.
- Spend 15 minutes a day searching your keywords for the most recent topics being written or talked about within your niche. (check out magazines.com for article title ideas and technorati.com to see what your competitors are posting on their blogs)
- Put your own spin on these ideas and use a blog posts and status updates on your own site.
In 15 minutes a day, you can turn your business from run-of-the-mill generic to "I specialize in this". Yes, it feels like we are leaving money on the table when we become this specific, but the reality is, we make more. Why? Because the people who search and find us have a specific problem and they are motivated to have it solved. People want to work with "specialists" who have specific solutions, not "generalists" who have the product but don't know anything about it.
If we get too many people in our business funnel, it clogs up. The key is to attract the "right" people so they flow through our funnel and become buyers.
Remember, the narrower the niche, the bigger the bank account!
How big do you want your bank account to grow?