In the world of business, marketing and beyond, there’s one rule that stands true and that’s that only the top dog takes the cake. After all, there’s only so much room for success. So in a climate with so many other businesses fighting to be on top, how can you secure your success?
The focal point of any successful business is solving a problem. A problem that a specific audience is willing to pay for. The rest is just securing profit margins and so on.
So what’s the formula for dominating your market, regardless of your industry?
Research Your Audience
What good is solving a problem if you don’t have an audience to sell it to? Of course, this will entail a good amount of research. This is because you have to get specific. After all, not all customers (or markets) are cut from the same cloth!
So think… how can you make your mark?
A great first step is performing a SWOT Analysis. Here’s what you need to look into.
Strengths
What’s your main selling point? Something that you do better than anyone else… or maybe something you offer that they don’t?
Weaknesses
What’s something your brand is lacking? Something your competitors are succeeding with that you haven’t figured out just yet.
Opportunities
Is there an area that you can not only improve in, but thrive? Maybe there’s a service you can pick up and add as an upsell, or maybe there’s a way to point out something that your competition is doing wrong.
Threats
Does your brand have any serious vulnerabilities? Something that can cause damage in the short or long-term?
Ultimately the goal is to fully understand the obstacles, pain-points and aspirations of a group of people to capitalize. However, in most cases there’s competition you’ll have to consider.
After completing this analysis – and really, take your time on it – we can start getting to work.
Carve Out Your Niche
From here, it’ll pay to stand out – but how? This is when you’ll have to outline your Unique Sales Proposition (or USP). This is your X-Factor. The thing that makes your company unique from the other guys out for your business.
It can be anything, so long as it’s appealing. Maybe you:
? offer low prices
? have been around for a long time
? use unconventionally appealing methods
… whatever can help you stand out in a way that turns prospects into customers, incorporate it into your brand and sell it!
Of course, that’s easier said than done. Isn’t everything though?
Turn This Niche Into a Brand
With your core niche in mind, you now have the focal point of what makes your company special. This is what you’ll do to sway potential customers away from your competitors and towards your bottom line.
This is the time to start building your brand.
We’re so used to hearing about brands, to the point that their values become lost in their own messaging. This is because (when done correctly) one’s brand is worth even more than the sum of its parts.
Why?
Because people don’t connect with companies. They just want our money, after all. Brands on the other hand come with identities fueled by values we’re meant to relate to on a personal level, just as you would with a friend. That’s what makes branding special, it creates avenues that connect with people beyond the dollar.
So here’s what you can do…
Consider the problem your brand solves and build your messaging off of that. This puts you on par with your audience, allowing your message to be relatable and resonating.
Position yourself as a unique solution to said problem.
Emphasize the niche factor that sets you apart from your competitors, and incorporate this in your brand’s personality and tone of voice.
Just remember – every move your brand makes, from which influencer(s) it partners with to each social media post it shares, should align with this niche. That’s what makes the whole thing connect!
Monitor Your Competition
I know what you’re thinking…
This may sound a bit contradicting at first. On one hand I’m saying to pave your own path and on the other I want you to check out what the other guys are doing.
Just hear me out!
Your competitors are trying new things, some things that’ll ultimately pay off and others that will fall flat on their face. So would you rather make these mistakes yourself or let your competition do it for you? I’m guessing you’ll take the ladder.
The best part? You can do this by spending little-to-no money. By simply:
✔️ following them on social media
✔️ subscribing to their newsletters
✔️ visiting their website periodically
✔️ checking their online reviews
✔️ taking a look at the kinds of ads they run
… you can get some grade A intel on what those guys are up to!
Are finding it difficult to carve out a niche and dominate a slice of your market? You aren’t alone – most businesses focus on one thing, and that’s pleasing their customers, and they leave their Digital Marketing needs to the professionals like Active Web Group. We’ve been helping businesses like yours for over 20 years. Contact our experts today for a complimentary consultation, or give us a call at (631) 978-3417.
