Evolving the Niche For your Business – Keeping it Current

Once you have created a niche and it has been well received by your customers, it does not mean that you can simply rest and let your niche be.

You need to make sure that your niche is growing and adapts to the changing market conditions as well as allows you business to grow in the future. These are some of the questions that you should ask yourself in order to reevaluate your niche regularly.

You can evaluate your niche every six months by asking these questions.

  • Who are your target clients?
  • Do you refuse any amount of business because it falls outside the niche?
  • Does your niche constantly evolve to serve the customers better?
  • Does your niche offer prospective customers what they want?
  • Can you predict the lifecycle of your niche?
  • Can your niche expand it into a variety of products in the future that would also earn profit for business?
  • Is the niche closely associated with your passion, interest and helps you focus energy on a business?
  • Does your niche feel comfortable and natural to your skills and experience?
  • How does pursuing a niche contributes to achieving the goals you have set for your business?

Working constantly in a niche could mean the difference between a successful business and one that just gets by. It could be the difference between a thriving business that accomplishes and fulfills every business school and brings you the joy of success and one that stays under par.

How to Write a Business Mission Statement

how to write a mission statement

Create an effective mission statement for your business by following these steps:

Remember, a mission statement can be just a few lines or it can be an entire page. These are some questions that you should ask in order to get a picture of your businesses goals and mission and put them down in words.

  1. Why are you in business?
  2. What are your reasons to start a business, what you want from it and what led you to start a business of your own.
  3. Who are your customers?
  4. Which people are trying to reach out to with your business or product and what are you doing for them through your business?
  5. What is the image of your business that you want to convey?
  6. What picture do you want your customers, employees and other people related to your business to see your business as?
  7. What kind of an image do you want to create for your business?
  8. What is the single most important thing that you want people to see about your business e.g. quality, guarantee, service etc.?
  9. What is the nature of your products and services?
  10. What factors determine the pricing and quality of your product?
  11. How does all this change over time?
  12. What is your role do you play in the business that helps to organize and lead your business?
  13. How does your business differ from competitors? You should never forget the impact of competitors on your business. If you ignore this aspect your business will suffer.
  14. How are you going to do things better, cheaper or faster than the competition?
  15. How do you use technology, capital, processes, products and services to reach your business goals?
  16. What is the underlying philosophy and values that guide your business?

Creating a business mission statement

Creating a mission statement for your business requires and should be given adequate time and thought. The first thing that you need to do is get a clear picture of every single facet of your business. This can be done by asking the questions that we have listed in the previous post.

Many entrepreneurs discover that making a business mission statement helps them get a clearer picture of the objectives and serves as a motivational tool in the future as well. Just the process of writing a mission statement helps them to discover and question certain facets of the business which otherwise could have been ignored. It helps clarify the reasons and motivations behind you starting your own business.

create a business mission statement

Easy Steps To Create A Business Mission Statement

Involve the people connected to your business.

it is usually a good idea to involve the other people in the mission statement because they might have a third-party perspective and enable you to see the strengths and weaknesses of your business better. they may be able to pinpoint certain aspects which you might have otherwise missed. if you do not have any partners or investors, you can take the opinion of knowledgeable family members and close friends. however, be sure to pick only positive supportive people who truly want you to succeed.

Set aside the time to write the business mission statement

mission statements can be short that encompass a few lines or an entire page. they are rarely longer than that. however, the thought process behind making a mission statement should be given due time and several hours and even a couple of days if required. when you think about your business several things might come to mind. it takes time to come up with the language necessary to describe the very heart and soul of the organization and something that serves as inspiration to everybody involved in the business.

Plan a date

if you need to involve other people in writing a mission statement for the business, set aside a date to do this. inform these people beforehand and write a list of topics to discuss with others.

find a quiet and comfortable place away from instructions and make sure that you cooked with refreshments and supplies such as adequate paper and pencils before you begin. not everyone might understand what a mission statement is all about so you might have to explain its meaning and purpose before you begin.

Brainstormw ideas

the brainstorming of a mission statement can be done by yourself or if you’re involving other people, by taking ideas from them. consider every aspect and i didn’t matter how silly it sounds at that point. if there are more people involved in making the mission statement, you can ask them to write a statement individually and you can later on, in these statements by taking the choicest bits of each one of them and fit them together.

Use positive and inspiring words

A mission statement does not have to be a formal business document. the language and the words that are used should signify the spirit behind the business. if you want to create a cheery mission statement, don’t hesitate to use unusual words even if they do not sound very formal.

Once your mission statement is ready, you can start spreading the word. If you have a website you can post it on that. you can send it out as a newsletter, you can even use it for a publicity release. You can put it up in your office where your employees and visitors can see it everyday. you can print it on company materials such as brochures and letterheads.

