When I started out in business, I tried to create products to capture a wide range of customers. I learned the hard way that the secret to Business Success is to focus on a small market with a niche product or service and build up to 1000 ‘raving fans’ before diversifying or expanding. This post is all about why A Niche Product or Service Is Important For Business Success.
Don’t Try and Sell Products For Everyone
Tesco is a massive supermarket in the U.K. They sell everything you can think of from food and clothes to banking and insurance. They didn’t always behave like this, though. When they started, they only sold groceries. As they expanded and grew, and their customers expanded with them, they added on products they knew their customers would want. If they could provide their customers with these products making it very convenient and cheap in the process, then it made sense for them.
If they tried to do this from the beginning, they would have been too widespread to build a loyal customers base and would not have had the resources to stock everything and deliver on everything in a way that the customer was happy about or approved.
Focus Equals Domination
It would be impossible for a small business to provide for all people and that is why focusing on your niche allows you to dominate a section of the market and build a loyal customer database that will consistently spend money with you throughout the year.
In time, you can add products and service just like Tesco did, but until your business is running super smoothly with a decent customer following, you shouldn’t even consider it.
A Niche Product or Service Is Important For Business Success
So if you are starting your own Bakery Business, it is very important to focus on a niche product or service. Concentrate on these 7 points and you will be off to an awesome start.
1. Design your perfect customer
2. Design your niche product or service around them
3. Focus on your niche product or service with a laser-like focus
4. Build 1000 ‘raving fans’
6. Keep it super simple
7. Don’t be tempted to diversify too soon
That’s my 7 steps to help you concentrate on creating a niche business that you can build on and grow. Getting this right from the beginning is crucial for a successful Bakery Business.