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Innovation: This Post is All About You

BY FC Expert Blogger Nick RiceTue Oct 23, 2007
This blog is written by a member of our expert blogging community and expresses that expert's views alone.

Isn't that what we all want? In this overloaded world of information and advertising, don't we just want it to be all about us for a change?

Throughout my career in corporate America and consulting, I've seen it more times than I can count. The big cheese doesn't want to leave any opportunities on the table and thinks that if she could just get her message out to a broad enough audience people would buy. Think again, the average US adult is bombarded with an estimated 3000+ advertising & branding related message EVERY DAY.

There is very little chance that your marketing message can cut through that clutter. So today I'm going to chat a little about the benefits of niche marketing. It's not a new idea, but too few are willing to take the perceived risk.

Most of the US GDP is made up of service companies. 99% of the time, a service company will depend on the quality of its reputation to get business. And more often than not, that reputation is very much driven by the people in the business. It's driven by the quality of service that YOU provide each and every day. The services economy is ultimately driven by its ability to solve problems. The list of service providers is long, but here's a few: attorney, doctor, electrician, architect, IT, developer, engineer, consultant, coach, banker, designer, trainer, planner, etc... All of the roles are built around solving a particular set of problems.

A funny thing happens when you realize you have a problem - especially a major and costly problem. You want the best in the business to fix it. And for the especially hairy headache-inspiring problems, you don't particularly care how much it costs to fix it - as long as it's fixed quickly and the return on your expense is around the corner. Think back to the list of service providers above; illness, security, safety, attrition, sales, purchasing, real estate and divorce, whatever... There are a ton of problem out there looking for a solution. Once you become aware of the problem, you start looking for the expert to help you fix it.

The shift to niche marketing makes logical sense. After all, we're all consumers of services. We've all needed a plumber at one time or another. But for some reason, a lot of executives don't believe their business fits the mold for niche marketing. They feel like they're leaving too much opportunity on the table.

Perhaps a greater reason behind the aversion to niche marketing is that it forces your organization to truly understand your client's challenges and issues - and be able to prove that you can fix them. When you move into the white collar realm of services (especially marketing and advertising) it can seem difficult to quantify results. But much like hesitating to niche message, the ability to quantify results is almost always there if you know the right questions to ask and how deep to probe. Most people stop questioning too early and wonder why they can't make a stronger business case.

Ironically, everything that scares a lot of business owners about choosing a niche is what allows them to most efficiently reach their business goals. By staking claim of a niche market - and proving that you can solve specific problems - you can create more opportunities than capacity. When you have more opportunities, you can increase your fees and close business with less effort.

Ultimately, no one can serve everyone. And that's what broad vague internally-focused messaging attempts to do. Put some thought into your niche. It doesn't exclude you from taking on work outside of that segment; but it does give you the best opportunity for profitable growth.

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Nick Rice - I work with successful professional service firms that struggle to attract new clients - http://www.nick-rice.com