A mission statement which is always in sight will help you keep sight of your objectives. by keeping your mission statement you can stay close to the purpose, mission, goals and the spirit of your business. Many entrepreneurs review and read the mission statement from time to time because it helps them stay focused on the ideas and agendas and reminds them of the philosophy they first started the business out with.

How To Review Your Mission Statement Regularly

If things go according to plan, your business will grow and evolve with time. Where once you were looking at local sales, you could go national and even international. Where once you handled the business with a couple of employees, you could grow to a bigger office space with more than a dozen employees. Your product line could become bigger or you could diversify.

All this means that you mission statement might need a revamp. When businesses change, the mission statement needs to be updated as well. An outdated mission statement that no longer represents what the business is, is misleading and of no use to anyone. Worse, an inaccurate mission statement gives out the wrong image for your business, if you use it in public documents as well such as newsletter, letterheads etc.

It is not only the changes in the business that require for a mission statement to be updated. There can be changes in the economy, the market, your competitors etc. all of which have a direct impact on your business.

Review your business mission statement to make sure it accurately represents your current business strategy, placement, products, philosophy and goals.

A mission statement should remain concurrent with the growth of a business and effectively represent the position of your business in the current economic and social environment.

Summary:

  • Review mission statement to represent current business strategy and position.
  • Current goals represented in mission statement.
  • Updates with growing business and team.
  • Always says what your business represents in terms of current economic scenario and purpose.

What is a Business Mission Statement

what is a mission statement

Understanding Business Mission Statement, what it says about your business.

The next step after creating a niche is possibly creating a mission statement for the business.

A mission statement is able to list in a short and compact form the goals of your business. It gives a complete idea of the very essence of your business. It is an important tool which is as important as the business plan and marketing plan.

A mission statement can include anything that you feel is important about your business i.e. the way you want to conduct business, the goals you want to reach as well as the underlying philosophy of your business.

A mission statement can be a few lines or an entire page. It tells your customers, employees, suppliers and your sponsors what your business is all about.

A mission statement is not just for yourself and the business but also for the community at large.

The mission statement reflects every facet of your business, the range and nature of your products or services, pricing, quality, service, marketplace position, growth potential, use of technology and your relationship with your customers, employees, suppliers, competitors and the community at large.

A mission statement helps clarify what business you are in. A mission statement also reflects your business’s special niche.

Many entrepreneurs write a mission statement to not only clarify to themselves and to others what the business seeks to achieve but also to serve as an inspiration and motivation for everyone involved to continue to make the business work and grow towards that end goal of success and fulfilment.

define a mission statement

Summary:

  1. Important document, first part of business plan. 
  2. Tells of company philosophy, ideals and the mission of the business. 
  3. Defined relationship with customers, employees and community. Tells people involved like customers and suppliers what your business is about. 
  4. Speaks about your business. 
  5. Detail of the product and service, the price, quality, guarantee, service and your commitment to what you offer. 
  6. Clarify what business you are in. 
  7. Even list out potential growth plans.

 

7 Straight Steps In Defining A Niche For Your Business

Defining a business niche

Creating a niche is not some big mystery. Systematic and step by step approach can help you do this effectively. Meaning of creating a niche for your business is narrowing down your market to serve a more specific consumer need. This allow to you to target a specific category of consumer who is looking for what you are selling.

In today’s date when so much depends on effective marketing, being able to target a specific customer saves, money, time and is immensely more effective in converting customers in to sales. Without creating a niche a business can waste a lot of money and time and effort in reaching out to consumers who are not going to respond to the marketing efforts.

These are the steps to take in order to create a niche for your business.

Who do you wan to work with? Define who you want to work with.

What kind of customers do you want and even what other people you want to be dealing with in your business I.e. other principal parties. By knowing who you want to work with you can create a product that they want. Otherwise you will end up confusing the customers. Knowing who you wants to work with will allow you to make contact with your customers more easily.

The trend is towards smaller niches. Define the customer with as many specifics as you can. Just using age is not enough.

Use demographics, ethnicity, generational, gender, socioeconomic targeting in combination with each other. We will speak more about each of these targeting methods later on.

Use a focused approach. You cannot be everything to everybody. Be clear about what you want to sell. Your field of work is different from your niche. Your field of work could be apparel and garments. But your niche could be designed wear in ethnic embroidery and embellishments. In order to create a focus on on your product, do the following.

Make a list of your likes and dislikes. Make a list of your skills and experience. Describe your style and pattern for doing business. See if an idea emerges from a combination of your skills and experience. Sometimes a niche is a creation of something new and innovative from what you Have been doing so far.

Get customers perspective. Talk to potential and prospective customers. Get their feedback. See what they want. How do they respond to your product. Look at the product from the customer point of view and not just your own. Many people who start a business from some hobby or interest ignore this crucial aspect. They think just because they love what they do, so will others.

