Niche: a) A situation or activity specially suited to a person’s interests, abilities, or nature b) A special area of demand for a product or service.
Going out of Business Sign: a) The sign a company without a niche is destined to place on its door
Companies that find a profitable niche succeed, while those companies that do not fail. This is a hard and fast rule. There are no exceptions.
Consider Miami Beach, Florida. Miami is the home to over 2.4 million residents and three professional sports teams. There are hundreds of hotels and more than 800 buildings in this bustling city. In 2008, Forbes ranked Miami the #1 Cleanest City in America. It seems like Miami was a city destined to be a symbol of luxury and comfort, but Miami was not always this way.
Lets go back to 1910. Miami was little more than a fishing village. The only visitors to Miami Beach had to come by ferry. There was no Miami Beach hotel, so these visitors only came to visit for the day. The beaches for these visitors were not much to look at either. Instead of vast white beaches, the coast was a tangled mass of mangroves. But then Carl Fisher found a niche for Miami Beach as a premier getaway for wealthy industrialists from the north and Midwest. Fisher built five hotels, dredged Miami Beach’s coast to give it a pristine white sandy beach, and built up a net worth of $100 million.
World War II and air conditioning were two factors in the explosion Miami Beach’s 1950s growth. Once again Miami had found a new niche, this time as the country’s ‘feel like a star’ getaway, where visitors could escape their mundane everyday life and walk the beach, see flamingos, and shop the newly built mall. Miami kept this niche up through the mid 1990’s.
Today Miami maintains a niche as a retirement paradise, where 17.02% of the population is over 65. Time and time again, Miami has reinvented itself to fit a niche. This has led to economic growth and a bustling community that is the 6th densest city in the United States.
Take a lesson from Miami Beach and determine where your company fits in your industry. If you run a pest control company, do not do everything for every customer. Find a profitable niche and follow it. Consider focusing on bed bugs, snakes and spiders, or rodents. Explore other niches like fumigation, eco-friendliness, or safety.
Do you own a local bed and breakfast? If so, then part of your niche has already been chosen for you, your location. Develop your niche further by building a reputation around your food, amenities, nearby attractions, or the history of your bed and breakfast.
Finding a niche may appear limiting at first, but it will allow you to focus on doing one thing very well. Your customers will respond with passion as they see you throwing your energy behind serving their specific needs and wants. Like Miami, your company will fare well when you grow it around a profitable niche.
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If you want more business, you have to find a way to stand out. From website design to SEO and pay-per-click to marketing strategy, let Webmix Marketing help your business stand out from the crowd.