As I work with small business owners, I am convinced that building a small business niche is
only way to success. In this March issue of The Small Business Tool Box, I share my beliefs about small business niche building. My own thoughts continue to evolve in a direction that say, “Niche building is only road to small business profits!”
Your customers have changed their buying habits
Today, customers are better informed. They have better education. The internet has made them more informed. Some people buy items from internet; but many more use internet to get information before they buy on street.
We live in an age of customization, again dominated by internet. People want things. They want it their way. They want it now. Did you know that you can custom order a car and have it delivered in two weeks? What do you think about furniture dealers that still say it takes 6-8 weeks to get your furniture? They are a dinosaur!
Our buying culture is being dominated by big retailers, Home Depot, Wal Mart, Sam’s Club and other national chains in various forms. They dominate both price and product selection.
Today, people buy products and services differently. You and your family buy differently. Customers have multiple buying options. This has a dramatic effect on small business profits.
Old solutions no longer work!
In past, small business owners used a variety of solutions to make themselves successful in market place. Ask yourself if they are working today?
Small business owners have used mass media advertising to get in front of their customers. Radio, mailers, TV, Cable TV, newspapers were popular. Today these media are effectively dead for small businesses! Year ago, you could have been small neighborhood store that everyone knew about and used for their shopping. People no longer lives in those types of neighborhoods!
