A niche is a focused, targetable segment of the market. You are a specialist providing a product or service that focuses on the specific needs of an identified client group, which cannot or are not being addressed in such detail by the dominant providers in your industry.
But it is important to understand that there is, in fact, a difference between your identified niche and your target market.
Your target market is a specific identifiable group of people you work with, e.g. women in the city, technology start-ups, creative agency owners, small and medium businesses in a particular revenue range.
Your niche is the service you specialise in offering to your target market.
For example, standing desks are aimed at professionals who work in front of a computer for long periods of time. This is a well-defined niche.
Here are 7 reasons why it is important to have a niche:
To avoid spreading yourself too thin
Instead of the risk of spreading yourself too thin in saying that ‘everyone’ is your potential client, niche marketing will help you to focus on a specific grouping of people, and particularly on what their needs and wants are.
You will unlikely to be able to serve everybody, so it is important to focus on what you do best and aim it at a specific group of people who will likely buy what you offer.
It is important to find out what is important to them, what blogs they read, their beliefs and attitudes, who the main influencers in that network are.
Having these insights means that you can develop products or services specifically aimed at this group, based on your thorough knowledge and understanding of what they are interested in.
It’s easier to identify and target potential clients and partners to work with
As the pool of people that exists for a niche is smaller than its mainstream equivalent, it will be easier to identify potential clients and partners to work with, as you can be much more targeted and laser-focused with your marketing efforts.
It’s easier to become an expert and well known in your niche
Niching means it will be much easier for others to understand ‘what you do’ and ‘for whom’, which will make it easier to position you as an expert in your field. As this group is more targeted and of a smaller size, you can rapidly become well known within this group of people.
Your profile and overall visibility will increase within this group. It is a small world after all!
More and better referrals
Since it will be easier for others to understand what you do and for whom, it, in turn, becomes much easier for them to refer more and better quality clients to you that fit the profile of your ideal client, as you have built up trust, credibility, visibility, and it is very clear as to what your specialism is.
The more unique you are, the less competition you will have
There will be less competition, as you will provide the specific services or create the specific products for the specific people you are seeking to help in a specific way that meets their needs. The BIG advantage of becoming more unique is that usually it can’t be easily replicated by your competition!
Marketing becomes much easier
Effective niche marketing should really help with your marketing, positioning and branding as you will attract the ‘right people’ much more easily and quickly. People with similar interests tend to behave and are attracted to similar things. This means that many of your clients will do all the hard work for you as they will refer you more and more because your profile, credibility and influence are readily apparent within your tribe.
More repeat business
As you are able to provide an increasingly better service or product, based on your specific client’s needs, it is likely that you will get more repeat business – people will come back for more, and as an added benefit will often start spending more with you as your relationship grows with them.
Best Practices For Project Management in the Modern, Connected Era
Regardless of the type of business, you’re running or even the industry that you’re operating in, the core goals of project management remain the same. You’re still talking about the successful development of not only the initiation of a project but also the planning, execution, regulation and even closure.
The decisions you make in the early stages of project management can easily mean the difference between success and failure in terms of everything that you’re trying to accomplish. During the beginning of a project, you’re setting goals and agreeing on critical factors like scope, time, quality and even budget. Naturally, keeping everyone on the same page and moving in the same direction is of paramount importance.
Which, of course, is a lot easier said than done.
Project management can be difficult in general – to say nothing of how hard things become when more people are suddenly working remotely than ever. But it is still possible to use these early moments in a project’s development lifecycle to set the foundation upon which everything else will be built. You just need to keep a few key things in mind while you do it.
The Art of Project Management: Breaking Things Down
By far, the most important step you can take in terms of successful project management in the modern era involves making sure that you have the right tools by your side at the beginning of the process.
The types of project tools that you embrace need to give you access to a few core features, regardless of which particular piece of software you choose. For the absolute best results, your tools should:
- Allow your users to create and store data almost entirely in the cloud. People should be able to be just as productive in their own home as they can be in the comfort of their office at work – especially these days, for obvious reasons. Therefore, any tool that you select needs to allow them to accomplish precisely that.
- Your tools should also give real-time reports to project managers into the status of ALL projects, regardless of how many are in progress at the same time. This is the best way to make sure that everyone is keeping up with their duties. It also gives project managers a chance to stop a small problem now before it has a chance to become a much bigger one down the road.
