Whether you have a niche or mass business, product, service or audience … there’s pros and cons I’m sure you’ve considered.
It’s been a bit of a wild ride this year and that looks to continue with the media reporting wage cuts, redundancies and job losses. It’s not all doom and gloom though!
There’s a lot of positivity out there too. My LinkedIn feed is full of support, inspiration and tools to help businesses through this time.
We’re lucky to work with an inspiring group of small businesses, many of whom have pivoted so their services remain relevant and accessible. So we’re busier than ever after initial panic in the first couple of weeks of lockdown, where we were not only worried about our health and our loved ones but our business, particularly our team. Talk about a period of change and uncertainty!
I’ve always struggled with niching. If we’d had become virtual assistants for the tourism industry or hospitality … we’d be in a pickle right now. But our clients, rather than being industry-specific are targeted by personality traits. We really do only work with clients who are ambitious, good communicators, respectful, resourceful and outcome-focused, because in working with these people we know we can shine. And help them to shine brighter!
So not having a market or industry niche has helped us through this period. That said, it hasn’t always helped which brings me to the point of this post, exactly what are the pros and cons of being niche?
The pros of a niche business
- Being able to target your marketing strategy
- Easy to streamline your products or services
- Focused research and development
- Less competition
- Industry expertise
The cons of a niche market
- Depending on the niche, opportunities to scale may be limited
- There is risk associated with dependence on a single market
- Likely to attract competition if successful
- Vulnerability to market changes
Consider above as you look ahead, if you have niched what would expansion of your market involve? How easily are you able to pivot your product, service or even business model in unprecedented change such as we’re going through at the moment.
Or if you have a wider audience, would niching benefit you right now. Would targeting a smaller audience reduce your overheads and reward you with a better ROI?
Us humans are if anything adaptable. We’ve seen some inspirational moves in business over the last few months and we’re in this situation for the long haul, so as much as possible now is a time to look ahead. A time to think how do I become essential and accessible? How can our businesses adapt, and continue to adapt, to meet our client’s needs and that of our business… no matter what environment we operate in.