There are plenty of industries that are saturated with products and services but that doesn’t mean that you can’t be successful in that industry.
The secret to winning in a competitive industry is to find a niche.
And if that niche is still too broad, find a sub niche.
A lot of entrepreneurs fall into the trap of thinking that if they don’t have a niche then they’re going to get more customers because the market is bigger.
What they don’t realise is that establishing a niche is actually far more profitable.
Focusing on a niche makes it easier to:
- relate and engage with your customers
- build deeper relationships
- develop a unique selling proposition
- become a thought leader or authority in your space
- implement marketing
- attract new customers
Here are some examples of what I mean by a niche and sub niche…
A niche in the health and fitness industry might be 15 minute daily workouts to lose weight; and a sub niche might be 15 minute daily workouts to lose weight for busy dads who want to exercise with their kids.
A niche in the cleaning industry might be shopping centres; and a sub niche could be window cleaning for shopping centres.
A niche in the construction industry might be building new homes; and a sub niche could be building luxury homes starting at $1m.
A common problem that business owners face when they don’t focus on a niche is that they end up with a very broad and generic message. It then gets broadcasted to the world hoping that someone will respond.
And then when there’s nothing to differentiate them from all the other products and services out there already, they risk becoming just another commodity that gets differentiated based on price.