Niche Marketing is Essential During Economic Downturns
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Trying to be all things to all people is hard work even for the healthiest and strongest amongst you. This challenge is compounded when economic challenges run rampant through the environment: rising costs, shaky consumer confidence, and an increasingly crowded marketplace, with several vendors all desperate to capture as much of the market as possible.
It's perhaps natural to try to position yourself as the right service provider for any potential client, no matter what their problem might be. Yet that model has some rather large problems inherent in it. Trying to be all things to all people, so you can capitalize on every opportunity in a challenging market, can actually be counterproductive. First of all, being all things to all people means that you need to be prepared for whatever problems your customers bring through the door, no matter if it's an everyday situation or an once-in-a-lifetime scenario.
Imagine the financial advisor who has to counsel three separate sets of clients. The first couple is saving for their children's college education, the second wants to sell two small businesses and buy a third, larger one, and the third wants to leave a lasting legacy that will provide a lifetime of income for their mentally disabled son.
Each client requires a completely different and unique assistance. They expect their advisor to provide thorough, complete, and correct information that pertains to their individual situation. Complex? Absolutely! Think of the sheer mass of information needed to advise in these scenarios: one needs a relatively short-term, high yield investment plan. Another needs to discover the best way to dispose of two businesses and parlay the proceeds into a third, preferably while avoiding harsh tax consequences. The third requires knowledge of guardianship, long term planning, and financing custodial care -- and that's only scratching the surface.
Panic over economic uncertainty forces many providers into this complex situation. Taking on such a disparate caseload is a clear sign they're attempting to be all things to all people. Their thinking centers around the fact that some business is better than none -- and when the media is filled with news that there are providers who have no business, and that they're closing their practices, it's easy to overreact.
In fact, it's during economic downturns just like the one we're currently in that the Nichepreneur -- the extremely specialized service provider or professional - thrives. There are two reasons for this: the first hinges on professional efficiency, and the second on the nature of customer behavior during economic downturns.
Considering Professional Efficiency
Professional efficiency is the art and science of making the best possible use of your time and skills in the course of doing business. It's the ultimate in focus: you want to make sure that every action you take benefits both your clients and yourself.
Let's return to our financial planning example. Imagine now that the advisor specializes in estate planning. She knows her clients come to her with specific questions. Knowing her specialty, they won't ask her how to set up a college fund, or how to finance their next business acquisition. If someone does approach her with this kind of inquiry, she can safely refer them to a colleague or peer who specializes in that area: this enhances her value as a referral source to other colleagues, and makes sure her clients get the appropriate services.
She does not have to invest the time, energy or resources into learning about topics that at best form a small percentage of her workload. Instead, she can concentrate her efforts on the estate planning area, going more in-depth and gaining a deeper understanding of the topic than her generalist peers.
As a result, when someone comes to her with an estate planning question, she doesn't have to 'reacquaint' herself with the field, nor do some hurried research to bring herself up to speed on the latest trends in estate planning. She's ready. This means she'll be able to provide her clients with better, more accurate service, and far faster than her generalist peers.
Customer Behavior During Economic Downturns
There's a common misconception that people stop buying products and services during economic downturns. This is simply not true: unless the economy is in such a dire state that it practically ceases functioning entirely, people still buy. Their wants and needs don't evaporate during down cycles: instead, most customers become more selective during their purchases.
This means that customers don't want to waste their time or money. When they go to a service provider, they want to be secure in knowing they're going to the right professional: someone who can provide the ultimate answer to their most pressing questions. They want expertise -- because at the end of the day, expertise is cost-effective. The price tag might be a little higher, but that's because you know the job's getting done right the first time!
In Conclusion
With costs spiraling ever higher and time being a finite resource, developing and maintaining expertise is the best use of a Nichepreneur's® capital. At the same time, the customer is attempting to be prudent with their financial resources, and is actively seeking out the best service providers to meet their needs. It's a veritable perfect storm of potential for Nichepreneurs® -- if they have the courage to meet the challenge, embrace efficiency, and own their Expert Identities!
Niche Marketing is Essential During Economic Downturns - To learn more about this author, visit Susan Friedmann's Website.
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