SiteMinder’s Chief Growth Officer interviewed by Dynamic Business
Let's Talk
In today’s Let’s Talk, we’re asking “How do you survive in a niche market?”
Competition is a constant consideration for all small businesses; understanding where you fit in your market, what your USP is and how to appeal to your ideal customer. Apply all of this to a niche market, and perhaps this becomes increasingly difficult to master, as competition becomes more fierce as the customer-base is very targeted.
On the other hand, does survival become almost easier the more niche your product or service is? Delivering something that is really required and that solves a problem, even for a smaller net of potential customers, is likely to be in high demand within that niche community if you market your brand correctly.
So speaking with the experts, what are the ways in which you survive in those niche markets? What are the best strategies to ensure your business thrives and stands out from the competition to get those niche customers loyal to you instead of them?
Dai Williams, Chief Growth Officer, SiteMinder
Competition exists even within the most niche markets, and when you’re starting out as a business, it can be difficult to weed out the noise from your true rivals. Rivals can also extend beyond other companies. Often, inertia is your biggest competitor. Find out the true enemy to your business, and from there, have a strategic play:
- Speak the language of your customers. Clearly articulate your key value proposition in a way that your buyers will understand and find engaging.
- Know what problem you’re solving. Is it a major pain point that must be addressed? If so, you’re onto a winner. If not, you’ll constantly battle time and price objections.
- Know the market inside out. Stay very close to the reasons people are and aren’t buying your products and pivot accordingly.
- Constantly innovate and reiterate your offering. Add enhanced capabilities to your existing business and evolve in ways that are difficult for your competitors to emulate.
- Hire smart. Great people build quality products and attract incredible customers. The best defence against competition within any niche market is having the best possible people in the room.
Through it all, though, remember that focusing directly on your competition can often be a limiting exercise. Build your business to be a market leader, draw inspiration from other industries and by being the best version of yourself, you will naturally widen the gap with those competing for your market share.
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