Evaluate your niche idea. By this time you probably have some sort of an idea emerging as to the kind of specialization you can bring to your business. Test the idea against the following rules: Does the niche allow you to have long term business goals and plans? Does the niche fulfil your long term business goals? Do the customers want what you are creating? Is it a one of kind thing that differentiates you from the competition? Does the niche allow itself to evolve in the future and adapt to changes in the market?

Testing the product. Before you launch full time, it’s a good idea to test your product. You can do this by giving out free samples, free newsletter, seminar and anything else that does not cost you a lot of money. If you are creating a new product. You can create a small sample of it and have a small sale in your home by distributing flyers in your neighborhood. You can experiment with the price as well and even let the customers decide how much they want to pay for it. This will give you a good idea of how much you can charge for the product safely.

Finally when it’s all done its time to put the niche in to the final implementation. If you have followed the steps for creating the niche, you put yourself in a better position for succeeding with finding targeted customers for your business.

Business niche

Summary:

  1. Make a Wish List – Who do you want to do business with. Cannot do business with everyone. Do not confuse your customers. Trend towards smaller niches.
  2. Focus – You cannot sell everything to everyone. Smaller is better. The field of your work different from your niche. Look at your experience, skills, lessons learn and style of working.
  3. Customer choices and perspective on the product. Speak to prospective customers.
  4. Giving shape to the niche – good niche has long term vision, caters to customer need, its planned, a ‘one of a kind’ or product with a difference, has the potential for expansion.
  5. Evaluate the niche against the above mentioned points.
  6. Test market the product. Do not spend a lot of money.
  7. Deploy the idea.

 

6 Effective Ways Of Choosing Target Market

how to choose a target market

What is customer targeting, importance of defining a market.

Gone are the days when thinking that you thought that creating a business product for 18-30 year olds was using a targeting approach. Today the market is mucus more specific. There are categorization based on ethnicity, demographics, community, childhood experience and none of them is removed from the other.

Do not fall in to the trap of trying to be something for every customer

All the factors are used in combination with the other to target the customer more closely. But why is targeting a particular market so important? Why can’t you just make something and have whoever is interested buy it? Or better still, why can’t you sell or have a service for everyone? The most brilliant minds in business today will tell you that it does not work like that. Smaller is bigger in business. If you try to please everyone, you end up pleasing no one. Even the biggest names like Walmart and Tiffany specialize in a niche. Walmart caters to more bargain minded consumers whereas Tiffany caters to high end jewelry and accessory customers. The very image of these two giants is about their niche. When you start a small business, you cannot afford to be all over the place. Its a waste of time and money. You will confuse your customers and yourself in the process.

You can market yourself more effectively when you specialize in a business

A customer should know exactly what you business is about. For example, having a craft store is great. But if you specialize in antique or traditional crafts then it narrows down your target customer and creates a niche for you. You can market yourself more effectively and your customers know exactly where to go when they want what you are looking for. Many entrepreneurs try to spread themselves too thinly thinking that the more wide their scope, the larger number of customers they can attract. These people have quickly discovered that it does not work like that. Only targeted approach to a business results in conversion to sales.

Specialized Business Convert more Sales

Having ten targeted customers that convert in to sales is better than having fifty where only 1% convert. And don’t worry about the market share. You are going to do a better job of tapping in to the existing market by creating a business niche for yourself and even succeed in creating a new need for your product. Be one in a million and not one of a million. Creating a niche is not some kind of a mystery process. It can be done with careful thought and planning. We will talk about how to go about creating a niche for your business in the later posts in this section. You will learn how to target your customer by narrowing down the consumer market that you need to tap into. Targeting a market had a lot to do with product development. In fact, that is where the niche is created. If you do not create a niche with your business product or service you cannot target the market effectively. Therefore, we are going to talk about both creating a niche and targeting a market.

Common Targeting Methods

Time for generalization of target market is over. Targeting with age and sex and demographics is too broad and not enough.

  1. Socioeconomic status – gender, region, lifestyle or technological sophistication.
  2. Age – age no longer means what it used to. There is a great difference in the way people of the same age might behave depending on other factors such as region, education, background, social status etc.
  3. Generational marketing – defining by social, economic, demographic and physiological factors.
  4. Cohort marketing – people who underwent the same experience when growing up.
  5. Life stages – what people are doing at a certain age in life such as traveling, retiring, having children, buying a home etc.
  6. Physiographic – conditions related to old age. Do not lump people with different preferences together. Make extra effort to segregate your niche as much as possible. The more narrowly defined, the more results you will see.

Summary:

  • Find out who or what your market is.
  • Try to make a niche.
  • Two basic markets: Consumer and B2B.
  • Creating a Niche : Narrowly defining your market for better results, focused approach and concentrated marketing efforts with the maximum responsive.
  • Niches need to be carefully crafted.