One doesn’t need any type of special powers for the insight of the business to see that this is not a great time to be in any kind of business, even if they are one of the people who are sitting at this smaller end of this scale. The understandable and obvious reaction to a drought in this situation is to crank up the marketing which will be up to eleven in the earliest opportunity. More the people which one can reach with a message, then there is a better chance which at least one is getting a bite of.
How To Get More Consistent Potential Clients And Earn Higher?
In the last few months, we have even consulted few of the clients to check if now is the perfect time to stray from these strategies and scale various things up. Of course no one can replace the need for the money, and at times like this, every little bite matters, regardless of if it fits or not with the business or the overall plan. If one could use a way in which one speaks to less people, but gets more sales plus charge higher for the services? Shouldn’t it be a better way to get your business going on again?
Whether there is a pandemic or not, we believe you could nail down your niche which would bring in a real value to the business and help a person take it to the higher level. Here’s why:
You can decide your playing field.
By niching, what we mean is stripping back the offer to be hyper clear and be super specific about what should do, also for whom you are doing it for and in what ways. We mean is zooming in the centre of the core audience to create a type of the market which only your business can occupy.
Let us give an example: Say if you are an accountant. Everyone requires an accountant, so when the accountants are in high demand, the target market should be everybody. That, in effect, means that you are actually speaking to no one in exactly the same way like every second panicked accountant out in the market. Instead, what if you are an accountant who only gives their services to startups? Technically speaking, these startups do not have a budget to hire any finance director. And maybe you can even use this opportunity to earn higher by working with the startups only. You can charge higher as compared to your average accountant.
We can also consider a product instead of a service offered. So if your company makes food products. You can cash in the vegan options which have different tastes but are completely healthy. With this, you can aim at the younger people who love non-vegan food but are super health-conscious. Since vegan food is quite cheap as compared to the others plus you can offer alternatives to non-vegan food options.
So by identifying and catering in your niche, you can decide your playing field and determine who you work with. With this, you become a specialist.
On the one side, you are cutting those customers who are not consistently buying your products. But on the other side you have been increasing your market value by working with limited consistent customers and you can even charge higher for your services. Your customers will feel like you are a specialist who is sent to answer their needs.
Many of the business providers have resisted this approach since they are worried about being left with no customers but we need to understand the fact that even if your market base is small you are earning higher and working with consistent clients.