- Your tools should also streamline workflows in a way that project managers can see how EVERY person on the team is performing. Not only that, but they should also provide invaluable metrics so that you can see how projects are moving along. This level of insight can help make sure that if any adjustments are needed they can be executed immediately, all so that you don’t even have to worry about missing your estimated completion date.
The point about the cloud is particularly important in terms of creative project management software, as so many people on your team will essentially be drawing from the same resources at the same time. By embracing a tool that acts as a centralized location for all project-related tasks, files and documents, you’re doing your part to help boost productivity as much as possible. Communications and discussions become easier than ever and collaboration essentially becomes a forgone conclusion. All of this will pay dividends as your project moves farther down the line towards completion every single day.
Another key factor that you’ll want to keep in mind ultimately comes down to the type of support documentation that you’re creating along the way. For the sake of example, let’s say your current project involves getting an upcoming product ready for launch. You and your teams have worked tirelessly for months on getting this right – now, you’re just a few short weeks away from unleashing it on the entire world.
Don’t wait until the end of the project to start thinking about the types of support documentation that your users will need to get the most out of their purchase. These materials shouldn’t be an afterthought – they should be a natural part of the project management and development process from as early as possible.
All of this is to say that you should use a pie chart maker like Visme (which I founded) to create those visual “help” documents that people are going to need while you’re still going through the project, not after it is complete. This will allow you to proactively answer questions and address potential concerns while they’re all still fresh in your mind – thus leading to more accurate information that people can actually use.
Likewise, you should be going to sites like Respona on a regular basis to research the types of topics that the people in your audience actually care about. If you do this while the project is still in the development stages, it can actually clue you in on certain features and other benefits to embrace that will further act as your value differentiator in the market at large.
Think about it like this. Let’s say you and your teamwork on your upcoming product and it’s (thankfully) totally finished. Then, you head to Respona for topic research and find out that a lot of your potential customers have the same core problem that they’re trying to solve. You could easily include a feature that helps them meet that challenge… or you could have if you’d have learned this information while you were still knee-deep in development.
If you were conducting this level of research while things were still fluid, you definitely would have been in a better position to pivot and capitalize on an opportunity instead of allowing it to pass you by.
This is why it’s important to think of these things not as an afterthought, but as a critical element of what you’re doing. You never know where inspiration is going to come from and no matter what, you need to be in a position to listen to it and adapt to it whenever possible. This is the part of project management that far too many people don’t pay enough attention to until it’s too late.
Finally, one of the most important elements of successful project management involves keeping scope creep in check whenever you can. Every project has constraints – regardless of how many people are working with you or how large your budget is. But if your scope begins to shift in the wrong direction, things will slowly begin to fall apart before you know it. If things change too drastically, you could be dealing with budget overruns and you could easily lose buy-in from the stakeholders you’re going to need when everything is said and done.
Therefore, you must make it a priority to manage scope creep in a proactive way. Don’t think about it at the end of each month or at the end of the week. Keep it in the back of your mind every single day and don’t be afraid to confront it when necessary.
If you’re able to keep all of these things in mind during the project management process, there’s truly no limit to what you and your colleagues will be able to accomplish.
4 Things That Are Slowing Down Everyday Business Processes
A modern business needs a lot of things to be successful.
High-quality products that capture the attention of your target market are an excellent first start. However, you also need robust marketing strategies, a strong team of dedicated workers, and a plan for continued growth and evolution.
A good company is like a well-oiled machine. One cog turning out of time could bring your entire enterprise grinding to a halt. That’s why it’s so important to be aware of the things that are slowing down your crucial processes and preventing your company from reaching its true potential.
Today, we’re going to be looking at some of the things that could be hampering your everyday business processes, so that you can make a valuable change.
How many people in your business are wearing multiple hats?
The chances are that if you’re a small and growing company, you have endless executives and employees rushing from one task to another. You may even be asking your team members to take part in activities that aren’t closely connected to their job roles.
While it’s fine for everyone in your organization to pitch in a little extra at times, it’s important to make sure that this doesn’t give way to constant multitasking.
Research proves that multitasking kills productivity and reduces the quality of the work produced. That’s because when you’re multitasking, you’re continually forcing your brain to switch from one thing to another, so you can’t truly focus on anything.
If multitasking is a common problem in your organization, then it might be time to reassess your workflow and see where you can create more focused teams. Try to give the right task to the right people to prevent inefficiencies.
Maybe allowing your senior leaders to delegate more of their work will make them more successful. Perhaps taking extra jobs away from lower employees and keeping everyone focused on their areas of expertise will help.
