Google Ads

Jumat, 13 Maret 2009

Market Niche - How to Enlarge Yours in a Shrinking Economy By Roy Primm

Market niche enlargement is a tough challenge for many businesses during normal business cycles. But to increase an industry niche in a shrinking economy presents an even tougher challenge. However, it can happen. But you have to have a specific plan based on proven techniques and work that plan with the discipline of a crusty Marine drill sergeant.

Here's 3 tips to enlarge your market niche in a recession shrinking economy.

1. Enlarge Your Service.

Hands down one of the quickest ways to increase your market niche is to enlarge the service you give to your customers. With the growing numbers of look-a-like businesses, products and promotions, the only area that separates them is service. That's why so many successful businesses that stand the test of time, focus on fanatical service. Why? Because that's often what customers remember long after they've used up your product.

Good service is also what makes your customers come back. Plus, it encourages them to recommend you to family and friends. Doing this simple but powerful action will help your niche market to expand. But wait! You can't just give normal service and expect to stand out. Today's savvy buyer expects normal service. What you need to stand out from the crowd and enlarge your market niche is fanatical customer service. What's that? I'm glad you asked.

Fanatical customer service should make most of your new customers think or say wow! You do this by giving them more than they expect. In fact, giving fanatical customer service is a market niche in itself. Why? Because every business talks about it, but few do it consistently. It's harder than it looks. After all as the saying goes, "if it was easy everyone would be doing it." Right?

The quickest and most direct way to dominate the niche of service is by doing those little extras your competition hates to do. You do know your competitions weaknesses don't you? The benefits are far-reaching. Why? Because people will notice and remember the important little extras. The investment is excellent because the only cost to you is a little time and effort.

2. Enlarge Your Offer.

The next tip to enlarging your market niche in a shrinking economy is to enlarge your offer. This is an action McDonalds took many years ago when they introduced the value meal to their menu. They even coined a popular phrase, "super-size it", used to offer or request a larger version of a product. This idea continues to pay off big for McDonalds in this economic downturn. They're one of the few businesses whose profits, stock and market share continues to grow as other businesses around them go under.

You can apply this to your business by simply looking at your business and finding ways to super-size a product or service. If your customers like the regular version of what you sell, there's a segment that would like more of it. Another way to enlarge your offer is to bundle your services or products and pass the savings on to your customers. This is an idea many businesses are using today.

Your local cable TV, satellite, and phone company continues to popularize this method. But many other businesses, big and small, have seen the value bundling can make to their business.

3. Enlarge Your Customer Contact.

In a world where most people are numbers, statistics or ratios, more people starve for personal service and contact. This is proven by the large numbers of social networking websites. People no longer want to be sold by a company. The successful companies of tomorrow will have to form relationships with their customers to win their loyalty. In an economic downturn customer loyalty is harder to come by. You'll have to provide ways to go beyond just selling a product or service to your customers. You'll have to find more ways to form strong bonds with your customers or step aside for those who will.

One of the most popular ways to do this is to offer a free newsletter, where you can send free information, tips and problem-solving ideas to your customers. Another way is to join social networks and allow your customers to follow your activities. Allowing your customers to see behind-the-curtain, helps them to form a bond or relationship with your company or business. Soon you no longer become a person or business just trying to sell a product or service.

Now you become a trusted friend trying to help them with your product or service. Make sure you're taking advantage of all the social networking technology available, it's a good investment of your time and effort. Putting these ideas into action will give you a solid path to enlarging your market niche in any shrinking economy. While your competition waste time watching the latest news reports and worrying, you can spend your time enlarging your market niche. Now you know.

TheNicheMan.com - The Free Course everyone is talking about. Want to discover how to turn losing products and services into winners in 3 easy steps? Discover secrets in Free Market Niche Course.

Tidak ada komentar:

Posting Komentar

Google Ads

Niche Market Video For Enrich Your Knowledge

About Me

Bantul, Yogyakarta, Indonesia
Alamat pemilik : Pucung jl. Bantul Km 7 Pendowoharjo Sewon Bantul Yogyakarta 55185

the visitors

visitor count

what's your idea?


ShoutMix chat widget

Followers

Powered By Blogger