The way we do business has changed dramatically in the last 10 – 20 years. It is so important to be up to date and remain ahead of the game.
Having a niche business is one way you can have a unique position giving you a competitive edge. In today’s globally competitive market, a niche business now has many more opportunities to capitalise on, including having a global and instant reach.
As a business owner, it is crucial to understand the process by which your markets research, evaluate and choose the products that they purchase. In a niche market the advantage of owning a segment of the market can reap big rewards if the game is played right.
So what can you do once you’ve introduced and established your brand?
Going just that little bit further to truly know the identity and values of your business and ensuring that you are customer centric, can positively impact your business and can often mean the difference between struggling to break even and thriving. Here are five simple tips on staying alive in a niche market:
1. Be the expert
You might be in a niche market but that doesn’t mean you have to service everyone in that market. Go deeper and become a niche within the niche.
For example, we specialise in Moissanite- it’s a totally unique jewel. We can make any type of jewellery for anyone with our lovely Moissanite stones, but we are now laser focused on brides looking for as this is the core of our market.
We live in a global market now and it’s totally different to fifteen years ago, where you can now be very successful by being extremely niche. You can grow your business from around the world. Business will come from all around the world when you are the expert in the field.
2. Know your target market and know them well
When you have both a niche product and a niche market it’s crucial to understand what and who your market is, so you can target your niche market properly.
Don’t just look at their demographics, but understand their psychographics too. When you have a clear picture about this then all your messaging, branding, graphics, product line up, and the way you service your clients can speak directly to your audience in a way which is relatable.
For instance, we know that it is not just brides that are Moi Moi’s target. A Moi Moi bride is a smart bride who is an empowered woman – she knows what she wants. She will usually be the one who directs the man to our store or website and she is not the type of woman to ‘wait’ for her knight in shining armour.
Knowing who she is gives us the ability to speak directly to her about things which are of interest and relevance to her.
4. Establish your brand
Now you know your target market establish your brand and focus on growing brand loyalty. Having a niche market means you need to own that segment. Make your customers raving fans and make them love your brand.
Moi Moi is a family business, and as such we like our clients to feel they have become part of the family. We welcome them into our store as if they were visitors in our home. When they come back to us, we look after them like they are family friends.
What are the unique aspects of your brand and how can you establish this to your market?
4. Engage with your clients
Today with social media it doesn’t matter what industry you are in, every business that cares about their clients can engage with them. Be open to feedback or criticism and see what you can do to help them.
We certainly have an advantage by having a lot of face to face engagement with our clients in our boutique jewellery showroom; however we like to actively engage with them on social media, and follow up for special events such as anniversaries to let them know they are a valuable customer.
5. Be nice
This might seem logical, but it does still surprise me that sometimes businesses are simply not nice to their clients. If you own a segment of a niche market you may not have any competition. This should not give you permission to become arrogant and unappreciative of those that support your business.
Good old fashioned care and nurturing of your clients will go a long way. Everyone wants to deal with someone that makes them feel good.
Moi Moi Fine Jewellery founders and designing sister duo – Lauren Chang Sommer and Alana Chang Weirick – discovered Moissanite in 2004. The captivating brilliance of the jewel and the very attractive price point encouraged them to take a leap of faith and start their own business, offering consumers an alternative choice for their engagement rings. The sisters have since pioneered a whole new category of fine jewellery in Australia, more recently developing their own Moissanite jewel called SUPERNOVA Moissanite.