The last thing you want for your business is that your employees don’t have time to do the job they were hired for.
If you have to switch employees between different tasks frequently and it’s slowing down work progress, maybe it’s time to add a new employee to your team. Alternatively, look if some processes can be outsourced to a company or a freelancer.
#2 Inefficient Meetings
Increasingly, companies are beginning to feel as though most meetings are nothing more than a waste of time. For years, we relied on face-to-face interactions in boardrooms to make sure that everyone in our team remained on the same page.
However, by now, we have learned that this kind of disruptive activity is no longer necessary.
Although the occasional meeting can be useful to connect your employees and bring people together in a more intimate environment, most of the time, you can switch a meeting out for broadcast on a collaboration app.
You could even consider allowing your employees to dial into a video meeting so that they don’t have to leave their office.
Pulling your team members out of their workflow so that they can take part in meetings when you could have shared the same information in an email is a dangerous waste of time.
The next time you’re planning a meeting, ask yourself whether it’s necessary to bring people together in a conventional sense. If it is, ensure that you’re only inviting the most relevant people to the room.
Once they leave the meeting room, everyone should know exactly why their input was required and what are the next steps they need to take.
#3 Lack of Insights
Let’s face it – data makes the world go around. We’re living in an era where information is everywhere, and it’s crucial to making our companies more effective.
The good news is that the majority of today’s companies have systems in place that allow them to capture intelligence information from everything from their sales calls to their marketing campaigns.
The bad news is that most organizations simply don’t know how to use their insights to improve their business operations. If you’re not taking advantage of the benefits of real-time and historical data analysis yet, it could be the perfect time to get started.
Sit down with the other leaders in your team and figure out some goals that you want to accomplish. From there, you can determine what kind of information you need to reach your goals.
For instance, if you want to make your marketing campaigns more successful, it makes sense to look at the marketing initiatives that have worked for you in the past.
You might also want to tap into information about your target audiences and their pain points too. This data could help you identify areas that you can improve to offer your customers an excellent experience at every touchpoint with your business.
#4 Preventable IT Issues
Finally, another thing that we’ve come to recognize in the digital era is that IT can either be your friend or your enemy. In many cases, the right technology in your company’s landscape can accelerate growth and generate new opportunities.
Knowing how to make the most of the assets at your disposal can significantly improve daily business operations. Implementing some new solutions can help you get there, too.
AI and machine learning are no longer terms out of science fiction novels. People have taught robots to interact with each other and with other people, and solve problems in the process.
For a great example of how this achievement can speed up daily business operations, just look at chatbots. Chatbots can drastically reduce the time it takes to answer repeat customer questions and queries. Your employees could spend this time on more important tasks and projects.
Also, chatbots can work around the clock. There’s no denying that having a 24/7 customer service is a great asset to your business. However, due to the high costs of maintaining a contact center, in most cases, it’s not a viable solution.
In such scenarios, chatbots can step in, respond to simple queries, and redirect more complicated issues to a human.
Chatbots enable you to reduce time, money, and human labour, which you can then reallocate into growing your business.
If you have enough people on your team, offering live chat is another way to bypass long workflow procedures and ticketing systems that might be annoying to your customers. An agent can handle more than one chat at a time and still give the customer a personalized approach.
The list of benefits of a live chat for a business is long. It boosts customer convenience, satisfaction, and loyalty, helps your business respond to their pain points faster and opens another channel for upselling.
However, there’s also a chance that poorly-managed technology could slow your business down and stop your team from completing their goals. Remote working trends or bring your own device trend (BYOD) are especially sensitive to these issues.
While it’s always possible that IT issues might happen in your workforce, you can put strategies in place to protect yourself from any major downtime or disruptions.
For instance, teaching your team members how to manage work equipment on their own, and providing them with the knowledge to troubleshoot any issues they face means that you can keep your organization running smoothly.
At the same time, this frees up time for your IT employees, who can focus on finding ways for you to use technology to accelerate your business growth, rather than just responding to the same old preventable problems.
Time to Speed up Your Business Growth
A company is a dynamic and ever-changing thing. Unfortunately, it’s also very fragile. When something as small as a single process doesn’t work properly for your company, you begin to see negative repercussions everywhere.
The good news is that taking the time to examine your business workflow and figure out areas where systems can be improved can make your venture more efficient and successful.
From working on preventable IT issues to reducing the number of meaningless meetings your team members are exposed to, there are plenty of ways that you can make your company into the well-oiled machine that it needs to be.
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