As a business, it's important to understand your territory like the back of your hand and hone in on your target market.
Depending on the product or service you are selling, it makes sense to unlock the information about your local area. Using data is key here and websites such as the ABS, Inivio Landscape and Residex provide a profile and snapshot of your potential prospects. The data will also demonstrate where and how to spend your time in prospecting for new business.
Once you understand your local area, it’s valuable to pick your niche(s) and be an expert. Instead of being all things to all people, targeting your high value market/s is where you will shine. Most of you are probably doing this already! For many service-related industries, this is important for your business and marketing planning.
Some popular niches to get you thinking:
- Geographic. This could be your local area (i.e. postcodes or a 10-kilometre radius) but should also be coupled with another niche.
- Cultural. Examples of these could be the Chinese, Indian, Nepalese or other cultural markets. If you are also from a similar cultural background you should be immediately able to communicate clearly your value proposition. This works particularly well for professional services (i.e. finance brokers, real estate agents, accountants, plumbers etc.).
- Industry or Sector. If you focus on industries that are higher value for targeted marketing campaigns, you could be digging where you find the most gold. Examples include the Navy (or military more broadly), teachers, doctors or physios. If your product or service can be aligned to an industry and you can relate to it, give it a shot!
- Demographic. A lot of people jump at this one first and choose the age group in which they are in (i.e. Gen X, family groups) however you may also see higher value in seeking niches with growing spending power and disposable income (i.e. Gen Y or millennials)
- Community and Social Groups. These could include church groups, knitting clubs, dance halls, LGBT hangouts or specific publications.
- Club or Special Interests. Some of these could include golf, cars, hockey, football clubs. By becoming the chosen supplier of your selected club (potentially even sponsoring it) – you will be the first point of call for your services.
- Specialist or product knowledge. Play to your strengths by aligning your skillset on a certain product (i.e. an expert on first home buyers, tax for small business, drones for wedding photographers, nutrition for gyms etc.).
Remember – pick one to two niches and keep digging in the one spot to find more gold!